For some people buying a property might be not as easy the other people could think of. Since it requires a lot of money, a house cannot be affordable for everyone. Anyway, one of the solutions is by splitting the bill. If your financial condition does not meet the lending criteria from the bank, why don’t you consider to take a co-ownership with a partner who could be your family member, a friend, or even your loved one? Especially in Bali, if you are a foreigner, this option could be the best thing to do, as a local partner can ease the process of purchasing the property such as Ubud Villas. But before taking further steps, you might be interested in some of these tips below.
How to safely split the bill for Ubud villas?
Sharing the cost of owning Ubud villas with a partner can be a great way of having a way more affordable bill to pay. However, other questions are about to come as you decided to take this way. One of them will be: how to do it? There are actually two types of ownership that you can choose. First, it is called ‘joint tenants’, by which all the tenants have equal rights for the whole part of the real estate and the full rights will be given to one of them as the other passed away. The second option would be the ‘tenants in common’. This type of ownership enables the tenants to have different shares of the real estate and they can pass their share after their will. As the undesired things often happen, ‘tenants in common’ becomes a safer way when buying a property with one or more partners.
How to securely protect your money?
As everything in property business works under a set of laws, the process of owning Ubud Villas becomes a bit more complicated, especially for those who purchase it with a partner. However, one good thing about following those complicated rules is that you can also secure your rights legally. In this case, you should have a Declaration of Trust which clarifies the fair portion of both parties that share the property. This is a type of document that you should make at the time when you buy that property with your partner. You should also make sure that both of you stick to that declaration.
What should you do when the relationship or friendship ends?
Many possibilities may happen during the mortgage period of your Ubud villas. You may live happily with your partner or you may also fight with him or her. The worst case would be a situation in which it is not only the bill that splits, but you and your partner do, too. If this happens, try to discuss the best possible way of separating the portions with your partner and if it does not work anymore you should take it to a professional. Then, it is time to let a lawyer help you get your funds back along with its investment values. If both of you are deciding to leave the property, selling it and paying off the mortgage would be the best way after all.