If investing in a vacation home is something you've considered, it's possible that tales of vacation home nightmares and the hassle or stress of ownership have scared you from this purchase. This doesn't have to be the story for you. Owning a vacation home should be an enjoyable and potentially profitable experience. Here are some tips to help you make the most of your vacation home purchase.
The concept of shared ownership has blossomed and come into its own since fractional real estate made its debut many years ago. A number of fractional ownership models have been tried and tested since then. Collective asset ownership of multiple properties, offered by Lifestyle Asset Group, has risen to the top as one of the most straightforward and risk-averse models. Destination clubs like Inspirato continue to challenge the concept, offering nice destinations and perks for members—but for savvy investors, there are a number of reasons why collective asset ownership of multiple properties is the only logical choice.
What does a slope-side ski villa, a waterfront retreat and an urban getaway all have in common? They can all be yours with one affordable capital contribution when you invest in multi-fractional vacation real estate. The decades-old model of fractional ownership where several entities own one vacation home is still a viable concept, but there is new innovation that makes more sense for the right investor. Through collective asset ownership, like that offered by Lifestyle Asset Group, investors can buy into a fractional-like concept, but instead of owning a 1/8th - 1/12th interest in one residence in just one destination, you can now own a 1/8th share in six residences in six unique destinations. This model takes the sound financial sense inherent in traditional fractional ownership and combines it with the flexibility and variety found in destination clubs for a vacation ownership model that just makes better sense.
Business coach and motivational speaker Greg McKeown counsels executives on how to achieve success by concentrating on what is "essential." His most important advice on becoming successful and building on that success may be to set aside space and time to renew and refresh. In other words, invest in "down time" in order to ensure a better future.
A luxury vacation home has been on your list for a while. You've considered a time share or a fractional but you've read nightmare stories about zero returns, black out dates, and extra fees. With no extra time to do the research necessary to find the best one, you aren't sure what the next step may be. Do you give up on the idea altogether or could there be a better way?
You read the paper, you know real estate is improving every day. The more you read about housing prices rising, the more you wonder whether now is the time to buy that vacation home you've been considering. With all the places you've traveled over the years, how do you choose? You love the calm beach life but your work sometimes takes you to places like New York City. Wouldn't it make sense to buy in those cities so you can have the best of both worlds - family and work together?
You love it when the grandkids come to visit. Their laughter fills your home and you remember why you worked so hard for so many years. The time to spend with your family is precious and fleeting. You love the memories you make each time the family is together. But there's something missing.