Wolf Real Estate
A New Concept for Second Home Owners
Imagine having a vacation home in Summit County. Seeing that you are busy with day to day life or live too far away to use it often, your home sits empty, unused and vacant. You don't like the idea of renting it, and time share wasn't what you wanted.
You wanted a deeded interest in a property; you wanted to be an owner. Now, the expenses are more than you want to handle. Well, now we have the perfect solution for you: Shared (also known as fractional) ownership.
Shared or fractional ownership is a second home ownership concept which makes a lot of sense. With the increasing prices of homes in resort areas, fractional home ownership is a great way to have more for less. Bigger, more luxurious, more magnificent....than what the same money would buy if you purchase a property completely by yourselves.
The shared ownership works especially if you only use your mountain resort home 4-12 times a year (or less). Wolf Real Estate has been an advocate of shared properties for years and we look forward to sharing the highlights of this kind of home ownership with you.
What Shared or Fractional Ownership Really Is!
Shared or fractional ownership offers you deeded, undivided interest in real estate. You may keep your share for your own use, deed it to your children or sell your share. Typically, there is a prearranged calendar that is determined before you buy.
Until most or all of the buyers have closed on their fraction of the property, the builder or original owner generally stays involved in the overall management or has already organized how the home will be managed. Some buyers have chosen to either pay cash or use other sources of assets for financing.
The key to this type of ownership is that you own a luxury home but only have a fraction of the responsibility. You share costs, management and the pleasure of owning a vacation home.
Plus the home is thoroughly furnished and accessorized by the builder or original single homeowner that you can walk right in on your first night and only bring your personal belongings. You need only to relax and enjoy. The work is done for you.
Caring and Sharing Time
The beauty of this concept is that everyone using the home is an owner. Therefore, when you are using the property, you are caring for it as your own and while the other owners are using their weeks, they are doing the same. Some of the homes' owners have chosen to hire a property management company and some have decided to self manage by dividing the management responsibilities amongst themselves.
In some of the homes the owner is responsible for either cleaning up for the next owner or hiring a professional to clean up for them. In homes where a property management company has been hired to manage the home, the manager will organize the cleaning. In most of the homes, owners keep their own sheets for their use when they are there.
Typically, your scheduled time is for one or a two week interval, which means you have one or two weeks that rotate with the other owners of your home. The two week schedule is great for owners who have a long way to travel or for people who want to get away to Summit County for longer stays.
In the quarter share properties there are only 3 other owners and it is easy to communicate with each other your individual calendar needs. Exchanging weeks has been very workable with other owners in current quarter share properties.
In homes where there are numerous owners, there is generally a property management company in place which can assist you in meeting your calendar needs. They can help you exchange weeks from the other owners.