Owning a Luxury Vacation Home at a Fraction Of The Cost
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By: Mike Kennedy June 6th, 2008 Category: Deep Creek Lake Real Estate, Fractional Ownership |
If you are thinking about purchasing a vacation home at Deep Creek Lake, you may first want to learn more about the hottest trend in real estate and second home ownership. The very wealthy have been doing fractional ownership for years and while it’s a newer trend at Deep Creek Lake, owners in places like Aspen, Colorado and Jackson Hole, Wyoming have been enjoying the benefits of fractional second homes since the mid 1990’s.
What is Fractional Ownership?
It’s a vacation ownership option that allows deeded ownership in a luxury vacation property with the costs shared among owners, and a defined number of weeks for use spread throughout the year. In our market, the most common ownership percentage is 1/6, allowing 8 weeks of use per year, but 1/5 is also available with 10 weeks use per year.
Benefits
Who would benefit from the fractional ownership experience? Our owners tell us they were drawn to fractional ownership for the following reasons:
- They spend their vacation time with family friends - they don’t spend any time doing maintenance on their second home.
- They’re busy people and want the ability to enjoy a luxury vacation home and own what they have the ability to use.
- It’s the perfect getaway for those special family occasions. A place they can return to year-after-year and leave as a legacy for children and grandchildren.
If you want to learn more about this innovative ownership model, please join Railey Realty and Second Homes at Deep Creek Lake for a brief presentation on fractional home ownership and property tours every Wednesday at 9:30 a.m. from June 25th thru August 20, 2008. Seating is limited, so please make advance reservations at www.dclseminar.com or contact Terry Boggs at (800) 544-2425 ext. 3021.
June 7th, 2008 at 11:15 am
Fractionals started out in the Rocky Mountains where families wanted to have a home but couldn’t justify buying a whole home which was only going to be used for a few weeks a year.
Plus a fractional means that the management company takes care of all the hassles of repairs and maintenance etc - as an owner you can just turn up and enjoy your vacation home.
There are now fractional developments in about 25 states in the US with over 300 total developments.