For people who may not be able to afford a second home or the many thousands of dollars it often takes to purchase a vacation home, there are extraordinary lodging options and vacation experiences all over the world anyway. Vacation homes are great and can provide so many different experiences and opportunities, but they’re not for everyone. Here are some alternatives to vacation homes to consider if you’re looking for a different kind of vacation experience.
1. Hotel and resort stocks. This is a new idea called fractional ownership, which means people buy (for a range of prices) a fraction of a property in exchange for being able to stay there for a few weeks out of the year. Like a timeshare, which we’ll talk about later, this gives you the opportunity to take advantage of the resort experience with the benefits of being able to show up when you want, get the room you want, and be pampered. The advantages of fractional ownership are that you get all the fun parts of owning a second home without having to pay all the costs year after year. This eliminates mortgage payments and allows you to live without fear of a housing market downturn.
2. Vacation clubs. Vacation clubs are being marketed as the next big thing in vacation experiences. For a hefty fee, certain popular brands or companies offer a vacation experience to exclusive customers. While not very common, vacation clubs often require reservations, and you may not make the cut. However, if you do, you can take advantage of the amazing properties, tours, and amenities that come with being in the club. While the fees can be expensive, they can still be less expensive than owning a vacation home, depending on where you want to be.
3. Timeshares. Often associated with condominiums in Hawaii or Mexico, timeshares are like fractional buying opportunities. You pay a certain amount of the cost to maintain an apartment, house or condo in a location and then you can reserve it for a certain amount of time during the year when you can take a vacation and live in the property as is. your second home You share the costs of the property with other people who visit the property just like you, at different times of the year. This can work well for participants and homeowners, except when the real estate market crashes or people find they can’t keep buying expensive airline tickets.
4. Vacation rentals. Companies like AirBnB and others are sweeping the rental of apartments, houses and condos around the world. Vacationers can go to the website and choose a property they wish to stay in, pay the fee and show up at their home away from home at a location of their choice. The benefits of this are that it is definitely cheaper than many other options, including vacation home ownership, you still have the benefits of your own private space, and you can move quickly and easily from one city to another.