Co op buy a home
 

We live about 4 hours away and would love to own a home with another couple who would share a home each getting 6 months a year. Has anyone ever heard of this being done?

I know of several that have shared ownership. Two families on the deed.

You could establish an LLC to own the house, and have each family own 50%.
I think only 2 resident IDs can be assigned per house.
The agreement would need to be pretty lock tight.
I am going to guess you will get a lot of answers as to why this is a bad idea (it was discussed previously here).

I wouldn't share my lawn mower, let alone a house.
Can you imagine the arguments over the cleaning, damages, decorating etc!!
Rental would, in my mind, be the way to go.

EXACTLY. That is my assessment as well.

Great minds think......etc. etc!:icon_wink:

This is the TOTV post of the day. I’m still laughing.

Commune Living seems fun!!!! Until Arguments start.

Deed compliance should slam the door on that post haste. Should also stop rentals less than a year, but that train already left the station. I also believe citizenship should be a requirement for property ownership.

We have friends, 2 couples that bought a TV home together. Resident pass up to 4 on the deed, issued. Both couples are professional, sometimes can get away at a moment’s notice, and sometimes vaca plans canceled at last minute. Neither couple have been at the premier home with 2 master suites, at the same time, but the females have traveled together many times, as has both males to play golf.

They have enjoyed this lifestyle since 2010. But they also have been close friends over 20 years. They also own a ski lodge together for the same reason, last minute travel with no thoughts on where to stay.

Most will give an opinion, with no experience. With a good attorney, it works well. But I would not enter into a contract with an unknown person.

"Honey wasn't there a full container of..........when we were here last time?

Sounds like a plan to lose a friend

It can work like a marriage of 50 years but it’s rare.

Beware. You are forming a partnership and most partnerships fail. It's not like a couple of individuals are renting and if things go bad, one can just move out.

Who gets which 6 months?! Sounds like a nightmare to me. I highly recommend renting!!!

GREAT way to ruin a friendship...done it, wasn't pretty.

Fine but hopefully owners are considerate of the residents around your neighborhood.. we have someone on our street that comes on the weekends.. dog pin front yard..which dogs run loose from.. feels like the owner is at a area camp ground..community watch is zero help..
Welcome..

Sounds like you have a wonderful relationship with the other couple. I only thoughts is as you both age what will happen 5 or 10 years down the road if unfortunately one person passes away and one or the other couple decides to sell?

So, if I buy a house with you in TV I want my 6 months to be November to May every year. 🤣. But really ... “home sharing” is a terrible idea unless the other party has no intention of using the home EVER! Another poster suggested you rent for 6 months; that’s a great idea and a lot of the residents here in TV have done that prior to buying, or continue to do that. There’s a lot of flexibility to renting.

If you value the friendship, don’t do it.

I think this could work for SOME sets of friends, but it seems in most cases, it will end in a disaster. If you can’t afford to buy your own home, rent - much more flexibility.

We need ownership rules in the villages
 

the villages definitely needs rules on ownership to stop people from profiting from running a rental house business on other owners money. The more people having access to a house--the more amenities will be used and possibly abused and the more maintenance will be required costing taxpayers money. I don't want people constantly vacationing at my expense. I pay for what i use and would like other people to do the same.

This multi family partnership was actually presented to us when we were looking at a home on Shark Key near Key West. Its a common solution as others have posted here and works well. Our group listed the "pros & cons" and thoroughly talked it out and decided visiting each other in separate vacation homes around the country would be a better option for us. If it works for you, go for it and let the naysayers watch you enjoy a new home.

I've done this elsewhere. Doesn't end well. Don't care how evenly distributed the time is assigned.

Please explain?
If owner pays the same taxes as you. They only have one set of renters at a time. So what does it matter if its the owner...using the pool facilities..today, renter A using it next month, then renter B the 3rd month vs you using same facility for 3 months....its the same number...just different body.

I would never buy a house or any other investment, even as an LLC, with someone other than my husband or a close family member.
Seems like you are looking for headaches.

There are many people living in The Villages who are Canadian citizens, and citizens of the UK. They live in the Villages up to 6 months out of the year. Why should they be required to give up their native country's citizenship? Even though they're only here half the year, they pay their amenity fees and taxes all year round, just like you do.

Why not just rent a place in TV for the months you want.

No up keep, no repairs, no lawn service.

Come when you want and leave the same. Turn key places are readily available and all you need to bring is your clothes.

Are u nuts!
 

I assure you this will not end well.

In my opinion BAD IDEA. This is a business partnership to own a home together with another couple / friends. Too many issues to deal with and to agree upon before purchase and make certain you get a lawyer to draw up a contractual agreement. This can get too complicated to deal with every scenario that can arise????

It also sounds as if the original post doesnt have a particular friend in mind, just anyone to share the house.