I just finished reading an article about an agent selling her lake home. She had found a creative way to market her home by offering fractional ownership. Essentially, you could purchase 1/4 of her home for $165,000 with an additional $330. monthly fee for cleaning, lawn maintenance and utilities.
I had to ask myself would I do this? Heck no, in the first place what control do you have over the other owners, what if one of them goes broke or dies and leaves his share to a crazy relative. How about financing? You can't get a mortgage for 1/4 of a house. You have to pay cash, $165,000 that adds up to $1,824. a day!!!! Wow, I could do a lot of vacationing for that kind of money. Does the monthly fee apply when I'm not using the house? Who decides when it's time to buy a new bed or a new TV? What if I leave something at the house and it's not there when I go back? I have to say fractional ownership is not for me.
What does make sense? The Landings at Night Harbor! For $218,000 you and you alone own your home. You can have a boat slip in Night Harbor Marina, access to boat storage, a boat ramp, tennis courts and a beautiful private clubhouse overlooking Lake Murray. Financing is easily available, and if you leave your dishes in the sink rest assured they'll be there when you return home.