Property News | Holiday homes at a fraction of the cost?

Browse By Subject

Money

Property

Social

Professional

Holiday homes at a fraction of the cost?

Thursday, March 04, 2010

Source: Catherine Deshayes

Fractional ownership is taking root in the holiday home market in the UK, especially for ‘Expats' and those looking for an environmentally friendly holiday home solution.

Fractional ownership, not to be confused with timeshare, provides a remarkably adept solution to this dilemma and as it has proved to be hugely successful in the USA, it is likely to take off with equal zest here in Britain.

Unlike timeshare, where purchasers effectively buy the right to stay in ‘their' property for a given time period (effectively a re-saleable, prepaid booking), with fractional ownership purchasers will actually own a share in the property. What this means is that when you are ready to sell your fraction, you own a physical asset, bricks and mortar that you can sell on with the realistic opportunity of making a profit.

Robin Barrasford - Managing Director of Barrasford and Bird Worldwide, commented: "When you purchase a holiday home in the UK, you not only become accountable for the purchase price of the property, but you also take on the ongoing financial commitment of funding all insurance, repairs, maintenance and service to your second home for the remainder of ownership. A high price to pay you might think, for what is likely to amount to just a couple of weeks' usage of your property each year.

"Finally, it seems, a realistic opportunity to purchase UK-based holiday homes has arisen at a reasonable cost and without the hassle. Fractional ownership may well be the perfect solution for the thousands of Britons at home and abroad who have been searching for their ideal holiday property here in the UK, without any of the hassle of whole home ownership and without damaging the world's environment."

Source: www.bandbw.co.uk.