Three tips for handling joint holiday home ownership: Raine & Horne
Owning a holiday home is a dream for many Australians, however sometimes to achieve this goal it must be owned as a family, where you own a stake in the property. Apart from usual family disputes, this can provide another avenue for even the closest of blood relations to having a falling out.
Angus Raine, executive chairman and CEO of Raine & Horne, says that there are ways of co-owning a holiday home, and co-using one, effectively.
Largely, it comes down to establishing expectations.
Scheduling dates“Family members would do well to agree to an accommodation schedule for the holiday home from the outset, which diarises when the property is occupied and by whom,” said Raine.
“Some weeks are more valuable than others, such as Christmas and Easter, but by taking a common sense approach, it’s feasible to develop an accommodation schedule which is suitable to all parties,” he said.
“It might be that those family members without children or those with pre-school children agree to stay at the property in non-peak times.”
A schedule should then be created among all involved parties including the decided dates.
“Once an agreement is reached, these dates should be included in the schedule, which is shared with all family members.”
Cleaning
An issue that causes disputes in households owned by one family, let alone extended family members, cleaning can be a tricky issue for joint holiday home owners.
“From the outset, all parties should agree about how the property should be left after a vacation stint,” encouraged Raine.
“Typically, to circumvent any concerns, all parties could agree to pay for a professional cleaner every time they exit the property.”
Dirty linen is also a regular issue, and Raine suggests that all residents take their own linen and then take it home with them when they leave.
Again, it comes down to expectations. If everyone knows to leave the gas bottle full for the barbecue, or to replace bulbs when broken, then no nasty surprises should arise.
Repairs and maintenance funds
A sinking fund, not unlike those used for strata arrangements, is suggested by Raine as one way of effectively preparing ahead of time.
“Alternatively, maintenance and repairs can be paid as required, or for the handy types, family members can fix leaking taps, slap on some paint and maintain the gardens themselves,” he said.
If there are breakages, then it’s worth just letting the other owners know and sorting out the problem.
“There’s nothing more annoying for the next family member than to arrive at the shared holiday home and discover the kitchen is short on basics such as plates, cups and glasses,” he said.