Shared villa ownership - any info please?

[Pootle]

We have often played around with the idea of villa ownership in Florida but:

1) we don't want to have anything to do with renting out
2) DH is some time off retirement and so the amount of use it would get would be limited for many years
3) the monthly taxes and maintenance are quite an expense if you are not renting out

I remember reading some time ago about an 'agency' which matched people who wanted to buy holiday property, for a fee. I think it started off with a group of BA pilots buying somewhere for themselves in Tahoe, California and making a success of it.

I think a quarter share of a villa would be ideal and can see many advantages to not buying with family and friends

Does anyone have any knowledge of this or comments to add?

Our other option is to buy more DVC points, which is always tempting, but I know DH would love to have access to a garage (and tools - he's that kind of fella!) for longer stays.

 

[JANNYANS]

My first thought would be what is the advantage to putting a 1/4 share in to something and not really get anything back the profits would not be much after dividing them 4 ways and if the other owners do most of the work renting it out then they may not like the idea of an equal share of the profits.
I don't understand your idea of not wanting anything to do with renting out if you don't want this then perhaps your idea of more dvc points is the better option.

 

[UKDEB]

Originally posted by JANNYANS
I don't understand your idea of not wanting anything to do with renting out

I totally understand. If (or should I say when ) I buy a holiday home abroad, it won't be until I can do it without having to rent out. The shared purchase option sounds as though it's worth pursuing, Moira. My concern would be how to draw up an agreement regarding resale. What if one of you wanted/needed to realise your share?

 

[Pootle]

To Jannyans: Sorry if I confused the issue. The idea is that none of the co-owners rents out the property. It is for the their sole use - ie each owner gets to use the property for 13 weeks a year if it is owned by four parties. They can of course allow friends and family to use it in 'their' time.

To UKDeb: I know the article I mentioned said they try to match owners up eg non-smoking parties. This 'group' also helps out with legal agreements including how you sell your share etc - again for a fee, but, the ownership remains with the parties involved.

I have a friend who owns one-sixth of a narrowboat and it is the same principle. The six parties meet once a year to discuss maintenance etc and contact each other via email when issues arise.

It just strikes me as being such a good idea - if I could find the details of these folk who masterminded the scheme in the first place.

 

[vernon]

While in theory it sounds a nice idea I can see it being fraught with potential legal and technical matters. Like who gets Xmas/easter school hols which years for a start. It's a personal thing I know but I think there are as many (probably more) potential headaches using this route as by renting out JMHO