Are you interested in owning a vacation getaway in Breckenridge Colorado? Join the hundreds of other people just like you who have found that purchasing a Breckenridge quarter share is the most economical way to enjoy Breckenridge and all it has to offer. To find out if this type of investment is the right move for you read on.
Many people who are avid skiers or just love spending time in the mountains of breath-taking Breckenridge, dream about owning a vacation getaway in this location. What deters much of the population from pursuing this dream is the reality of what owning a second home would cost them. In our present economy, taking on a mortgage for a second home just simply isn’t feasible for a majority of the people who desire to do so. However, investing in a quarter share in Breckenridge has become a popular option to owning a residence. Investing in this manner enables an individual to share the financial burden with three other people.
Is a quarter share right for you?
A quarter share is when four investors, either strangers or close friends decide to purchase one property. Each person is able to use this property on an equal basis and share all the costs equally. Investors in quarter share as the name implies, each receive a deeded ownership of 25% of the property and are entitled to the same tax benefits as if they owned the entire property. Additionally, a quarter share makes it possible at any time for one person to sell their share without affecting the other investors.
How a quarter share works
Understandably in addition to the initial investment there will be other expenses to owning a home. It will be necessary to designate a ‘managing owner’ who is selected among the 4 owners. This person will be responsible for collecting all dues from the others and paying the bills. In addition to the monthly portion of the owners mortgage payment, these dues will be incurred monthly and typically include property taxes, utilities, insurance, phone, and internet. A small fee will also be collected for a building reserve for any maintenance needed in the future.Quarter share ownership also requires cooperation amongst its owners. Ownership agreements are drafted to protect the relationship amongst the owners and their investment. Ownership Agreements typically include how decisions will be made, rules, calendar of scheduled occupancy of the 4 owners, who the managing owner will be, and so on.
Benefits of enjoying a quarter share in Breckenridge
In owning a quarter share you will be able to afford a getaway home in beautiful Breckenridge and share the expenses with three other people. These three other people can be friends or strangers from around the country who you will form great friendships with, primarily because of the common interest you have in the property. Your investment is also protected by your ownership deed and by the Ownership Agreement, yet, you can sell your 25% share at any time. Does this concept of home ownership appeal to you? If it does, the best approach in finding out what quarter share properties are available is to contact a real estate agent in the area or explore the internet for available homes. Owning a getaway home in Breckenridge Colorado is easier than you thought when you invest in a quarter share!