Vacation Fractional Home Ownership Gains Popularity Among Second Home Buyers
A lot of people are seeking more options for owning a vacation home. Fractional home ownership provides a somewhat new concept that is a cross between sole ownership and timeshares. The middle ground allows owners to own a deeded share in a vacation home.
Fractional home ownership is similar to timeshares, but its differences make them standout. In a timeshare, the owner is purchasing a block of time that can be used annually at the resort. This block of time, generally 2 weeks, can be traded with other timeshare owners for vacationing at other resorts inside the group.
In fractional home ownership, homes are divided into deeded shares that can be brought and sold through real estate agents. The homes are divided into 2 to- shares. In other words you have to 1/13 ownership in the home.
In a 1/13 ownership situation, you as the owner get 4 weeks of usage per year, or 1 week of usage each season. Other attractive options include ownership shares. In this scenario, the owner has 1 week of usage each month.
Many fractional ownership homes are located in private communities with 24 hour security patrol services. Many also have private amenities like pools, spas, docks, etc. Some fractional ownership condos and town homes share amenities with other owners in the building.
The homes are maintained through a homeowners association or HOA run by a property management firm. The fees from the HOA are used to pay for utilities, insurance, taxes and maintenance on the home.
Fractional home owners cite many reasons why they purchased using this method. Many could afford to buy the home, but felt the fractional ownership met their needs. In addition they liked the concept of not having to care for the home, pay someone to clean it, check on it weekly, etc. They still have a deed to a the property that will appreciate in value.
Closing Comments
So when considering purchasing a vacation home, consider the benefits of buying a fractional home. It may be just what you have been looking for in a vacation home.
Hubert Miles is the founder of Waterfront Houses USA, an online marketing service that provides Lake Homes in the US and Canada. Find South Carolina Lake Homes.
