Two couple ownership
 

Has anyone on the forum owned a home in TV with another couple? We came for our lifestyle preview two years ago in April 2010, and after getting our dates asked some good friends of ours if they would like to join us. We enjoyed our LSP together so much that we decided to rent together in April 2011 (both couples had obligations that did not allow us to get away earlier that year). We then decided to rent again in February and March of this year together. The two men like to play golf and pickleball, have a few drinks, go to the squares, barbeque, and eat out. The women like to do zumba, and yoga, and dance classes and go to the squares and eat out. We all agree that we are not likely to ever be interested in full time residency, as we have family elsewhere. We are compatable in our religion, our politics, and generally just get along perfectly without getting on each others nerves (not an easy relationship to find in my experience.) We have talked for the last two years about going together and purchasing a three bedroom home which we could share sometimes, and stay seperately sometimes. We would, of course, need a buy and sell agreement to allow either party to opt out of the partnership, or determine disposition of the property at the death of any party. One of the upsides to this is obviously, financial - the price of the property would be split, as would the normal expenses and taxes. Another upside we have found is the ability to have a golf or pickleball partner at the ready as well as a partner in all the other activities in which we want to get involved.

Again, if anyone has had experience with this type of arrangement, good or bad, I would like to hear about it, or if you have any insights or thoughts fire away.

I. being old and observant, would not share my home ownership with anyone who did not give birth to one of us or I did not give birth to.

In business I would frequently do business with people in partnership and rarely did a business partnership work past five years.

i agree even business partners can change over time. i would not be a fan

I have met two couples who did this the guys are cousins. It worked out great other than when the kids and grand kids came down as they were all wanted to come at the same times since they grand kids were all in the same school system with the same schedules. But for the adults only it worked out great. They have since sold the first place and both couples purchased side by side villas and now all the kids and grand kids come and all enjoy The Villages together.

if you rented out does all four resident passes have to be turned in?

The only problem I could see happening is what if one couple uses it way more than the other couple and then the other couple can see that they are not getting their fair share. Maybe if you each had to pay so much money each time you used it and that money goes into a pot to split?

We don't plan to rent it out

We have discussed this and don't see it as a problem. We each have in mind staying Jan thru April and at least a couple months otherwise. If anything becomes a problem that cannot be overcome, the buy-sell agreement would state that the party that wants out can announce their interest in selling - the other party would have 30 days to either buy out the other party at the appraisal price or a price otherwise agreed upon, or agree to put it on the open market for sale.

As for Gracie's familial concern, I would rather do this with this particular couple than with any other party, including siblings, children or other relatives. This is an unusually compatable relationship - unlike any other I can think of.

sounds like you have it figured out...enjoy

Since amenities are charged per household it means those households that double up are getting double the pleasure and double the fun for 1/2 the costs. It means retirement homes in The Villages are being treated as time shares in some cases also. As The Villages grow this type of arrangement will show to have a negative and materially affect on amenities. It also means that the single home concept is negated. Now add to that the fact that people buy homes here as rental only and upward of three couples share this rental at the same time. So much for the illusion of a retirement community we are moving to a resort concept.

That could become a slight concern, but I think it is overstated. We inquired about the amenities and were told that one amenity fee would accomidate everyone on the deed with a resident pass. We were hoping and expecting that we could each get a resident pass by paying double amenity fees. We were not looking for a "free - or half-price ride", and were surprised with that answer. Perhaps the powers that be will rethink that, and I would be fine with it if they did. I don't think it is fair to characterize our intent as somehow "cheating" other residents. After all, if four of us stay an average of six months each, and pay the monthly amenity fee, it will be relatively the same usage of amenities as a couple who stays twelve months.

Ed, you almost can look at this like pre-nup agreement, just layout the possibilities, the 4 you sit with a lawyer for a bit sign, enjoy.

U R correct. I am a Charted Financial Consultant, and have worked with attorneys on buy and sell agreements for thrirty years. Anticipating every contingency and having a procedure to handle it is the only way to enter into a partnership of this kind. Rosey Scenario makes a great date, but she can turn into a disaster come closing time.

Plain and simple. Don't do it. Only one women under one roof.

best case you become even better friends, worst case you hate each other in the end....only time will tell

Ed, you're an intelligent individual. Do what you feel is best for you and the others involved - look at all the facts and all sides of the equation (which I believe you have) and then go with your gut.

Bill :)