Co-ownership of Properties: Buying a Shared a Vacation Home in Tuscany with a Friend/Family

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Planning to buy and co-own a vacation home in Tuscany? Believe us – you’re not alone in this. Many people are also fascinated with scenic landscapes and the idea of owning a shared holiday home Tuscany.

Co-ownership of Properties

Why Buy in Tuscany?

Tuscany is graced by congenial lifestyle, outstanding beauty, and favorable climate, holding a special place in the heart of tourists and investors, like you. According to most investors, they visit https://www.21-5.com/the-homes/destinations/tuscany and buy shared properties for several reasons. First, shared vacation homes for sale boasts a unique appeal, making them more attractive to potential buyers. Second, real estate in Tuscany turns into good business.

Buying Process

To navigate the process of buying a shared holiday home, it will be best to first know the main steps of acquiring properties in Tuscany. These steps include:

  • Reservation offer – After identifying a home you and your partner wants to buy, you will have to formalize your desire. To do that, you will have to submit a buying offer.
  • Preliminary contract – Once your offer gets accepted, you will need to negotiate as well as have a sales contract with the potential seller. The contract often outlines terms and conditions of the purchase, including payment terms and price.
  • Deed of Sale – This last phase encompasses signing the deed of sale. Legally, it involves transferring ownership from sellers to buyers.

What to Consider

Not all shared vacation homes are created the same. This is why you must consider several factors before you and your partner make a buying decision. These factors include the following:

1.  Affordability & Price

If you and your partner already own a home, it will be difficult to get mortgage for the second property. So, get ready to put a huge amount of money as down payment. If you are planning to rent out the house, banks won’t consider the future rental income. This is why you must think carefully about all the hidden expenses associated with owning the property, including taxes, travel, maintenance, gardening services, Wi-Fi, and security, to name a few. Make sure you also understand building requirements of the property you plan to buy as they may impact your plans and budget going forward.

2.  Buying Reasons

Defining the reasons for buying the property will help to make the right buying decisions. Some of the reasons you and partner might have may include enjoying a family vacation and bringing extra income.

3.  Accessibility

Co-ownership of properties in Tuscany is the most cost-effective way of buying a holiday home, making living a luxury life possible. By owning part of the property, you may enjoy the benefits that comes with splendid apartments or villas without worrying about the costs owning the entire property.

4.  Realtor

Although it’s not a must you hire a realtor, it is advisable to have one. A good agent will help you and your partner find a suitable property, take you through the entire process of buying, and negotiate prices on your behalf. They can also help you to communicate with the locals if language barrier is an issue.

In conclusion, Tuscany remains a favorite place to buy shared holiday homes. Considering its striking landscapes, temperate climate, and relaxed culture, you and your friend/family won’t go wrong by buying a shared vacation property.

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