How to buy a ski chalet with family

Is it a long-term dream of yours to be the proud owner of a ski chalet? But does this dream feel slightly unattainable? Buying a ski chalet with family (or friends) could be the key to transforming your dream into a reality. By purchasing property together, you can split the costs and have a place to spend time together.

Reduce costs!

Undoubtedly, the most obvious benefit of buying together is the impact it will have on costs. The more people contributing to the price of a ski chalet, the greater the reduction in price for the individual.

Mum brings up to gran and grandad that she’d like to purchase a ski chalet with them. Gran and grandad think that it is a great idea. That sees the price split. Uncle P hears about it and wants to contribute. It splits again. Add in aunty. It splits again. Suddenly, buying a ski chalet seems like a much more attainable prospect.

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Reduce stress

Let’s be honest, buying property can be stressful, and buying property abroad can be even more stressful. By sharing the load with your family, purchasing a ski chalet can be a much smoother process than if you did it all on your own.

Grandad always has his eye on what the pound is doing, so he oversees finances. Mum is the expert skier, so she is on location. Uncle is an interior designer, so he is focused on how to make the chalet perfect for the whole family.

It suddenly becomes a lot easier to organise the process.

Family bonding

It can be hard to get all the family together at once. The family might be dotted all over the UK. Your ski chalet can be a place where you all come together at the same time.

Skiing is an activity for all members of the family to bond over. With multiple generations, it can be tricky to find a subject or even a game that all the family can be engaged in - any family who has tried Trivial Pursuits knows this well.

With skiing, politics or media references don’t interfere. It’s just you, your family, and the slopes. Grandad can show off his moves on the steepest slopes. Uncle P can take the younger kids through the basics while Mum zooms off with the older kids. Gran can watch the baby in the warmth. Then you can all swap, or meet up for an après ski tipple.

As great as this all sounds, there are a few things worth bearing in mind…

Splitting time

You might not want to all stay in your ski chalet at the same time of year. Mum and the kids might want to go in the peak season. But Gran and Grandad might be more interested in the scenery and the cuisine, so they might be happier to go at other times of the year. Uncle P and his partner might want to use it for romantic trips away.

Before you purchase a chalet, it’s important to think about who would like to be there and when. Thinking it through these things in advance can help avoid conflicts later on.

If you purchased a ski chalet by yourself, and then only used it during the peak season, it might not feel like you are making the most out of your new home. Having a holiday home that is occupied throughout the year will feel more worthwhile.  

Find somewhere with all-year appeal

It is unlikely that everyone in the family will love skiing equally, so it is important that your chalet has lots of appeal in other areas.

Perhaps, your ski chalet is ideal for hiking in the summer months; or it is by a wellness retreat for when the adults want a little break; or it is near a bustling city for bored teenagers who want to go shopping. The chalet itself might be so beautiful that Aunty, who isn’t the best skier, wants to share the costs too.

Practicalities

Buying together sounds like a wonderful idea – but how does it work? As much as you love and trust each other, it is important to organise all of this in writing and ensure that everyone is on the same page. There are three main types of ownership to consider:

1. Single ownership: if one person has more capital to contribute than the rest, then single ownership is probably the way to go. This would also mean that individual would have to lead the process.
2. Joint ownership: this is where all relatives would have a share of the property. If all parties aren’t able to contribute the same capital, then this okay, as shares do not have to be equal.
3. Company ownership: this means buying as a company, assigning shares to each relative accordingly. This is most popular in the US.

You might be unable to buy the property outright and need a joint mortgage. It is crucial that you are all able to pay at the same time every month, and it would be wise to put a plan in place if someone is unable to. Furthermore, you should look up the inheritance laws in the country you are thinking of purchasing a ski chalet in. Reach out to Smart Currency Exchange for assistance on how to get all your finances in order.

A ski chalet for all of you

Ultimately, as long as you are careful and considered in how you arrange buying a ski chalet together, the end result will be worth it. Sharing the costs (and the stresses) is a terrific way to turn buying a ski chalet into a reality. It is a fantastic opportunity for the family to come together to have fun.

To get the process of buying your ski property underway, why not look at our handy ski property buying guides? They lay out the buying journey step by step to make the process as smooth and hassle-free as possible.