Who doesn’t dream of having an oceanfront property with breathtaking views and relaxing beach vibes?
What if you could achieve that dream at a fraction of the cost? Fractional property ownership is exponentially increasing in popularity, with the closest comparison being a timeshare.
Fractional ownership allows you to own a share of the deed to the property itself instead of a timeshare where you would own the time you can use in the property.
Many utilize this to invest in a high-dollar property with their loved ones, basically allowing them year-long access to the home and a spot to go with your friends when you all just need a break! Let’s look at some of the other pros and cons fractional property ownership can offer:
- Affordability! Theoretically, if you took ten friends and invested in a million-dollar property, you could own a million-dollar beach house for 1/10th of the price!
- It has the potential to be an excellent investment! Financially, investing in the ownership of a beach house with friends and family known to be reliable can make for an enjoyable experience for everyone. Additionally, the memories to be made are limitless.
- Security. Unlike a timeshare, you can have peace of mind knowing exactly who and what is in your home at all times. You also go into the homeownership knowing that all responsibilities can be divided equally.
- Group Consensus. Taking care of a home comes with a lot of decisions to be made. From paint colors to patio furniture, making decisions as a group while maintaining effective communication can be challenging.
- Limitations. Be wary of the potential HOA restrictions or new taxes that may emerge with buying a fractionally owned property. While this isn’t always the case, sometimes these properties can be banned in specific areas, so stay informed.
To explore the possibility of a fractional ownership home, contact us or check us out online and let us know what your needs are!