With the Australia Day long weekend fast approaching, the holiday period is a time for families to bond and have fun, and for many to make the most of their collectively owned holiday homes.

“Homeownership is the original Great Australian Dream, and the greatest Australian dream is having a holiday home you share with other family members,” said Angus Raine, Executive Chairman of Raine & Horne.

This dream is shared globally, with Australia named the world’s second most attractive country for holiday home ownership, behind Cyprus, according to a new global index from Compare the Market, a home loan comparison site[i].

Angus added, “If you own a share in a holiday home, it’s crucial that you and the other family members who are co-owners establish clear rules of engagement for the use, management and maintenance of the shared property.”

Managing peak periods

Family members should agree early on an accommodation schedule for the holiday home, Angus said.

“Some weeks, such as Christmas, Easter and public holidays such as Australia Day or the King’s Birthday weekend in June, are more prized than others, but by taking a common-sense approach it’s usually possible to reach a solution that suits all parties,” he said.

“It may be that family members who are more flexible with their time can stay at the property during non-peak periods. Once agreed, dates should be included in a shared accommodation schedule that is accessible to all owners.”

Sharing the cleaning

Responsibilities for cleaning a shared family holiday home should be addressed upfront, Angus advised.

“To ensure the vacation home is spotless for every new arrival, the joint owners could agree to pay for a professional cleaner each time someone exits the property,” he said.

Dirty linen can be a sticking point, according to Angus. “To avoid disputes over dirty linen, occupants could bring their own towels and bedding and take them with them when they leave.

“At all times, the holiday home should be left in an orderly condition to minimise potential squabbles. And don’t forget to leave behind a full gas bottle for the barbecue,” Angus said.

Repairs and maintenance

Agreeing on how repairs and maintenance will be funded is essential, Angus recommended.

“One option is to contribute to a sinking fund, similar to arrangements used in strata properties, where all owners contribute towards upkeep,” he said. “Contributions could be determined by how often each owner uses the property.”

Alternatively, maintenance can be paid for as required, managed by handy family members, or tackled through an old-fashioned working bee, Angus suggested.

“By getting owners together to do maintenance work, families not only save money but also enjoy a valuable bonding opportunity,” he said. “And breakages should be dealt with immediately.

“If you crack a glass or lose some cutlery, just fess up and replace it. It’s only fair that the next family members arrive to a kitchen stocked with the basics, plates, cups and glasses.”

Angus Raine’s recommended rules of engagement for a family holiday home

• Agree to the rules of engagement from the outset
• Lock in peak-period dates early to avoid possible occupancy conflicts
• Set clear cleaning rules
• Decide how repairs and maintenance will be paid for
• Own up to breakages and replace items promptly such as the empty barbecue gas bottle
• Set up a joint sinking fund for ongoing costs
• Consider family working bees for maintenance
• Avoid linen disputes by bringing your own towels and bedding

[i] https://www.comparethemarket.com.au/home-loans/features/holiday-home-hotspots/