Tips for Buying Real Estate in Whistler with Friends or Family
If you are considering buying real estate in Whistler with friends or family, there are important details like budget or usage rules that you should keep in mind. Here a few factors to consider before taking the plunge.
Be Strategic About your Co-owners
The old adage says to never lend money or go into business with family or friends. The spirit of the rule can be applied to buying property as well. Buying property in Whistler with people that you love and trust can have many benefits like reducing the investment needed to make the purchase.
However, in a large monetary transaction like this, conflicts may arise unless there is clear and open communication among all parties. Talk to your potential co-owners and ensure everyone is on the same page.
Set Usage Rules in Advance
Who will get which holiday? How many days can each party use the property? A rotational calendar can be a fair way to ensure everyone has an opportunity to spend their favorite holiday in Whistler.
These are important conversations that need to happen and usage rules need to be set ahead of time. Best to have it all in writing, completed by a lawyer, and signed by everyone. As ‘black and white’ and leaving as few ‘grey areas as possible is the guideline.
Be Clear About the Budget
It’s important to be very clear about how much each party can contribute for both the down payment and the ongoing mortgage payments and expenses. How does each person’s contribution impact their usage of the property? How will ongoing expenses be shared?
Set out a contingency plan in case someone can’t make their payment or wants out of the property. Making sure to cover as many scenarios as you can think of will help avoid surprises or disagreements down the road.
Seek Out Expert Help
As a long-time, local Whistler real estate agent I will help you and your family or friends navigate the nuances of the local real estate market and assist you in finding the perfect property that will check everyone’s list of needs and wants.
Additionally, I have a network of other trusted professionals (such as lawyers and mortgage brokers) to assist you in making your Whistler dreams come true.
If you have any questions or are thinking of buying with family or friends in Whistler, contact me anytime. I would be happy to help you decide what properties would be your best fit and answer any questions you may have.