Get a holiday home through shared ownership

The holiday season is back with us again and most people are likely to take a holiday with their families and loved ones.

Chances are your holiday destination remains the same year in and year out.

How do you finance your holiday?

Some people save for the annual holiday all year long.

In fact some hotels in Mombasa allow guests to deposit as little as Sh2,000 each month to build up a reserve for the December holidays.

Most younger ones with no families to take care of, just splash out their Christmas bonuses and live large in the month of December.

After all, they have only one life to live and the time to enjoy it is now (before old age and family responsibilities check in).

Come January the driest and longest month of the year and they wish they had spent their bonus better because good times do not last forever.

But it is possible to own a holiday home through fractional ownership of property.

Imagine owning a luxury holiday home in the Maasai Mara or a luxurious beach front villa down at the Coast, complete with game drives, scuba diving, yoga, massages, seven course meals and any other luxurious thing that comes to mind.

Most people would like to own a vacation home but are limited by lack of capital and furthermore it would make little economic sense, as the premises shall not be in use all year round.

However in a common trend in the West, more people are able to afford vacation homes thanks to the concept of fractional ownership.

Fractional ownership is a deeded ownership of an asset (including yatches, aircraft and homes) whereby an individual is granted a percentage share in the asset by purchasing a partial interest therein.

As a fractional owner one has the right to use the asset on demand for a predetermined number of hours per year.

The fractional provider (initial owner) manages the home and provides maintenance and other services including employing chefs, yogi trainers, drivers and gardeners to run the property.