Ask a Realtor: What are the pros and cons of vacation ownership?
On Real Estate
Dear Janet and Tisa: My wife and I love the Vail Valley and are looking to buy and spend more time in the area. We also have grown children and grandkids that we like to visit and have visit us. We have started looking at options to buy, but with limited inventory and not sure about how much time we will spend here each year, we are considering starting with fractional/vacation ownership. We don’t know much about this outside of owning a vacation week or weeks and hoping you can share some insights on the pros and cons. — Curious Buyer
Dear Curious Buyer: Vacation ownership is on the upswing with nearly double the sales in 2020 over 2019. The beauty of vacation ownership, which is often referred to as fractional ownership, is that it can accommodate a range of buyer interests. This includes buyers who are using this as a stepping-stone to home ownership, including determining how much time they can and will be able to spend here, and others who are looking at buying multiple weeks since they are now able to work virtually from home. For most, it’s the convenience and ability to have a “home” they can use during certain weeks of the year that is familiar both in terms of staff and accommodations, while also providing them with more space, amenities, and convenience than most rental properties or hotels.
Fractional ownership is, quite frankly, the easiest and most convenient way to own deeded weeks with possible add-on options for additional weeks without any of the routine upkeep and maintenance responsibilities of owning a residence year-round. You literally show up, enjoy your time and then leave. All the housekeeping, repairs and maintenance are taken care of by the on-site property management team.
One of the added advantages to buying fractional ownership in the Vail Valley is all the units are deeded, meaning you receive an actual warranty deed when you close and one you can pass on to your heirs or sell. There is no time limit on your ownership as can be the case with other types of shared ownership such as timeshares.
Deeded vacation ownership is a great way to get into a property, particularly during a time of limited inventory. With a range of property options, there is also greater availability from which to pick and choose based on budget, location, amenities and services.
These include private, full-service resorts, such as The Timbers in Bachelor Gulch, as well as the Park Hyatt Residences, St. James Place, and Park Plaza, all premier condominium properties in the heart of Beaver Creek Village, to The Sebastian and Austria Haus in Vail. Prices also run the gamut, from $5,000 on up to six figures for a popular holiday week plus one summer week.
With a range of options and guaranteed deeded ownership, vacation ownership has been growing in popularity as vacationers and travelers seek to have a place they can call home with the ease of lock and walk. Best wishes in your decision.
Janet Boeser and Tisa Olsen are top producing and award-winning associate brokers for Berkshire Hathaway HomeServices Colorado Properties, who also lead the vacation ownership team. Collectively, they bring more than 60 years combined experienced in vacation ownership sales as well as listing and selling homes throughout the Vail Valley and Eagle County. In addition to helping buyers with vacation ownership, they also provide resale and closing services for all owners. They can be reached at email@example.com or 970-470-2132 or firstname.lastname@example.org or 970-471-1800.