Second Home Options – Ways to Share & Save

A recent NY Times article cited fractional ownership as a fantastic second home option that allows homeowners to save money. “Various options are out there that let even regular folks have a piece of the vacation-home pie,” writes Billie Cohen.

Sometimes people choose to own a fractional second home with friends or family members. Imagine having your next family reunion at a spacious million-dollar-estate — complete with: indoor and outdoor hot tubs, marble floors, plasma screen TVs, professionally landscaped grounds, a swimming pool and full access to a luxury club with restaurants, golf courses, fitness centers and full-service spa.

Other times people choose to purchase a home with complete strangers, overseen by a professional management company, that gives them 4 – 12 weeks of usage each year. Usually owners never even meet each other in this scenario and a maid service automatically arrives before and after each transition, so the fractional ownership home is always in mint condition.

“The basic idea is that you’re paying for what you actually use,” explains lawyer Andy Sirkin. He also adds, “The truth is that the smaller the group, the harder it is to get along, and that family and friends don’t get along better than strangers.” He said the key to fractional ownership is clear documentation that outlines how the co-ownership will work.

Source: http://www.nytimes.com/2008/05/16/greathomesanddestinations/16your.html?ex=1368676800&en=42e84fc2f25c2ed0&ei=5124&partner=permalink&exprod=permalink

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