The,Future,Second,Home,Ownersh business, insurance The Future of Second Home Ownership
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Not all second homes are created equal. With the baby boomergeneration approaching retirement there will be an increased demand for homesaway from home. The low use of second homes and the costs associated withowning and maintaining vacation homes has given rise to a new breed of propertytypes over the last few years.Worry free vacation home ownership is at the top of theagenda for most second homeowners. The affluent demand top-notch services andamenities. With time an ever-rare commodity it is crucial to accommodate thetravel patterns and flexibility demanded. Many short trips rather than longextended stays have become the norm.A simple look at costs involved in owning multiple vacationhomes makes the substantial financial commitment obvious that comes with thetraveling lifestyle. Homes want to be serviced and maintained, services are tobe provided and taxes are due to be paid.Owning a slope side condo in Aspen ($4 million) a cottage inthe California wine country ($3 million) and a beachfront property in Cabo SanLucas ($5 million) is used as an example to highlight the costs involved. Atotal investment of $12 million at 7% represents an interest cost of $840,000per annum with maintenance, utilities and taxes adding at least another 3%($360,000) to the yearly tally. The total annual cost of this vacation propertylifestyle is at least $1.2 million.With the average second homeowner spending less than 30 daysat his vacation property the properties are not utilized to their truepotential. In addition that usage number decreases with the number of vacationproperties a household owns. These economics have created an alternativevacation ownership model. Why own all these properties if you are using themonly a fraction of the year?Fractionalownership was created out of a need to reduce costs for the owners. Over timeit has become apparent though that the inflexible fractional schemes do notserve the owners well. Flexibility is king when you do not own 100% and cannotcome and go, as you like.The next evolution of this concept is club vacation propertyownership. This in turn has now lead to the creation of super luxury clubs withowners having exclusive access to a multitude of properties at variouslocations. Membership is often limited to a few hundred families withproperties offered for use worth several hundred million Dollars. The biggestbenefit is the complete usage flexibility with no set schedules. Owners have acertain time allocated to them but can use it at their discretion.The clubs offer a worry free lifestyle. Full maintenance ofall aspects of the facilities, all taxes included, luxury services and a fungroup of people to hang out with if desired.Club memberships like this can be acquired for as little as$1.5 million. That represents an opportunity cost of only $84.000 with annualdues adding another $50,000. A total expenditure of $134,000 can offer the sameprivileges and better services with less hassle than full ownership.It will become apparent to the seekers of full serviceluxury vacation properties that financially as well as practically the top endof the luxury vacation resort clubs offer a great alternative to the fullownership model. Article Tags: Home Ownership, Vacation Property
The,Future,Second,Home,Ownersh