Consumer News

By Tim McKibbin – REINSW CEO

Many people who buy a holiday property do so with other people to share the burden of the costs.

Although this is a good way to share costs, it is essential to have a clear understanding of the agreement to avoid disputes.

This is why it is important to have a comprehensive co-ownership agreement which sets out the rights and obligations of the co-owners.

This includes areas like the allocation of use between the owners, taking out insurance, and how costs are shared for things like maintenance and furniture.

However, even if you are agreed upfront, things can change and it is important to look at dispute resolution and what happens if you can’t agree.

All of these things help to ensure disputes are avoided and make owning your holiday property a dream, not a nightmare.