Enjoying your Retirement
The boomer generation is out looking for some fun, some of them-the zoomers, as they are known-are looking for a lot of fun. Back in the 1980′s the phenomena of Timeshare came into real estate. This is a transaction where you purchased a “timeshare”, usually a vacation destination. You were then able to use your “timeshare” during your designated time. There was no ability to sell this time, nor pass it on to your heirs and so as a real estate investment it did not survive in any real way. In comes Fractional Ownership. This is a transaction that provides the investor with a deed to the property that he can rent, sell and transfer as they see fit. It is real ownership and makes so much sense for the Boomer’s and Zoomer’s to own pieces of luxury homes rather than own outright a single home in a single vacation resort.
As our Boomer population moves into retirement, or more likely a reduced but not retired work load, they are looking for places to have fun and enjoy their lives. It makes perfect sense to buy a vacation home at that special spot your family has visited all these years. It also makes sense to own a piece of several spots around the world to enjoy. For instance your favorite beach spot, your favorite ski location, a favorite lake house. In this way you can look forward to spreading out your fun to the places you have identified best for those times of year and those locations.
Fractional Ownership is here to stay because it makes so much sense for an investor who wants to get the most from their investment right now in terms of occupancy, but also reserve the right to rent, sell or deed the property. When you buy a part you are responsible for that part. This diminished financial responsibility allows you to spread your capacity over more than one area. Having great vacation spots in several “hot” spots in the work hedges your exposure should one of those spots loose favor among the celebrity and jet setting crowd. In some parts of the world, and Anguilla is one of them the term Fractional Ownership is not used or legal as a means of purchase of property. Partnership is the better form. Consult an attorney is always my advice since I am not qualified to speak on these issues from a legal point of view.
There is much to think about in this new economy for the Boomer. Let me know if you have questions, or type in a comment here. I would love to help you. We represent many properties throughout the world and can help you attain your financial and fun goals now. Larry Lawfer 972-322-7776
Comments(5)