What to Know About Fractional Homeownership and Mortgages
Fractional homeownership is becoming more popular as buyers look for creative ways to enjoy a second home or vacation property without taking on the full cost. Instead of owning one home entirely, you purchase a fraction of the property and share ownership with several other people. While the idea sounds simple, fractional ownership comes with unique rules, financing challenges, and long-term commitments that every buyer should understand before moving forward. Understand How Fractional Homeownership WorksFractional homeownership is different from timeshares. With a timeshare, you purchase the right to use the home for a certain period. With fractional homeownership, you purchase…