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| Timeshare/fractional ownership cottage http://www.hawthornevillager.com/phpbb/viewtopic.php?f=1&t=35098 |
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| Author: | Matt [ Thu Mar 03, 2011 10:17 am ] |
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My parents are looking to sell their cottage on Shadow Lake in the Kawartha's if you are interested. It is in Norland just past Coboconk about 15KM North of Fenlon Falls. Matt |
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| Author: | Matt [ Thu Mar 03, 2011 10:25 am ] |
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It would be 100% ownership, no condo type set up. Ahhh Minden, kawartha dairy and a decent hospital that I have season tickets to! I will post a seperate thread on my parents cottage once we get some more info. There are a few neighbors interested in it for family and friends. Matt |
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| Author: | Knave [ Thu Mar 03, 2011 10:59 am ] |
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Steve, What is the cost to purchase, and how much are the yearly dues? Rough numbers would be fine, I just want an idea. |
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| Author: | justagirl [ Thu Mar 03, 2011 10:59 am ] |
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I do not know much about time share's but I have heard to be careful, sometime shares once your in, they can be hard to get out off even if you pass away they get grandfathered to your children. Be sure it is a nice place and will stay a nice place, once it get's a little rundown will they be repairing it? Are all suites forced to look the same with nice modern furniture, new flooring. Or is it going to get run down and no one will be replacing cabinets and such for 30+ years. How many years till they consider renovating suites? What would be your cost % of renovation of your suite be? What are the smoking rules, do they allow smoking in the suites? Yuk! Don't let this scare you, they are nice to own if you pick the correct building for you. Just do your homework and ask the right questions. |
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| Author: | mk468 [ Thu Mar 03, 2011 11:24 am ] |
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I dont get the draw to own a fractional ownership cottage - its around 100k or more, and you get a 4-6 weeks a year out of it??? I would rather invest 100k a year where i'm sure you can find a 5% return, spend that 5% interest on paying to rent a cottage at 1000 a week for 4-5 weeks and youre not any worse off than with the fractional ownership and you can be flexible on where you want to rent, etc. I'd also be careful as there are many of these projects in the Muskokas that are going belly up, Id hate to have bought a fractional unit if this happens... |
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| Author: | Matt [ Thu Mar 03, 2011 11:31 am ] |
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My parents are selling the cottage so they can travel more. They feel guilty about all the money being spent on it and the maintenance required but do not get to go up much anymore. They were looking at fractional ownership as well but I beleive they have decided to rent for 4-6 weeks at a time. They can then move around from lake to lake as they want and not be tied down anywhere. Matt |
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| Author: | miltonguy [ Thu Mar 03, 2011 11:36 am ] |
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I think it is the "fees" that scares me about these places. The fees will only get higher as the units age and need updating and repair. |
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| Author: | mk468 [ Thu Mar 03, 2011 1:38 pm ] |
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see the fact that you have to pay $3,000 a year in "fees" thats scary, you can rent a place for a week and half maybe two for that much, so I dont see the advantage to fractional ownership. Also I have been told that the original cottagers on any particular lake frown upon these "fractional" owners, and personally if I had a place on a nice quiet lake then saw a bigger condo-type cottage being built that housed people that come up for a week at a time I dont know if I'd be too pleased either. does anyone have any experience on this? knowing your not welcome on a lake may influence your decision as well... |
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| Author: | Fred D [ Thu Mar 03, 2011 1:59 pm ] |
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Steve, have you guys checked out Diamond's Edge? 3 bedroom, unlimited golf across the street, and I think they were 90k. diamondsedge.ca We have rented there twice (we're renters when it comes to cottages) but they are based on the same idea - fractional ownership, and the best part is, the service is FANTASTIC. MATT - I will PM you about your cottage... a friend/client has a few questions. |
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| Author: | BcktoMilton [ Thu Mar 03, 2011 7:43 pm ] |
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We seriously considered buying a fractional ownership a couple of years ago. I think it was called Blue Water acres. It was a gorgeous spot, beautiful cottages for about $30000 at the time. The thing that ultimately turned us off was: 1) You only got one summer week per year. 2) You could only have a maximum number of people stay over in the cottage (I think 6). We are a family of 5 and couldn't even have our parents come and stay with us. I can see the attraction to that area, good luck with your decision! |
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