Homes co-owned by 4 adults…..
 

I've never seen this topic discussed here before. Can someone please tell me what happens when two couples buy a home together, here? Does your monthly amenity fee cover 4 people??? Do only two get to play golf?

Every time I look at real estate down here, I'm always saying, "Well, if someone would buy a home with us, then it would only cost half as much and I'd do it tomorrow!" and that is what got me to thinking about all of this.

Thanks!

Just a guess here, but I think anyone whose name is on the title qualifies for TV amenities as a resident.

Very interesting question. Never thought of it before

We who are single pay higher taxes than married folks and in The Villages pay the same amenities fee as marrieds do for two. If enough people bought as foursomes, how about sixes and eights and tens? It would be..hey, it would be like a...
TIMESHARE!
I do not like it...

Alanna, co-ownership only works if the "two couples" have all the details worked out in very good detail in advance. I have seen many more failures than successes with this type arrangement. Vacation homes, planes, boats, have all been tried and have limited success. I have seen a few plane ownerships that worked.

A better solution might be to set up a prior agreement where one owns and the other agrees to rent for some pre-determined amount of time (5 years) at a reduced rate. Having a beginning and end established before buying is a better solution.

The problems that arise are first selecting a home, furnishing a home, than setting up who uses when. Every decision made has to be agreed to by everyone. Lets do new landscape, buying a golf cart, painting the walls a different color, anything you want to do requires consensus from all.

Good luck with what ever you decide, but IMHO I think you are going down a dangerous road.

I think this question has come up before.... I believe each household can have up to 4 resident IDs, regardless of how many people are on the deed. So, if 3 or 4 couples go in together, not all will be able to get resident IDs. And, you either have to be on the deed (regardless of where your primary residence is) or have the TV residence as your permanent address to get a resident ID. Each of those 4 resident IDs has access to all the amenities.



Best bet is to call the customer service number at 753-4508 and get the official answer.

I agree very much. In business I have seen almost every small business that was a partnership of friends dissolve in not a friendly manner in less than seven years. EWeissenbach brought this up a couple of years ago. For some, friends are like family but I would be thinking twice.

We have three people as owners of our home. Helene is on our deed.

People who are single argue that having one "pass" is not fair. How you would be able to keep control of ID is another issue. People date different people. A pass for just anyone could be lost...etc. etc. Sometimes things aren't exactly fair...a LOT of things aren't exactly fair. Sometimes you just have to play the hand you're dealt.

Partnerships are very tricky and many end up in dissasters.

The pitfalls are so numerous that it would take a very long post to fairly describe them.
Partners can be held liable for actions of each , at least as to financial responsibilities of ownership, violations of law, and regulations ---on and on.

Please speak with a knowledgable professional before entering any partnership with anyone. Much of the advice that you might get on this forum and from friends and neighbors will be incomplete or just plain wrong.
BE CAREFUL

I dont know but felt compelled to answer - i dont know - i have a friend who is in the process of buying a house with 4 name as owners then selling shares on his own --- like a time share -- work for everyone

Renting might be best. Less cash out

Hope they are knowledgable as there are state and federal laws that may impact the legality when selling shares in real estate.:22yikes:

Can a Florida residence become part of a lawsuit? I assume so, but I am not an attorney.

Seems like you would be opening yourself up to the potential for extra risk to your assets.

There is a lot to think about with this. It goes beyond the likelihood of risk to the friendship.

I would not get caught up in the perceived urgency to buy a house in TV. Renting can help you to work through what you really want to do.

(And, I sure hope we do not turn into some enormous, sprawling timeshare from hell. Tee-time, anyone?)

There are many posters who say things just to get us going. Deep breaths.

In Mi, many people co-own vacation property on Lake MI and/or the many beautiful inland lakes. Of the people we've known who do this, it has worked well, but they split their time, as opposed to vacationing at the same time. Hub's sister and BIL co-owned in Chatauqua, NY, for many years, splitting time and also renting the place out the rest of the season. When the ohther couple divorced, they bought them out.

It can work if the four of you are reasonable people.