Anybody have any experience with fractional ownership of properties? In particular vacation properties? This is something I'm curious to find more information about. I've been looking through information out there, and I know there are companies that will help find partners, I'm curious if anyone has any experience, and if so, how'd they like it?
Sounds like a time share, no? IF it is indeed a time share, As long as you use it, its not bad. If you end up not using it, you're paying for something you dont use or see. Also You share the property with God know how many other people.
It's a time share to an extent. In this method, you get a group of owners (anywhere from 2 to how ever many you want), who buy the property, draft up a contract (essentially a mini homeowner's association), and split up time at the place. It differs from a timeshare in the sense that you know who owns the place (i.e. you and some other people), you share responsibility, but you also profit when the home appreciates. Timeshares are typically owned by a company.
My aunt bought a vacation home with three other families. They formed an LLC and the house is the property of the LLC. It's worked out okay, except one of the original families had to be bought out due to various issues. Basically, you're going into business with these people. Don't do it lightly.
So are you attempting to pitch us to join your time share company? No thanks. Stop bumping a timeshare thread.
Not attempting to get anyone to join anything. Don't have any kind of company. Just curious to see if anyone has done this, and/or gain various perspectives on it. And I do what I want.
I know people that done this kind of thing with rent houses, boats, tractors, ect... Works out great until there is a problem. Someone always feels like they are getting screwed over.
A lot of screwing goes on in the timeshare locations. Works out great until you see the place covered in semen, after turning on the blacklight.
Timeshares are great until you realize that everybody wants to use the place during the same time of year. Nobody wants to get stuck going somewhere with bad weather in the middle of October.
co-ownership of anything is usually a bad idea. and when money is involved and things go wrong, you can multiply the headaches by 1000.
This just sounds like a bad idea all around. Someone is going to need to be bought out at some point and everyone else has to either pony up the money or, if they're smart enough to address that in the contract, tell that other person to stuff it. And feelings will be hurt... contract or no.
it's cheaper and less stressful just to rent a vacation home for the week whenever you feel like it. by owning, you're probably going to fall into the trap of feeling obligated to vacation there even when you'd rather be somewhere else.
