Hi, There is a leak in our roof and need some advice on it. I suspected that the cause of the leak is roof waterproofing membrane damage. My question is.. Can I DIY the repairs or it need some good contractor? Thanks
Considering the prices in real estate, for many people, co-ownership has become the easiest way of finally having a home of their own. However, buying any property is a big decision, as it implies investing a lot of money, effort, and time. And it’s not a decision that you can easily take back if you change your mind or if some issue occurs – and issues can occur. Even though there are many undeniable benefits of joined ownership, there are just as many downfalls – and here are some you should be aware of before signing the contract. Each co-owner can use the property whenever they want Of course, if you and your friend or a family member are both legal owners of a property, you both have equal rights to use it whenever you want – and this can sometimes cause an argument. It mostly depends on the type of your property, but if it is a beach house, a cabin in the woods, or a countryside resort, the chances are that you’ll both want to be there around the same time – during vacations and family celebrations . One way to work this out is by agreeing that one of you gets to spend time there during Christmas and the other during Thanksgiving, for example. However, to avoid this issue, it’s better to come up with a few rules before you buy the property. Each co-owner pays for expenses in proportion to their ownership percent The portion of the property you own determines your expenses, and this is completely logical. However, when combined with the above-mentioned fact, it can become a problem. The thing, no matter how much or how little of the property you own, every owner has an equal right to use the property whenever. So, for example, if the property gets damaged due to bad plumbing and you have to hire a plumber from Northern Beaches to fix the problem, your friend or family member’s expense would equal the percent of the property they own. However, they’d still have just as much right as you to use that property whenever, even if that percent is only 10 or 30. You can do whatever you want with your part The thing is, each of the owners has the right to do whatever they want with their part, whether they want to rent it, sell it, or even gift it. This can become a problem when families get involved, as one owner could eventually pass their part on to their children, which then means that the use of the property would have to be split among more people than before. Those children can then do the same, whether they choose to live in that part, sell it, or simply use it whenever. Nobody owes you anything for upgrades You have the right to do anything to the property you own, as long as it actually benefits the property. However, if you make a decision to do something without the other owners agreeing to pay for any part of the upgrade, you would not be entitled to reimbursement. That being said, the rule depends on whether the upgrade was necessary for the preservation of the property or not. So, if the project in question was improving the foundations of the property, then each owner would have to pay a part. On the other hand, if it was a new piece of furniture or something similar, that’s all on the person who decides to get it. Owning a property comes with many benefits, but owning it with somebody else can lead to complications. So, if you have been considering this, make sure the person you’ll be co-owning the property is somebody you trust and like, and try to set as many rules as you can in advance.