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Does Your Family Need a Cottage?
Cottage Co-ownership- The Global Vacation Home Industry is One of the Fastest Growing Real Estate Sectors.The baby boom generation is continually pushing the real estate, cottage and vacation home values up. As such this industry is currently in the early stages of a growth period brought on by the aging boomer generation – and their growing desire for “lifestyle” pursuits. This includes second homes and vacation homes that feature other amenities such as skiing, golf, beachfront, or in Ontario our Lakes. This family program targets the second home market of cottages. Your family has five ownership options available. Are You Going to Buy a Family Cottage?Your family owns the cottage, like your home and this is still the most prevalent form of ownership today. Really, nothing can replace your own cottage. The major downside's are the price, the high cost of maintenance and the time commitment for caring for the property.Many families decide to rent the cottage to help with expenses while enjoying pride of ownership. A couple things to consider: How often would you be renting your cottage to strangers? How do you look after the cottage when you live two hours away? Pride of ownership will quite often prevail but with a singular cottage usually you are limited in other vacation options- your equity is tied up in this property. Is Fractional Ownership For You?
Have you seen the developments springing up all over Ontario?They vary from luxurious properties, to smaller more affordable developments. Title to the property is shared and usually held in an entity between the owners. Family usage can vary but is generally based on a predetermined schedule to create a fair share of time. The most prevalent ownership option is 1/10th ownership shares or 5 weeks a year with a fixed week in the summer and the other weeks floating. Does Your Family Own a Timeshare?This is called a mature industry! If your family has ever been to a presentation you know the high pressure tactics used, part of the reason of the industries bad name. Timeshare owners share a usage time period however have no title or equity in the property. There is no profit or return of equity.Exchanging of weeks for other locations may be limited depending on your timeshare ownership. Membership Clubs- A New Name for TimesharesThey have changed the name added a few more features however they are essentially timeshares. These often work on a point system towards use of vacation properties.Ownership times and locations each year are booked based on points and again there is no underlying real estate equity. Cottage Co-ownership- Our Cottage Areas! Cottage-co-ownership- Return to Homepage |
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