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- Treat it as a business venture even if buying with friends and family. Ensure everything is set out legally
- Think through get-out clauses as well. If somebody wants out of the agreement, how will that be done?
- Establish from the outset how the property will be used. Is it solely a second home for all parties or will it be rented out to generate income too?
- It’s vital that the division of the year is established from the outset too — don’t leave it until the start of December to discover that each party envisages spending Christmas there
- Who can stay at the property —friends, family, pets?
- Decide how the property is to be furnished before moving in
- Set the maintenance costs a little higher than expected so there’s money for renovation or other home essentials
- Be honest about what you want from the property to establish whether it’s a good idea to share the ownership
- Minimise niggles by addressing the smallest problems from the start
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