If you want vacation property, a boat, or a jet, there is a good chance that you cannot really afford it. Generally, wanting something and being able to afford something are two different things. If you cannot back down from the idea of owning something that has a big price tag, consider these tips.
Timeshares are extremely common when it comes to vacation properties and premium real estate on or near major tourist attractions. They are especially popular in Florida, but they can be found almost anywhere that luxury properties are bought and sold. You can put money down on a timeshare, pay it off over time (just like a house), and vacation in the property when other timeshare owners are not using it.
For example, if you and three siblings go in on a timeshare, you are all buying it, but you have to coordinate who is going to stay on the property and when during the year. You could all stay at the same time if there is room, but the general idea is that you get the vacation property all to yourself and your family for "x" number of weeks each year. You have to share the property with others. Sometimes you do not get to choose who you share the property with, either, so there is that to consider.
Fractional ownership is very similar to timesharing, except that there are fewer restrictions and the item being shared is generally a yacht or a jet plane. When everyone makes their payments on time on this asset, it eventually becomes owned by everyone on the registration papers. You do not turn it back in at the end of your allotted days like you would with a timeshare. (You do not really own a timeshare; you are just leasing it for occasional use. When the timeshare has expired, you no longer have access to it.) Everyone can use the yacht or plane whenever they want and however they want.
Charters allow you to lease-to-own some luxury assets without the hassle of paying for maintenance or fuel. The company leasing the item to you handles the maintenance, while your customers handle the cost of the fuel. Customers hire you to take them everywhere and that is how your fuel is paid for. You are using the yacht or boat or plane as a transportation charter until you choose to buy it outright. If and when you buy it outright, it only belongs to you. Rarely does more than one person (or two) buy a chartered mode of transportation for personal and business use.
For more information on fractional ownership vs. charters, contact a transportation company.Share