Sharing the Ownership of a Vacation Home

    Featured image for the Chisum Realty Group / Keller Williams blog on Sharing the Ownership of a Vacation HomesThe Enchanted Circle is filled with Vacation Homes due to our active lifestyle, abundance of activities and natural beauty. And since most vacation homeowners only visit their vacation home about 17-30 days per year, sharing the ownership of a vacation home is relatively common and can be a good choice. We typically see shared ownership within a family but it can also include other individuals like friends and business partners.  This arrangement can also be referred to as fractional ownership and here are a few benefits to consider.

    Affordability:  Shared ownership is the only way some people can afford a vacation home in a mountain town as prices tend to be higher due to our remote location.

    Ability to Buy More:  Shared ownership may allow you to purchase a bigger and/or nicer vacation home in a better location than if you were to purchase on your own.  The quality of finishes, view and location changes a lot when you go from a $200,000 home to a $400,000 home.

    Shared Maintenance:  Keeping a home in good working order cost money. With shared ownership, the various maintenance tasks and carrying costs can be split among homeowners, reducing each partner’s obligation. This means that you can do less work and afford more upgrades allowing you to relax and enjoy your vacation home even more.

    Reduced Need for Rental Tenants:  Many vacation homeowners rent their homes out when they are not there to help cover the costs. While this is a way to make a vacation home more affordable, managing these rentals can be challenging, especially remotely. Or, you’re paying a management company, on average, a 40% commission. By participating in a shared ownership situation, you can reduce the need for rental tenants because you’re sharing the overall cost of the home with a partner.

    Every shared ownership situation is different so if you’re thinking about sharing your vacation home with one or many partners, grab a friend or family member and give one of our Buyer Specialists a call at 575-613-1810 and let us help you get started.

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