One of the ways for people to purchase a property abroad is by combining funds with family or friends.
It sounds like a great way to get what you want: get together with good friends or close family members and buy a property abroad that you can share. It’s a plan that can work if you pay attention to details and make sure that everyone’s working towards the same goal.
If you want to buy a property abroad, but don’t have the funds to do it by yourself, then clubbing together with friends or family is a good way to raise the cash. It’s easy to work out when to use the property between you and if you have a property that’s big enough, you can all go at the same time for a special occasion, or just to get away from the English weather for a while. Whoever you choose to buy your property abroad with, there are some things you should consider:
Mortgage payments
If you and your co-owners pay for your property abroad by taking out a mortgage, you will need to agree what percentage of the mortgage each party will be responsible for. You need to be aware that if one party defaults on the mortgage, the other party is liable for the payments.
Cash buying
If you can buy your property abroad with cash, then you will need to draw up an agreement with your friends or family that agrees on the percentage of the property owned by each party. This helps to prevent any difficulties if one party decides to sell their share.
Co-ownership agreement
However you choose to buy your property abroad, it is wise to draw up a co-ownership document. This doesn’t need to be complicated, but should set out ground rules for use and rental of the property and what happens when one party wants to sell.
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