megram - Index

megram - 55Ottawa - Index

Convenience is key
With regard to the article pertaining to fractional
ownership (“Dividing the Recreational Property Pie,”
July/August 2008) I would like to provide insight into
some points,which may [have been] confusing.The writer
lists as a con of ownership “the cost of ownership is much
higher than independent ownership because purchasers
are also paying for the convenience of having others look
after the property for them throughout the year”. This
statement may cause some confusion.First,it assumes that
independent property owners do not have some sort of
property management in place to protect their cottage in
their absence. Second and more significant, because it is
shared ownership, the cost of providing this and an abundance
of other convenient services is far less than independent
ownership. Sharing of expenses does not stop at
the first capital outlay. It continues throughout ownership
providing individual owners with a less annual expense
than typical of taxes alone for the independent owner,
while on average enjoying the same amount of time at the
cottage. In the comparison of fractional ownership versus
timeshare [the article] noted regarding a timeshare purchase
that “maintenance fees are usually included in the
cost of the time purchased.”This is rarely, and [we] would
hazard a guess at never the case. Even a simple membership
club has annual fees for expenses.Timeshare resorts
on the other hand always have an annual fee and are typically
higher per week than fractional ownership properties
in Canada due to the expansive lobbies, sales offices
and amenities. Last, fractional ownership is all about convenience
and typically the responsibility of setting up the
non-for-profit corporation and first board is all done for
the new owners by the developer. Once the first owners
are in place they [are able] to elect their own board, with
the help of property management, which will also reports
to the owner board.
Pat and Dave Storms
Frontenac Shores Development
Kingston, ON
Editor’s Note: Fractional ownership is partial ownership
of a property. Rather than one individual becoming the
sole owner,several individuals each purchase a segment of
a resort and so gain the right to occupy one unit and use
the resort facilities for a specific number of weeks each
year. As well as reducing the investment in the vacation
real estate, purchasing a fraction is built around the level
of expected use.The article in the July-August issue in no
way drew a comparison between fractional ownership
and timeshare resort properties.
September 2008 • 23 • Fifty-Five Plus Magazine
Breaking up is hard but you can survive
What a timely piece to read about older adults with grandchildren
who decide to call it quits (Intentional Grandparenting,
June 2008). When my friend and her husband of 30 years
divorced last year, I saw the anguish that she suffered. And, what
impressed me most was her ability to nurture her relationship
with her grandchildren to keep her grounded.
NELSON
INVESTMENT
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Jane Claire
Kingston, ON
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