Starting this one because the subject of sharing the costs of purchasing a vacation home with one or more other people (couples) came up. I saw a recent show on the Travel Channel where three couples bought a place together. It seems like a good idea from a cost perspective, but I can also see some big pitfalls. Anyone done this successfully (or not?). Share your stories/thoughts.

 

I don't think we'd have any interest in that. As you mentioned in another thread, I don't think we'd like being "locked in" to travel to the same area every year. At least with time shares they can be swapped for other locales, though that was never something we wanted to spend money on.

IF we were retired and had the resources to own two homes, I'm not sure we would do that either. Some seem to find it easier to own the home where they will spend the most time, and simply rent elsewhere, should they choose to spend some time in another locale.

A bit easier than dealing with two homes, and if, for some reason, you can't travel, you don't have to worry about the other home you're not spending time in.

Different strokes for different folks......

 

Sounds like an informal sort of time-share arrangement. If I were going that route, I think I'd rather have a (formal) time-share so as not to put unnecessary stress on friendships.

We just bought a vacation home that we'll retire to some day, and sharing never entered our minds. I'm not sure we're even going to let anyone borrow it (although this attitude may mellow with time). HPH

 

I don't think I'd be too generous with my vacation home. My sister had a small cottage (some call them camps) in NH. It was in the woods, and had a tiny "swimming hole" if you didn't mind not knowing what grew in there. The cottage was in close proximity to the NH Lakes Region and many of us had many good times there.

She was pretty generous about loaning it out too. She'd leave a list of instructions for folks, as to where stuff was, and ask that you wash your towels, clean up the kitchen and bath, and leave the bed (s) with fresh linens, in general, leave the place as you found it.

Most everyone was grateful for a free place to stay, and happily complied with her requests, until one day......She loaned the cottage out to our cousin's (we thought mature) daughter and her boyfriend. Let's just say the next time she went there, the place was not quite as she left it, not trashed, but certainly not clean. The electric bill was way up, which told her they spent most of the time in the cottage with the AC's running, likely engaging in "indoor sports" perhaps instead of enjoying NH? If she did loan it out again, it was only to those folks who had spent some time there before, and left the cottage in the condition they found it.

 

I don't think I'd want to have a sharing arrangement or to lease to others. We've toyed with the idea for years. However, every time we've leased for a month, we've gotten restless. I have a second home already, occupied by my mother-in-law. If I get another place in a better climate, that would have to be permanent arrangement and also enable me to stay on the move as long as I can.

 

John, can you explain this ^^^ seeming contradiction?

 

^^ We loan our modest cottage to friends/relatives for a weekend (Granny has already discussed a booking for this summer ....better tell about the "Indoor Sports" prohibition). Folks will usually leave a bottle of wine or other "thank you".

We have also used the "Gettysbur Cottage Weekend" as a "silent auction" item in Habitat fund raisers.....yielding 300/400/600 bucks for the non-profit org. These guests are sometimes strangers, but we have never had a problem.

Our only problem: One time a few years ago a neighbor (our local absent-minded professor type....not Dr Cloud) spent a weekend there; when we arrived the next weekend, the fridge door was ajar....and all the food inside was spoiled....plus a high electric bill. We told them about this occurence and they have not asked to borrow our cottage again

 

Jerry: Perhaps I was not clear. I meant that we continue to consider moving from Ohio to a better climate elsewhere as a permanent relocation. However, that new place would just serve as a new base for maintaining our wanderslust.

 

Deb,

One of my partners is part owner of a house in Ireland. I think there are 7 or 8 people in on it. They all get one week each season and then they find a way to split up the rest of the weeks. If one couple can't use their week, they usually offer it to one of the other participants on a swap basis. It seems to work for them.

 

Thanks John. I'm sure that you must have told this before, but....what is keeping you in Ohio?

As we look ahead a couple of years, we see the same problem: Affinities in the Northeast, but lusting for the warm wander I'm trying to develop a few (3-4) scenarios and get Kathy to commit to one of 'em