Buying and Managing a Vacation Home

Buying a Share in a Vacation Home When You Can't Go It Alone
By Jennifer Openshaw From MarketWatch

Advantages of shared ownership. It isn't hard to see the advantages.

* Affordability. As an example, a one-fourth share in a four-bedroom Tahoe view home goes for $299,000, obviously far less than you'd pay outright. See sample listing on Dreamslice.com.

* Shared costs. Taxes, maintenance, insurance, snow removal, financing costs. The agency manages these things so you don't have to.

* Deeded ownership. As with all fractionals, you own something that can be bought, sold, borrowed against, or transferred to your heirs.

* Business relationship. No arguing with your in-laws about whether your mounted deer trophy can go over the fireplace, or whether they paid their share of the snow-removal costs.

* Flexibility. You can sell whenever you want, or you can buy out your common tenants as time goes by. Shared ownership can be a great way to get your foot in the door.

* Expanded possibilities. If you've got more to spend, consider owning more than one share in different homes in different places. You can get more than one vacation home experience for less than the price of one.

Naturally, there are downsides. Like other fractional developments, you can't decorate as you please. You can store some stuff, but not as much as if you owned outright. Shared ownership doesn't usually offer the country-club style amenities you might get with some fractional arrangements. And everything you do to the place -- or in it -- is governed by some kind of agreement.

Imagine having a serious structural problem, like 40 gallons of water under pressure leaking and no ones home for hours or even days. I wrote an article I wanted to share. The entire article is located at Your Property Path

Do you need it
Absolutely. I have a friend with a second home in Idaho. They have a beautiful home on a small ranch that is for Christmas and summers. Its a short hop from northern California and its a beautiful state with inexpensive land values. They got a lot of land, great views and space for a very affordable price....at least to us Californians!

After being away from the ranch for most of the winter, the family arrived only to find that there had been a leak in the kitchen which had dripped for many months. Well, you can imagine the damage. The leak had wended its way from the P trap below the kitchen sink to flood the lino floors. It then slowly worked its way into the hallway and the floor boards of the first bathroom. The damage was extensive.

The Cure

Get a property manager. There are companies that offer management for vacation homes. They do manage a little differently, because they are vacant for long periods and therefore they must be visited. Property management firms in rural or vacation areas have services designed to deal with the vacation homes special needs. In addition to all the general property management needs all properties require
1. Find one that will visit the property bi weekly
2. Be sure they will visit before and after all major storms to be sure the house is shuttered and that any damage can be assessed and taken care of immediately.
3. Repairs: Be sure to have a cap on all repairs. Any major expenses should be approved and you should be sent receipts for any work done above the allowed amount. Try to keep the amount that does not need your approval below $750.00
3.Vacation Home Rentals: Vacation home property managers will manage holiday or off season rentals by the week or weekend. Some are set up to book rentals for you. You can expect some kind of revenue share or flat fee service, but it may be worth it.
4.Be sure they will provide cleaning services and schedule maintenance

Thanks For Reading

Howard Bell for yourpropertypath.com

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