If you have dreamed of owning a mountain home but have questioned both the costs and the time you can afford to be there, your concerns are matched by many others with the same aspirations. While a second home in the Rockies offers year-round access to recreation and many life-long memories, as most owners acknowledge, lives are busy with other obligations and it’s hard to get away as often as they would like.
So why not do what people have done for generations, buy a second home with others? The cost of ownership is cut dramatically, you will likely use the property as often as you would if you owned it wholly and your trips become far more enjoyable. As a ‘part owner’ you plan around your time in the mountain home and worry far less about the cost and upkeep or the time spent away from the property.
In a well designed partnership structure, there are a general set of rules that determine how owners share use (generally in even amounts spread throughout the year), how costs are shared, how bills are paid, and other partnership matters. And for maximum enjoyment, there should be housekeeping and bookkeeping services in place to keep the property cleaned and the bills paid.
An ownership structure should also be set up so that each owner has a separate deeded interest in the property. This gives each owner the flexibility to sell at any time or to hold for a lifetime and pass it down through generations in their family.
The concept is so practical, it’s no wonder the world of ‘fractional ownership’ in real estate is growing nearly exponentially. People recognize that owning part of a second home is better than owning the whole, particularly when the carrying costs are high and their time to enjoy is limited. Today, lenders are recognizing this need in the market place and are financing an owner’s interest in a second home just like they would loan on the entire property.
For many people, this type of ownership represents the best of all worlds. They have a property they love and use year-round, yet the costs are low, the property is cleaned and maintained by others and their trips to the mountains are like a vacation. When it is set up correctly, a partnership in a second home takes away the downside to buying and gives a balanced, enjoyable approach to owning.
For those who don’t have friends or family ready to make the plunge into a property purchase, look to a company like Alpine Quarters that matches partners in various types and sizes of property. Alpine Quarters has developed partnerships for over seven years with hundreds of happy owners.
For more information or to view quarter share properties available in the Winter Park area contact Real Estate of Winter Park.