Owning a second home is a dream that many people have, and many Canadians and Americans set their sights on Mexico when thinking of an ideal location for a vacation home. However, purchasing a second home on your own may not always be financially feasible. Also, many people who do own a vacation property often feel frustrated that they cannot spend enough time there to get their money’s worth out of the purchase. After all, covering the expense of a mortgage, taxes and maintenance for a home that is used only a few weeks of the year is not necessarily very logical. Fortunately, fractional ownership is becoming more prevalent and allows vacation home purchasers to get the very most out of their money and their second home.
Fractional ownership is basically partial ownership of property. However, it’s important not to confuse fractional ownership with time shares. While both options are commonly used with vacation homes and resort properties, time shares involve the purchase of a specific amount of time for use of a property and do not actually transfer any ownership in the property to you. In contrast, with fractional ownership you will enjoy full ownership of the subject property for a certain amount of time each year. For example, fractional ownership opportunities in Lake Chapala, Mexico offer purchasers full ownership of properties for one month periods.
Fractional ownership has several advantages over time share and regular full ownership. While fractional ownership allows you to have a vacation home to go to, you will not have to bear sole responsibility for the property and the expenses that come with it. However, at the same time, you will receive the deed to the property and will be able to sell or gift your share of the property however you choose. Not surprisingly, these characteristics make fractional ownership very attractive to many people considering the purchase of a second home.
For Canadians and Americans who wish to take advantage of fractional ownership to purchase a share of a vacation property in Mexico, there are many great opportunities to consider, particularly in Lake Chapala. Located just 40 minutes from Guadalajara, Lake Chapala is Mexico’s largest freshwater lake and offers an unbeatable climate. With its serene location and its proximity to Guadalajara, Lake Chapala is an ideal location for retirees and vacationers. Best of all, with a Discover Lake Chapala vacation, you can familiarize yourself with the area prior to committing to a purchase of real estate.
Discover Lake Chapala vacations provide an excellent way for potential real estate purchasers to travel to Lake Chapala and spend some time in the region. By getting to know the area in this manner, potential purchasers can decide whether or not Lake Chapala is the right fit for them and, ultimately, can make a real estate purchase feeling more comfortable and confident with the decision. The developments which offer Discover Lake Chapala vacations also offer fractional ownership opportunities as well as an exchange program with other fractional properties around the world. This means that you can enjoy the benefits of owning a vacation property while still being able to enjoy the experience of traveling around the world.
With the many inherent advantages that come with fractional ownership and the excellent benefits provided by Discover Lake Chapala vacations and worldwide exchange programs, purchasing real estate in Mexico is a dream that many more Canadians and Americans will be able to turn into reality. For those who want to purchase a second home in Mexico but have been hesitating due to limited vacation time or financial reasons, now could be the time to consider fractional ownership and to discover Mexico’s beautiful Lake Chapala.
Photo Credit: SanGatiche