Retirement

[blott]

For some people, sharing a home is very successful but for the majority, it's not. In the end there are either massive arguments, one half ends up buying out the other half or the home ends up being sold altogether.

If you're thinking of doing something like this, be prepared to lose the 'friendship' of the other person(s), get a solicitor to draw up an agreement of how the sharing of the home and expenses will be set up and also what will happen if the other person wants out of the agreement.

I don't think you could do a sharing deal with another party who also wanted to winter in Florida (because that means that you'd be stuck with their company for up to six months a year) and you'd need to find someone whose uses of the home were the opposite to yours.

[chrizzy100]

For retirement...I can't see what wrong with a small condo...friends of ours have a lovely place in Vero beach...$120k...it has everything you need there or a walk away...a lot of the homes are locked up over the summer....with low running costs no need to rent out....

[No Shoes]

Chrizzy

Do you know how long ago they bought?

I have also been looking at similar options to this - if you get away from the STR developments there are a few that are between 120k and 200k. It would be interesting to know whether they get any break-in issues with these type of properties.

We are in Florida for 3 weeks from next wednesday. Whilst we will not have much time to look around on this visit (we are with friends and also meeting other friends) I am planning to collect all the information I can for review on my return.

Have a happy Thanksgiving and many thanks for all your comments!

[chrizzy100]

They got the place a few years ago...the $120k is what its worth now...they got it cheaper than that....no breakins that I know off...everyone knows everyone else...and the area is gated...nice places....2 bedrooms.. dinning room...sitting room... Florida room...2 baths...the dinning room is small so is the kitchen...but the rest of their place is a good size...

[tezz7628]

house sharing has been mentioned on the forum before they called it co-ops which if i remember right was made to sound a bit iffy

have just seen this on wikepedia i always thought a condo was the building and not the house share

http://en.wikipedia.org/wiki/Condo=minium

(take out the = sign)

it gives info on condos, co-ops

it says at top of page condos can consist of single family dwellings

[blott]

Tezz, the forum doesn't like the long format of the word condo.

A condo is

An apartment house, office building, or other multiple-unit complex, the units of which are individually owned, each owner receiving a recordable deed to the individual unit purchased, including the right to sell, mortgage, etc., that unit and sharing in joint ownership of any common grounds, passageways, etc.

according to an online dictionary resource.

So, in order to be called a condo, the house share would have to have the criteria above.

[No Shoes]

Tezz

If I understand it correctly in the US a condo is what we call a 'flat' which is owned by an individual. An apartment is normally a rental. A co-op is something completely different, where the owners all have a stake, but normally of the whole building/development rather than of a single unit.

Sharing an individual unit/property would be (dare I say it) timeshare - which I think the americans sometimes call 'period ownership'.

Any comments?

[Arby]

A co-op is whereby a group of people form to own or control the housing or community where they live. The actual group owns the real estate as a whole, and maintenance and running expenses are divided equally to each owner. Each owner has the right to vote in the affairs of the co-operation. You don't actually own real estate, you own shares in the co-operation which owns the real estate. When you come to get a mortgage, you get a loan based upon this. You can with your 'ownership' live in your unit or rent it out. It's not condo ownership nor timeshare.

[Robert5988]

<blockquote id="quote" class="ffs">quote:Tezz

If I understand it correctly in the US a condo is what we call a 'flat' which is owned by an individual. An apartment is normally a rental. A co-op is something completely different, where the owners all have a stake, but normally of the whole building/development rather than of a single unit.

Sharing an individual unit/property would be (dare I say it) timeshare - which I think the americans sometimes call 'period ownership'.

Any comments?[/quote]

The difference between flats/apartments and condos, is that the former are on a lease and condos are not. (you can own or rent an apartment)

A block of Condos is owned outright and jointly by the owners and includes the land on which they are built. There are very strict laws laid down on how they are to be managed and to achieve this there is an elected Board of Directors that determine rules, costs, etc.

In UK some owners in blocks of flats have purchased their Freehold and have, in practice, a similar situation. Although in this case the individual flats still technically have a lease and the power of the owners of the freehold is not as wide ranging as for USA condos.

[tezz7628]

by the way i'm pressuming a duplex is a semi-detached house

have added this to above reply

http://en.wikipedia.org/wiki/Condo=minium

(take out the = sign)

it gives info on condos, co-ops

it says at top of page condos can consist of single family dwellings