July 23, 2010 – The New York Times asks “If It Causes Stress, Is It Really a Vacation Home?”
Paul Sullivan of the New York Times writes: “EVERYONE needs a place to live, but no one needs a second home. So choosing which vacation home to buy and where should be enjoyable. Still, people routinely buy second homes that end up being less than they expected, or worse.” Interestingly, as you read his comments you’ll realise that fractional ownership at Mountain Spirit Resort, Kimberley, BC, Canada is a solution that really offers a stress-free vacation home:
Paul continues “I speak from experience here. My wife and I own a condominium in Naples, Fla.”
“Milton F. Pedraza, chief executive of the Luxury Institute, an organization that does research on wealthy consumers said one common cause of second-home misery was that owners failed to factor in how much time and money were needed to maintain a place from hundreds, if not thousands, of miles away.”
“Adults buying second homes should ask equally tough questions — of themselves. Why, after all, do you want a second home? What are you going to use it for? Do you have any idea how much it is really going to cost?” – At Mountain Spirit Resort, the costs of ownership are very transparent. With quarter ownership the costs are shared between four owners (and you don’t even have to meet them).
Beyond the ups and downs of the real estate market, Mr. Pedraza said most buyers underestimated the maintenance costs of a second home.“Think of the 20 to 25 suppliers who come to your house for air-conditioning, heating, landscaping, the pool man, the plumber — now you’ve got to procure those same suppliers for another property,” he said. “If you have the money and it doesn’t mean anything to you from an investment point of view and you can hire the staff, then fine.” As a fractional owner at Mountain Spirit Resort, you don’t have to deal with the a/c, heating, landscaping, pool or plumbing. Our staff on site look after it all for you.
“Deb Howard, a realtor in Lake Tahoe and chairwoman of the National Association of Realtors’ resort and second home committee, said many people looked at the properties as a place for the family to gather and as something to leave to the children. But they still need to consider the carrying costs of the property.” Another reason why quarter ownership makes sense at Mountain Spirit Resort. A quarter of the cost and a fantastic place to reconnect with the family and truly relax.
Ms. Howard says her first question to buyers is always what kind of lifestyle they expect to have. But her second is whether they need to rent the home to cover the costs. “Sometimes it’s not the right decision,” Ms. Howard said. “You’re not going to use it enough. Or it’s not going to meet your financial goals.” Not only are the costs quartered, Mountain Spirit Resort also offers an optional rental program to all owners which makes it easier to manage the costs in owning a vacation property.
Paul says it’s less relaxing. What persuades people to buy a second home is usually a vacation. A second home, they think, will keep the party going with the added benefit of having a place of their own. “They only see the benefits — sitting by the pool, having a piña colada, driving into the driveway and leaving the Rolls Royce there,” Mr. Pedraza said. “They never figure the gate is going to be broken and they will need an electrician.” At Mountain Spirit Resort, we have an on-site Maintenance Manager who fixes the gate if it is broken, and you don’t even need to know about when it is broken! Mountain Spirit Resort makes vacation ownership relaxing for you!
Enthusiasm for a place can also lead to a hasty purchase. Barry Peele, an International Realtor in Beverly Hills, said a client recently bought a waterfront home in Miami only to find out after the closing that the dock would not accommodate his yacht. Suddenly, the convenience of walking out to his boat — the original attraction — was gone. At Mountain Spirit Resort we guide you through the purchasing process with no haste. We even come out and stay first and experience all the amenities the area has to offer. By the way, we don’t have a dock but we are truly ski-in ski-out and our underground parkade has enough vertical clearance to allow you to drive in with an SUV, with a ski box on top – a pretty common requirement in ski resorts but rarely available!
And then there is the pressure to use the place. “People have high expectations of their usage,” said Brian Sharples, chief executive of HomeAway, which runs several vacation rental Web sites. “The industry average is 30 days of use per year.” As a fractional quarter share owner at Mountain Spirit Resort, you have about 13 weeks a year to enjoy your suite. If you do use just 4 weeks, you can place your suite in the rental pool for the other 9 weeks and our rental manager does all the work for you!
When people realize how infrequently they are using their second homes, they often turn to Web sites to rent them. Mr. Sharples, who has a second home in Aspen, Colo., said the income could defray some of the costs, from taxes to maintenance. But renting out any home can be stressful, and you may not make enough money to justify the hassle. Renting out is hassel-free at Mountain Spirit Resort. You don’t need to post your rental on a website. Our Rental Manager, Bellstar, does everything for you, including managing the maintenance, housekeeping, 24/7 front desk, marketing, reservations etc.
Paul thinks it’s time consuming. He comments: Since people do not use their second homes regularly, they cannot just walk in as if it were their primary residence. At a minimum, they have to open up the house when they arrive, make sure everything still works and close it down when they leave. As a fractional owner at Mountain Spirit Resort, this is definitely not the case. The suite is checked regularly and prepared prior to your arrival, so the lights are on, the music is playing and the ambiance is just right to start relaxing! You don’t even have to clean when you leave!
Paul finishes saying: “These are luxury problems, of course. The recession has shown the stress that houses can put on anyone. But before you plunge into a second home, ask why you are doing it. In the end, staying in a hotel could be a lot more relaxing.” I agree, with Mountain Spirit Resort you own in a condo-hotel which provides the solutions to Paul’s problems!