Fractional Aspen Properties: What You Need to Know
A fractional property in Aspen is one in which unrelated parties can each own part of it. One of the main advantages of buying a fractional Aspen property? You can share in the ownership costs (including maintenance) when you’re not using the home full-time.
Fractional ownership usually refers to shared ownership of a vacation home or a resort property; each party has usage rights based on time. That means you may enter into an agreement that allows you to use the property during certain months of the year; it can also mean that, in the case of a multi-unit development, that you’ll have access to use only a certain unit in the property.
Fractional Aspen properties have seen a surge in popularity, and it’s easy to see why. According to attorney Andy Sirkin, who specializes in co-ownership of real estate, it’s because you don’t have to invest millions to enjoy a vacation home.
“It allows you to create a connection between the time you spend in the home and the amount of money you pay for it,” says Sirkin. “It causes fewer headaches, costs less money and I still get everything I want. The meaningful differences between most old-fashioned timeshares and most modern fractional ownership arrangements are the extent to which each participant’s rights and responsibilities are limited to a particular home or group of homes, and the extent of each participant’s ownership and control.”
How to Find Fractional Aspen Properties
Your Realtor® can help you find fractional Aspen properties that meet your needs. You can call us to let us at 970-429-8275 to let us know what you’re looking for so we can begin a custom search just for you.
Are You Buying a Fractional Aspen Property?
Call us at 970-429-8275 or get in touch with us online to tell us what you want from your next home. We’ll begin searching for your new house right away. If you’re selling, get your free Aspen real estate market update and find out how we can help you sell your home quickly and at the best price.