As cottage season dawns, the prospect of joint ownership with family or friends grows anew for many Canadians, budding perennially like a lakeside plant.
Smaller down payments, lower risks and shared experiences all mark the promise of a property partnership with pals and loved ones.
But experts warn that a range of issues need consideration before diving into a cottage co-investment like a kid off the dock.
A candid conversation about finances, long-term life plans and the purpose of the cabin are a good place to start, says certified financial planner Mark Halpern.
Credit is one important area.
In a standard arrangement between co-owners, each is fully liable for the mortgage. That means a late payment or default will affect everyone’s credit scores, notes Halpern, who runs WealthInsurance.com….