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February 2024

Family Travel Made Affordable: How Co-Ownership Can Save You Money

Let's face it – family travel can be expensive. According to recent studies, the average cost of a family vacation in the United States can range from $1,200 to $5,000 per person, depending on various factors such as destination, duration, and accommodation choices. So, for a family of four, this can quickly add up to a substantial sum.

Let's face it – family travel can be expensive. According to recent studies, the average cost of a family vacation in the United States can range from $1,200 to $5,000 per person, depending on various factors such as destination, duration, and accommodation choices. So, for a family of four, this can quickly add up to a substantial sum.

Accommodation expenses often make up a significant portion of the overall vacation budget and renting multiple hotel rooms for the duration of your stay can drain your finances faster than you might expect! Couple this with the costs of dining out for every meal and buying tickets for attractions and activities, and a vacation can feel like an unaffordable luxury for many families.

Family Travel

Why family travel matters

Family vacations aren’t just about leisure, they play an important role in bonding, creating memorable life experiences, and broadening perspectives for both adults and children alike. From exploring new cultures to embarking on exciting adventures, vacations offer amazing opportunities for growth and connection.

The temptation to splurge on a memorable family vacation is therefore understandable, but the rising costs of family travel often limit options or even deter families from booking their ideal getaway. 

An innovative approach 

Fortunately, there is a way to make family travel more affordable without compromising on quality - and that’s vacation home co-ownership. This smart solution allows families to enjoy the perks of owning a vacation property at a fraction of the cost.

Imagine having access to a beautiful vacation home in your favorite destination without the burden of full ownership. Vacation home co-ownership allows families to invest in a property together, sharing ownership costs and usage rights throughout the year. By splitting expenses such as the property purchase price, maintenance fees, property taxes, and utility bills, co-owners can significantly reduce their financial outlay compared to owning a vacation home outright.

What's more, co-ownership spreads out the financial risk among multiple parties, making it a more manageable investment for families. Rather than bearing the full burden of market fluctuations and unforeseen expenses, co-owners share these risks, providing greater financial stability and peace of mind.

The money-saving benefits of co-owning

Let’s check out the reasons why vacation home co-ownership is the key to saving money while creating unforgettable family memories:

Money invested not lost

If we take a conservative figure of $1000 as the average vacation cost per person per week and multiply this by 4 family members, the total rises to $4000. Suppose a family wants to vacation for more than one week a year, for a total of 4-6 weeks let’s say, then the total leaps to $16k - $24k. Over 10 years this costs $160k - $240k - an enormous sum!

But by investing in a co-owned vacation home, a family avoids wasting money on hotels and rented vacation properties and instead gains an asset that can be sold further down the line to recoup the initial investment or even make a profit if the market rises.

Affordable accommodation

Hotels and resorts often charge hefty rates, especially during peak seasons or in popular tourist destinations. However, with vacation home co-ownership, families can split the costs of purchasing and maintaining a vacation property, greatly reducing their accommodation expenses in the long run. By sharing ownership with other families, you can enjoy the comforts of a home away from home without breaking the bank.

Shared maintenance costs

Owning a vacation home outright comes with its own set of expenses, including maintenance, repairs, and many other overheads. But, with co-ownership, these costs are divided among multiple owners, making them much more manageable. Whether it's hiring a cleaning service, fixing a leaky shower, or landscaping the yard, you'll save money by sharing the financial burden with your co-owners.

Varied vacation options

Another advantage of vacation home co-ownership is the opportunity to diversify your travel experiences. Instead of being tied to a single property, you can pool resources with other families to invest in multiple vacation homes across different destinations. This flexibility allows you to explore new places and tailor your vacations to suit your family's interests without breaking the bank.

Rental income potential

When you're not using your vacation home, you can generate additional income by renting it out to other travelers. By leveraging platforms like Airbnb or VRBO, you can offset your ownership costs and even make a profit during peak seasons. This rental income can help cover mortgage payments, property taxes, and other expenses, making vacation home co-ownership even more financially appealing. (If the option to rent out your property is important to you, ensure you choose a co-ownership provider that allows this.)

A cost-effective long-term investment

While the initial upfront costs of buying a vacation home may seem daunting, co-ownership makes it a more feasible long-term investment. Over time, the value of the property may appreciate, providing you with a valuable asset that can be sold or passed down to future generations. By spreading out the financial responsibility among multiple owners, you can reap the benefits of property ownership without bearing the full brunt of the costs.

Shared amenities 

Many vacation homes come with a range of amenities and resources, such as private pools, hot tubs, games rooms, and outdoor spaces. When you co-own a vacation property, you can enjoy these amenities without having to foot the entire bill yourself. Whether it's hosting a family barbecue, lounging by the pool, or playing a game of volleyball, shared amenities enhance the overall vacation experience while keeping costs low.

Reduced travel expenses

In addition to saving money on accommodation, vacation home co-ownership can also help reduce travel expenses. When you co-own a property through a provider, your vacation home is professionally managed, meaning all maintenance and security checks are handled on your behalf. This eliminates the need to visit your property between vacations for general upkeep reasons, helping cut travel costs.

Savings on meals

In a vacation home, you have the advantage of a fully equipped kitchen, making it easy to prepare and enjoy meals instead of constantly dining out. Over the course of a vacation this helps save money for future travels, and needless to say, means you can sample locally bought ingredients in delicious home-cooked meals!

Easy budgeting for family travel

Vacation home co-ownership makes it simple to financially plan for family travel. Instead of forking out on expensive vacations year after year, you can invest in a long-term solution that provides consistent savings and benefits over time. By spreading out the costs and responsibilities among multiple owners, you can enjoy more frequent and affordable family vacations without sacrificing quality.

Revolutionize the way you vacation

Family vacations don’t have to be financially daunting. By Co-owning a vacation home, you and your family can achieve your travel aspirations while saving money and enjoying unparalleled comfort and flexibility.

Say hello to a lifetime of unforgettable family travel

At Kocomo, we specialize in facilitating vacation home co-ownership. Our carefully curated portfolio of Co-Ownership Providers spans desirable destinations worldwide - ensuring sensational vacations year after year. 

Ready to experience the financial advantages of co-ownership and start exploring the world with your loved ones? 

Learn More About Co-Ownership and discover Co-Ownership Listings at Kocomo.

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