Share the dream - halve the responsibility! More and more people are combining holidays with investing for the future. But if you can’t afford a whole second home... how about sharing one? By Jane Bayliss.

Joint ownership of a property can make the dream of owning a French holiday home a reality. You can have twice the fun, searching for a suitable property and by pooling resources, the financial burden is halved.

Our French dream started as it does for many… returning home from relaxed summer holidays, inspired to sample the French lifestyle a little more often. By the autumn, the return to school and work would stamp ‘Routine’ over our lives for another year.

However, my husband and I still harboured dreams of a future in France. I have happy memories of a work placement spent in Brittany and my husband maintains a particular affection for France. Despite having travelled to many other destinations, France has continued to draw us back.

Fuelled with enthusiasm, we registered with French property agents and evaluated areas that would be both affordable and within reasonable distance of a ferry or airport. Having visited many regions in France over the years, we narrowed our search to Brittany, for three principal reasons: we knew the region particularly well, the property is still more affordable than some areas and we felt that Brittany is a popular destination for British tourists.

I should point out that letting the property was imperative – we certainly couldn’t afford to have the luxury of a house in France, without offsetting expenses against some form of revenue. Over three or four months, we refined our expectations. Some friends voiced scepticism about the wisdom of our idea and although we remained convinced that it was the right move for us, the financial implications continued to dwell in our thoughts.

Then, while on holiday with some good friends, we were saying how we had failed to make any progress with our quest. They proposed buying a French property jointly. They agreed with our choice of location and price range and asked us to think about the idea. My husband was particularly wary for all the right reasons. Awkward situations between friends can ruin a social gathering or joint holiday, so could cause devastating effects if finances and assets are linked.

We certainly didn’t want to embark upon something, which had the potential to place pressure on our friendship. We had many discussions, and careful consideration combined with a spirit of adventure generated the following points in favour of ‘taking the plunge’: We had been friends with Kim and Gary for about five years – long enough, we felt, to know and trust them, as far as you can anyone.

Moreover, both families wanted to achieve the same balance between investment and enjoyment from a property. So, by the Easter holidays, we were off to Brittany to view property! We had rented a cottage for a week, and by chance, the resident owner just happened to deal with property search and legal aspects for British clients.

Luck was definitely on our side. The sun was shining and by the second day we had found our cottage! Both families instantly fell in love with the restored Breton corn mill in an idyllic rural setting and the complexity of human nature immediately reared its head. While still viewing the property, we were even honest enough to admit to each other that we wished it could be ‘just for us’! We left France delighted with our result - now had to deal with the practicalities. Kim and I set up joint bank accounts in France and England, for all funds related to the property. The bank pointed out that by having linked finances, we could be affected by each other’s future creditworthiness.

This highlights the importance of thinking carefully before entering into such a commitment. This is how we all view the project – a commitment. It is a joint responsibility in terms of finance, organisation and practical work to be done. Each couple needs to honour their share of the deal. Communication is vital – decisions and opinions need to be aired openly, courtesy needs to be shown with regard to all arrangements.

It is almost one year since we took ownership of the property and we are so glad that our friends were brave enough to suggest the idea. Expenditure and revenue are shared equally, as are pride and enjoyment. We have dealt with issues such as what happens in the event of death, divorce, redundancy, or one party simply ‘wanting out’. We have a fair system for allocating time spent in France.

In ‘even years’ our friends have first choice of dates, in ‘odd years’, we decide. As May – September are prime months for letting, if we choose to go during that time, we reimburse the other family for lost share of any revenue. Fairness, honesty and compromise are the key ingredients to making such a venture work.

A sense of achievement has resulted, not just from owning a place in France, but also from developing a friendship and proving that with enough enthusiasm and trust, joint ownership offers the chance to convert a dream to reality.