For most people, the highlight of their year is vacation time. If you are thinking about purchasing a vacation property, you should know that you have many options to choose from when it comes to ownership. Choosing the right type of holiday home ownership depends greatly on which would suit your lifestyle and your vacation patterns the best. Vacation ownership is a way to get accommodation at a resort or home of your choosing for a fixed number of days each year. Below are some of the top ways to own a vacation home.
Different Options for Owning a Vacation Home
A timeshare is where several people share ownership and have a right to use a property or vacation home. This is a very popular and affordable option for vacations. There are pros and cons to owning this type of holiday home. A great reason to buy a timeshare would be because in the long run you will save money over staying in hotels. You will pay a one time purchase fee which will entitle you to a week or longer every year for vacation.
Some other pros include flexibility, the ability to exchange your timeshare and guaranteed vacation time. The main downsides are that finding the right timeshare can be hard because there are a lot of scams to watch out for. Also, even though you are able to exchange or sell a timeshare, it doesn’t mean that it is easy. This ultimately means that you will have to take your vacation at the same place every year.
2. Fractional Ownership
A fractional ownership is similar to timeshares in which there is shared ownership of a resort property of vacation property. There is an arrangement that divides usage rights based on time. The biggest difference between fractional ownership and a timeshare is that many timeshare properties involve direct titled ownership while fractional properties do not.
A major benefit of fractional ownership is that it is much more affordable if you are not able to purchase a vacation home outright. You will have the ability to purchase a more luxurious property to holiday in. The downside to fractional ownership of a vacation property is that it can be somewhat hard to obtain financing for them. It can also be more difficult to sell these types of properties as well.
3. Buying In Full
A last type of vacation ownership is buying a property in full. This means that you alone own the home and will not have to share ownership with anyone else. The main advantages of buying a vacation home are that you will always have a guaranteed vacation spot. You will also be able to visit it whenever you want throughout the year. Generally, you will also be able to invite friends and family to stay with you or use the vacation home during times when you are not using it.
There are, however, some cons to buying a vacation home in full. The first is obviously the cost. Buying a vacation home can be expensive. This means that you will ultimately be gaining another mortgage. Having a vacation home also comes with maintenance and upkeep just like with your own home.
Owning a vacation home is a dream for many. No matter where it is located, owning another home is a major goal for most people. Before making the decision to purchase a vacation home or rental, it is important to know your choices as well as the pros and cons of each. Deciding which is right for you will depend on many factors.
This article was written by Georgina Clatworthy a writer and blogger with an interest in travel and lifestyle. She is currently a contributing writer for Ritz Carlton Club, who offer a fractional ownership club for those seeking to own a share in a luxury vacation property. Backed by a company with a reputable and trustworthy background, this club offers stunning vacation homes at a choice of luxury resorts.