While owning a second home is a luxury that few can afford, 10% of a vacation home might be more in your price range. Through fractional ownership in Deep Creek Lake, you can share a home with 7 other like minded families without actually sharing the space when you go on vacation. Instead, each owner uses the home for a portion of the year.
Fractional ownership isn’t the same as a timeshare. While timeshares come in many forms, they are typically owned and run by for-profit companies. Rather than having your name on a deed, you sign a contract giving you the right to use vacation property for a certain amount of time. In contrast, if you own part of a fractional vacation property, your name is usually on the deed, and owners exercise more control over the property.
How to Buy a Fractional Vacation Home in Deep Creek Lake
There are a variety of ways to get into fractional home ownership:
- Call Debra Savage at Railey Realty. 301.387.200
- Schedule to tour Ridge Run, fractional vacation home development located above Wisp Resort.
Shared Vacation Home Ownership Structure
Fractional vacation homes are owned as tenants in common. Every owner’s name appears on the deed, along with their respective ownership percentage.
Sharing Expenses on a Shared Vacation House
Vacation home maintenance and expenses are shared equally among all of the owners. Ask Debra for a copy of monthly expenses. A small monthly fee is collected from each owner to take care of items like utilities, property maintenance, property taxes, and internet. Sharing this cost with 7 other owners reduces your monthly out of pocket expenses for owning a second home in Deep Creek Lake, Maryland.