|
Click on the buttons below to reveal the answer.
Then click on the question again to close.
It is an exciting concept in resort home ownership, shared ownership more precisely. It can be compared with fractional jet ownership, where individuals or corporations match their aircraft purchase with their expected use patterns. This concept of purchasing only what you need, or will use, is perfect for second homes. At the Muskokan, you will indirectly own a 1/10 share of your villa, as well as a portion of the propertie's 42 acres, clubhouse and boathouse.
Fractional ownership relates to forms of shared ownership. It can take the form of "deeded" ownership or full equity membership ownership. The Muskokan offers full equity membership through Muskokan Resort Club Inc. ("MRCI”). The benefits of this form of ownership over "deeded" ownership are:
1) Limited liability to owners with respect to any insurance claims against the owners.
2) MRCI will be debt free. The entire project will not have any debts registered against it.
3) Owners cannot directly finance against the villas - providing protection against defaults and dealing with mortgages registered against your villa.
All of this, without any of the hassles normally associated with owing and maintaining a second home. The home is professionally managed and maintained by a hotel management company.
With shared ownership, you own an exclusive vacation property. You are buying your vacation home in partnership with others who share the cost with you. At the same time, you have an indirect interest in the property. You can sell your interest at any time, at any price, will your share to your heirs, rent it, allow friends to use it and invite guests to share it.
It’s luxury living at a fraction of the cost of owning a "traditional" second home.
It matches your investment to the amount you actually want to use your resort property. Most people who buy a fractional recognize that they won’t be spending more than 5 or 10 weeks a year at their vacation home. With a fractional, match your investment with the quality and level of luxury you want for the time you actually plan to use the home. At completion, The Muskokan will consist of a maximum of 35 villa units, over one acre per villa with 10 interests in each villa for a maximum of 350 owners and 350 equity (“shares”) memberships. Absolutely, you may purchase as many
5 week intervals as you would like or the entire year if available. Few people know the other owners before their purchase. The ownership structure eliminates the need if you want. There are rules, bylaws and management services that keep the property running smoothly. There is no overlap in calendar dates and no need to interact socially if you do not wish to. However, there may be an annual meeting and through joint ownership, long-term friendships often form. Ownership of a 5-week interval allows use of the summer week you reserve at time of purchase and one week in each of the fall, winter and spring seasons plus one additional week. Yes, as is true with any second home, an owner may allow friends and family to use the villa as well as rent it.
The Muskokan will advise owners of any rental inquiries and post a rental enquiry web page on our website. Yes, your guests do have the same privileges that you do, even if they are unaccompanied. Yes, The Muskokan has a reciprocity agreement with The Registry Collection/RCI, which allows owners to experience other locations.
These properties are located in the most desirable travel designations. Although they may vary in style from resort to resort, they all are spacious, well appointed, well located and provide services and amenities typical of The Muskokan. Specific villas have been designated pet friendly. Owners of these villas are more than welcome to bring their family pet to their vacation property. Smoking is not permitted in the villas at any time. Yes, included in the purchase of each fractional interest is a dedicated storage space for each owner.
|
