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Benefits Of Second Home
The concept of second homes is relatively new. Fractional ownership of vacation homes, also called private residence clubs or second homes allows you to enjoy a few weeks of home ownership privileges per year at a luxury resort but at a fraction of the cost of whole ownership.
Most second homes offer extensive amenities like extravagant clubhouse and spa, plus five-star hotel services. Second homes or residence clubs like Florida second homes, homes at St. Thomas, Virgin Islands, Puerta Vallarta and Mexico are popular locations being world-class resort destinations worldwide.
In U.S., the first second homes were in west, particularly Colorado where real estate was so expensive that wholly-owned second homes were out of the question for most people. Later on, they spread its tentacles to northeastern ski areas. Since then, Florida second homes, and second homes in golf-oriented communities like Hilton Head Island, South Carolina have caught attention of many. Second homes located in the U.S., usually offer good access to major airports that allows for easy transportation arrangements.
The reason of success of second homes is their professional management. They are, most of them, operated by well-respected hospitality companies known worldwide for their world-class resorts. Among them are Ritz Carlton, Four Seasons, Starwood, Intrawest and Millennium, brands known for their five-star services and amenities.
Trouble-free ownership is the prime mover of this type of real estate arrangements. Additionally, you have a staff for personalized service. You never have to worry about repairs, maintenance or housekeeping. Everything is taken care of by the professional management company and is included in the price and annual fees.
Pundits predict that there will be substantial appreciation in this category, rather than the depreciation that usually occurs with timeshares as the demand is very high.
To buy a second home, you have to pay a one-time purchase price and subsequently a yearly upkeep fee that covers all of the expenses associated with property ownership, its use and services.
Prices of the second homes are in the 0,000-0,000 range. However, they vary based on the size, amenities and location of the individual property. One should understand that these are truly top-of-the-line homes that would cost you two to five times as much if purchased outright as wholly-owned vacation homes.
Currently, most condo hotels are located in Miami and other surrounding cities in South Florida.
About the Author: Phil LaBoon is a well known author who writes articles on finance and investment, real estate, etc. for www.investrealestate101.com