Should you have a shared vacation home?
Imagine having all the luxury of a vacation home — but with none of the hard work. A private residence club is just that: the perks of your own vacation spot without the stress of homeownership.
This vacation home alternative, also known as fractional ownership, is gaining traction in the luxury community for the convenience and relaxation it offers.
What is a private residence club?
Unlike a timeshare, where you buy the right to use a property owned by someone else, a private residence club gives you shared (or fractional) ownership of a piece of real estate. Each buyer owns part of the title, and the owners split use of the property, often getting five or more weeks a year in the space.
So how does the fractional ownership model compare to fully owning a vacation home?
Traditional Vacation Home:
- Maintenance: You’ll have full control over who works on your property, hiring property managers, landscapers and cleaners as needed.
- Amenities: Any dining or spa services you enjoy are most likely off-site. You’ll pay for these experiences as you go.
- Taxes: As the sole property owner, you’re responsible for the property taxes each year.
Private Residence Club:
- Maintenance: Membership includes dedicated on-site staff throughout the year. This means you’re paying for these services even when you’re not there.
- Amenities: Your membership includes the luxuries of a five-star hotel: on-site dining, spa treatments and other amenities. The costs are included in your yearly fees.
- Taxes: Since you split ownership with other people, you also split the property taxes (and other costs) with the other owners.
Want to learn more about your getaway options? Reach out if you’re ready to find a vacation property that fits your needs.