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Why Fractional Ownership Appeals to Ontario Cottage Prospectors

By: Dave & Pat Storms

Across the country every spring, many Canadians are faced with a complicated, frustrating and time-consuming chore. No, it's not filing their income tax. It's trying to find the perfect cottage rental property for their summer vacation.

Renting the right cottage property can be a challenge, turning many Ontario vacationers into part time cottage prospectors. Finding a suitable rental property that is available at the right time and at the right price is not always easy. It can involve a great deal of time and energy, especially if you are particular about the quality of your rental accommodation. The process may include making several trips to cottage country to inspect potential cottages to find the right one. Nothing can spoil a holiday quicker than arriving to start a much-anticipated vacation and finding out that the cottage that you have rented from an advertisement on the Internet looks nothing like its picture. The cottage could be rundown and full of mice or perhaps the lake turns out to be a swamp.

Thankfully, there is an alternative to cottage rentals for people who would like to own a cottage property but don't want to commit to investing huge sums of capital or to all the work involved in owning a cottage property. Interval ownership or fractional ownership, where a purchaser buys a share of a cottage property, offers what could be the perfect solution.

Interval ownership, a concept that began in Europe fifty years ago, has finally come into its own. Today, 250,000 Canadians own some type of fractional ownership property. With real estate prices skyrocketing, especially in the popular vacation resort areas, fractional ownership is destined to become even more popular.

By purchasing a share of a vacation cottage or condo property, a buyer has all the advantages of cottage ownership, without the high price and the hassle. The money invested in an interval property builds equity, as opposed to renting - where the money is just gone. Interval ownership also guarantees that inflation will only enhance the investment. When rental rates go up, as they have in the past, renters will need to throw even more money away.

In Ontario the demand for cottage property has increased dramatically. Real estate prices have also risen to the point where most Canadians cannot afford a lakefront property, and many people don't want to commit to the maintenance involved in cottage ownership. However, fractional ownership breaks down the three main barriers to buying a traditional vacation lakefront home - cost, maintenance and time.

Some unique fractional ownership cottage developments also provide cottage owners with all the benefits of over a month worth of lakefront living or upscale cottages. Additionally, some are fully furnished and lavishly equipped with features such as whirlpool tubs, private saunas, gas fireplaces, gourmet kitchens, screen porches, satellite TV and high speed internet, resort amenities and an extensive recreation centre. If you look carefully when choosing to take part in fractional cottage ownership, you can find a variety of appealing features all at a reasonable cost with no maintenance responsibilities.

In Canada, the lure of cottage life is not likely to diminish in the years to come. While outright cottage ownership may not be in the cards for most, the development of quality interval ownership resort properties presents a practical option. Fractional ownership offers all the benefits of a vacation home at an affordable price. For the cottage renter, the alternative of purchasing a fractional ownership cottage eliminates the annual chore of prospecting for a suitable cottage rental.

Article Source: http://articleblender.com

Frontenac Shores is an Ontario waterfront fractional ownership cottage resort. For more information, please visit Frontenac Shores or call Dave and Pat Storms at 1-866-240-5194.

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