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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.
Tips for Renting Out Your Vacation Home
Renting out your vacation home can be a smart financial move, helping you to recoup some of your investment, while also allowing you to enjoy your property when it suits you. However, the decision to let your second home means seeing it as a business - a change that requires plenty of prior thought and planning. In this week’s blog, we share strategic tips for renting out your vacation home and explore the pros and cons of making your property available to others.
The Real Cost of Owning a Second Home
It’s a well-known fact that real estate tends to appreciate over time, so it comes as no surprise that second home ownership is an extremely popular aspiration for many. In fact, according to data from the most recent National Association of Home Builders study, there are around 7.5 million second homes in the United States, proving just how desirable second home ownership is.
How Co-Ownership Providers Help Owners Sell Their Shares
You might have heard on the grapevine that it can be tricky to get out of a timeshare, but what about selling your co-ownership share? Co-ownership makes it possible to own a portion of your dream vacation home, by jointly owning a property with up to 7 other parties. The co-owners can share costs (both the purchase price and ongoing running expenses.) And each owner is entitled to the same usage, giving everyone equal enjoyment of the home.
The Challenges of Co-owning a Vacation Home With Friends
Have you ever thought about owning a vacation home with friends? It seems idyllic – you’d have a shared sanctuary for retreats and relaxation, the purchase price could be divided, and you could all take responsibility for the property maintenance and ongoing running costs.
Is it Better to Buy or Rent a Vacation Home?
The question of whether it’s better to buy or rent a vacation home crosses the mind of most holidaymakers. Yes, renting gives you an element of flexibility, but you’re effectively paying your hard-earned money into the pocket of the vacation home’s owner. The idea of buying a second home, on the other hand, can feel exciting and nerve-wracking in equal measure! Having a home away from home is a total dream come true, but what about the ongoing financial implications of home ownership, after you’ve invested in the property?