The author and her friend bought a beach house on Long Island’s North Fork in 2007. They were renters for 15 years before this, but fell in love with a cottage that came with private beach access. They made a deal on the spot, offering $10,000 less than the asking price, and the sellers agreed to cover the transfer tax. The author and her friend had both bought properties before, so they knew a good deal when they saw one. They have had a great experience owning the beach house together and would do it again. They recommend buying with a friend if you have a good relationship and similar goals.
As mentioned in a news article on realtor.com, buying a beach house with a friend can be a risky endeavor. However, the author of this article, who bought a beach house with her friend Mary, shares a different experience. In the summer of 2007, the author and Mary were already renting a beach shack on the South Fork of Long Island. But when Mary stumbled upon a cottage for sale on the North Fork, she fell in love with it and asked the author if she wanted to buy it with her.
At first, the author was hesitant. She had just sold her apartment in Brooklyn and enjoyed the maintenance-free weekends as renters. But when they tried out the beach for an afternoon, sitting in their beach chairs with the gentle waves of Gardiners Bay lapping their feet, they were smitten. The sellers and the real estate agent were on the beach too, so Mary and the author decided to offer just $10,000 shy of the asking price right then and there. After negotiations, they had a deal and were welcomed to the community.
The author and Mary have known each other since they were 13 and had shared a dorm room in college. They both had experience buying properties, so they knew a good deal when it popped up. However, the author admits that buying a house with a friend can be risky if you don’t have a solid relationship. She advises setting clear expectations and responsibilities, discussing financial arrangements, and having an exit strategy in case things don’t work out.
But for the author and Mary, buying a beach house together was a smashing success. They split the expenses and responsibilities, including property taxes, homeowner’s insurance, and maintenance. They also agreed on a schedule for using the house, which gave them each enough time to enjoy it with their families and friends. The author even says that buying a beach house with a friend was one of the best decisions she ever made.
To finalize, buying a beach house with a friend can be a risky endeavor, but it can also be a smashing success, as the author of this article experienced. It’s important to have a solid relationship, set clear expectations and responsibilities, discuss financial arrangements, and have an exit strategy in case things don’t work out. But if you do it right, buying a beach house with a friend can be an affordable and enjoyable way to own a piece of paradise.
