Have you ever thought about buying a second home but can't afford one? Escape Home contributor Timothy Harper shares his story of co-owning a lake house.
Have you ever thought about buying a second home but can’t afford one? contributor Timothy Harper shares his story of a lake house:
“You’re not alone,” says Jane, another Midwest transplant whose desk was near mine. “That’s why so many New Yorkers have weekend houses. Most of us dream about a country place but can’t afford it.” Jane’s boyfriend and my girlfriend seemed open to our experiment, but many friends couldn’t imagine a financial partnership with someone who wasn’t a romantic partner.
We liked a house on a wooded hill, up a steep and rutted blacktop road called Brook Trail. It had views of the lake below, and lake rights to a beach and boat dock. Jane and I took care of one other wrinkle on our own, the one that people in all sorts of partnerships often ignore at their peril: how to end the partnership. I wrote up a simple contract. If we both agreed to sell, we’d simply put the place on the market for whatever price our real estate agent recommended. Then we’d split the profit.We agreed on a classic solution. The partner who wanted out would name a price for the house. The other partner would opt to buy or sell at that price.
Jane and I agreed to sign off on any expenditures beforehand, and then split the cost. This worked fine for things like roof repairs and gardening tools. Also a shiny aluminum canoe and a Vermont Casting wood stove. We each paid for personal stuff ourselves—such as Jane’s new fishing pole and my hiking boots.
The idea of a schedule disintegrated when we realized we had few conflicts. As it turned out, when one of us wanted the house for a weekend, we checked with the other. We made sure it was OK if we were going to fill up all three bedrooms. Sometimes when I was bringing up only one other couple, Jane was welcome to come up, too. She showed me the same courtesy.
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