Fractional ownership of property is a popular trend, but why is this? What are the advantages of owning property in this way? This article considers the aspects of purchase cost, size, location, and maintenance.
Reduced Cost
If you are considering buying a property then the financial commitment can seem daunting. If yo... Read more
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Are you a wealthy individual looking to make your budget for overseas property go further, or someone who thinks that owning a holiday property is an impossible dream? In either case, with the power of fractional ownership you can make it happen says Neil Robertson.
For example, luxury estate agent EUPP in London, are marketing a superb 11-bed villa on the French Riviera for £31,000,000! How many people are there in the world that could spend £31,000,000 on a holiday home? Probably more than one might imagine, but I'm certainly not amongst them! Properties of this type are the luxury privilege of pop stars and oil barons, or are they? Just imagine if this property were to be bought jointly by a large number of people, who were interested in a taste of unique luxury once in a while. Buying a share that would entitle a joint-owner to 1 week every two years would cost £28,000, or £310,000 for sole use of all 11 bedrooms! Not cheap certainly, but within the reach of many more people. But fractional ownership isn't just about making the luxurious achievable, it can also bring the dream of owning a holiday home within the reach of people on modest incomes. Homes in Bulgaria are cheap (when compared to Western Europe/USA) but at a minimum of around £20,000 are still out of reach for many people. However if you were to buy with 10 other people then that would be only £2,000 per share! Each 10th share would entitle you to spend 5 weeks every year at the property. Isn't this just timeshare? Well no, in each case the joint owners would own their own fraction of the freehold. If the property were to be valued periodically and the joint-owners were offered the chance of exchanging their share for the full market value of it then they could benefit from any increase in value. Why stop at property! Shared ownership can be applied to many other leisure assets, e.g. yachts, planes, prestige cars, motorhomes etc. etc. The possibilities are endless.
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