Ever dream of owning a cottage but the thought of up keeping two properties is just more than you care to even think about. Or maybe the financial outlay is two too much at this time in your life. It could be that your vacation time is limited so why invest all that money when you may not get to use the cottage much.
Well whatever your reason for not owning a cottage currently if you love the idea of cottage lifestyle but not upkeep, financial outlay or the limited use, then fractional cottage ownership may be worth considering.
What is fractional cottage ownership? This is where you would purchase an ownership in a particular cottage. Usually the cottage has 10 owners. Each owner would have five weeks for their exclusive use for each interval purchased. One week would be fixed in the summer and the other four weeks may be floating throughout the year and availability. The floating weeks are determined by a specific system. You can purchase more intervals if you want to have some back to back weeks for longer stays. Two weeks are usually kept open for annual maintenance. Cost could run on average $65,000 to over $100,000 depending on the cottage, location and amenities you choose.
Each cottage comes fully equipped with almost everything you could imagine. From towels and wine glasses, to all the recreational toys cottage life is known for such as Kayaks, paddle boats, etc.
Now before you decide this is perfect for you there are some things to consider. Not all fractional cottage ownerships are created equal. Do your homework. First you need to figure out how far out you want to drive for your getaway. What amenities are included? Does your cottage allow pets? Some don’t. How is the cottage being managed? What are the annual maintenance fees? Is there a sufficient reserve? Remember you own the cottage so if anything major happens you will be responsible to come up with the money if required. This is not an exhaustive list but rather some food for thought. Do your homework. This is just one option that may get you in your cottage sooner than later.