This Is Not A New Idea, So Let's Call It A Renewed Idea; It's One That I Feel Makes A Lot Of Sense. Hopefully Readers Thinking About A Vacation Home Or A Seasonal Home May Want To At Least Consider The Possibilities To Save Half Or More. Many People Buy Time Share Properties Or Did In The Past. Time Shares, In My Opinion, Are Like Throwing Money In The Air And Watching It Blow Away. Being One Of 52 Owners Really Doesn't Sound Good To Me With Continuing Expenses, And Based On The Past, Very Low Resale Possibility And Only A Week Of Use.
How Would It Sound To Have 2, 3, Or 4 Owners With 13 To 26 Weeks Of Use Rather Than One Or Two Weeks And Be Able To Sell It At A Profit And Maybe Tax Deductions Along The Way?
Where I Live In Prescott, Az, We Have Four Great Livable Seasons And, In An Area Like Ours, This Idea Would Work Really Well. I Know I Have Readers From Coast To Coast, So This Could Be Good In Your Area Or The Area You May Go To For Warmer Winters.
Florida, Arizona, North And South Carolinas, Parts Of Texas, California And Others Are Great Winter Retreats. Others Would Be The Mountains Of Utah, Montana, Parts Of Arizona, Colorado, Oregon, Washington And Others For The Ski Buffs. Summer Retreats Would Be The Lakes Of Minnesota, Wisconsin, Illinois, Arkansas, Missouri And Others.
We All Know There Are Great Retreat Areas On The Pacific And Atlantic Coasts, Plus The Gulf, And As You May Know, Many Of These Are Great Retreats In The Winter And Some In The Summer Also.
Since The Price Of Vacation Homes Or Second Homes Has Risen Dramatically In The Past Years, Many Have Already Been Priced Out As Single Ownership. This May Be A Great Way To Go And, Until People Retire, They Do Not Use These Homes Fulltime, And In Many Cases, Not Even Halftime. Being A Co-Owner Sounds Great To Me. Always Check The Cc&Amp;R's For Home Ownership Regulations. I Don't Know Of Any That Would Prevent This.
Types Of Homes:
The Best Area To Buy In Would Be Planned Area Developments, Where Most Amenities And Maintenance Are In A Common Area Charge. That Would Be The Best So There Won't Be Any Wondering Who Does This Or That. At The Beginning Of Each Year, Figure Out A Schedule, Which Allows For The Possibility To Change, If Needed. Put Together A Check List Of All The Things You Need To Agree On And/Or That May Go Wrong.
You Should Check On The Type Of Ownership You Wish, I.E., Limited Liability Corporation Or Something Similar. Be Sure To Set Up A Separate Bank Account For These Purposes Only. Have A Buyout Agreement Set Up In Advance In The Event Of A Death, Divorce, Or Other Lifechanging Event. In That Case, The Sales Price Should Be Whatever An Appraiser's Value Would Be At The Time Of Sale. I Would Get Two Appraisals And Use The Average Of The Two For Price.
This Is A Great Way To Take On 1 Or 2 Partners And Your Purchase Will Cost 1/3 To ½ Of Single Ownership. Obviously, You'll Want To Be Very Careful Of Your Partners, Which Are Usually Family Or Friends, And Make Sure You Have All The T's Crossed And The I's Dotted On Your Purchase Agreement, And All Other Agreements You May Have, So That You Will Continue To Speak To One Another. Single Family Homes Are One Option, But For Less Hassle, Condominiums, Townhomes, Patio Homes Or Like Properties Make This Much Simpler With Repairs And All Groundskeeping Taken Care Of By The Association.
As Opposed To Time Shares, You Should Be Building Some Nice Profit And Equity, So When You Sell Out, It May Have Cost You Very Little To Enjoy Your Vacations.
Enjoy, It Could Be Half The Cost Or Less, And Twice The Fun Because Of The Savings And Equity You Should Reap.
One Last Thing:
The Initial Shopping For Your Home, Even If It's Long Distance, Is Much Easier Today Than In The Past Since There Is Very Good Real Estate Listing Information On Numerous Sites Including Realtor.Com, Zillow, Trulia And Others That Include Pictures And Home Tours. Also, Good Chamber Of Commerce Info Sites Give Ample Information And Videos.
Once You Find The Vacation Home That You And Your Partners Agree On, Working With A Realtor To Help With The Details Makes The Purchase Much Easier. And A Realtor May Even Know Of Similar Homes To Consider That You Didn't Find In Your Online Search.
The Tools Are In Your Hands And Your Dreams Are At Your Fingertips!
Thoughts For The Day:
There Is Only One Power Greater Than Fear And That Is Faith.
Try To Control The Uncontrollable And It Will Control You.
And Of Course, My Favorite Saying, "Experience Isn't Expensive, It's Priceless."
Lee Amble, Realtor, Consultant
National Realty Of Prescott
Lee's Cell: 928 533-4455
Jan's Cell: 928 533-4488