Co-Ownership
"Like-minded families sharing the annual cost of an asset"
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In relation to a vacation home, this term refers to the form of ownership, whether limited to family only or total strangers. Other similar terms that are commonly used are "fractional ownership" and "shared ownership". What these terms have in common is they describe a property that has a shared use by the group of owners based upon time.
The type of “Co-Ownership” used for the purpose of Cove Harbor is a property that is owned by approximately 5 owners sharing equal ownership of the designated vacation home. Ultimately, the ownership structure and operating agreement are encouraged to be completed under the supervision of an experienced attorney in the area of this form of ownership.
Commonly Asked Questions
Why would someone be interested in a "Co-Ownership" vacation home? The vacation home with the best potential for appreciation is property so well located that its current price is beyond reason for the average investor. Today, some current single-family homeowners of resort property now realize they are not using their second home as much as they thought they would, and, the costs to maintain this second home are exceeding their desire to continue paying those cost, more specifically, property taxes. Co-ownership serves as a way to maximize the use of a second home while minimizing the costs of a luxury vacation property.
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Since "Co-Ownership" vacation homes are second homes, how are they managed? If the home is co-owned by two individuals, most of the management duties go to the owners. If co-owned by more than two, a professional management company located near the property is the most common way these vacation homes are managed. The management duties usually include scheduling the use calendar for the owners, facilitating the payment of bills indigenous to the home, as well as overseeing needed repairs that may arise over time and the cleaning of the property after each use.
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What if I do not like the idea of someone else sleeping on my bedroom linens?
This is by far the most commonly asked question. Each Co-Owner's Master bed linens are removed after they leave. The linens are then washed, folded, bed spread cleaned if necessary, then all placed in one of the owner's personal locked closets. These clean items will only be removed for use when that Co-Owner returns for their scheduled stay. Our definition of Master Bedroom linens are: mattress pad, sheets, blanket, sleeping pillows and cases, pillow shams, if any, and the bedspread.