The Indian Business Owner TIBO Magazine - Volume 003 | Page 14

HOW TO AVOID THE CURSE OF A
SHARED FAMILY PROPERTY
A beautiful summer home on the beach or keeping
a home of your grandparents for all family branches
to gather, relax and enjoy sounds ideal. What
happens when your cousin comes with her five kids
and three large dogs for a month? Or the taxes and
maintenance are being split equally and you barely
use the property? Or what if some family members
leave the property in disarray? Unfortunately,
sometimes a good idea intended to bring the family
closer together can, if not managed properly, create
more tension and conflict.
12 |TIBO M agazine - V olume 003
Consider these five tips to enjoy your property while
also maintaining the peace:
• Get Clear on the Why:
Be honest and talk to family members and
other co-owners about the why. If everyone has
different goals for the home and reasons to invest
in it, the relationships could be better served by
not buying or selling. If all parties agree, consider
putting a formal plan in place that outlines the
agreed upon policies for how to enjoy the property
in mutually agreeable ways.
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