Owning a 1/4 condo in Canmore

[automaton 3]

Fractional ownership can be the worst of both worlds. You don't have the freedom of use associated with ownership, but you are obligated to pay for one week a month whether you use it or not.

You're likely far better off renting a unit.

[bossy22]

If you want to own a place consider Whitefish. For $250k you can get a house with a garage. The downside, is that more and more Canadians are going down there and buying, which means the border is getting busier. Which also means, it's a lot of time in a car for a weekend.

[bossy22]

Originally Posted by fotze

A GARAGE????? Who wouldn't want a garage. Those are better than lakes.

My garage in whitefish has 7 bikes (3 mountain, 4 cruisers), 4 kayaks, winter tires, turkey fryer (For CDN thanksgiving), and a beer fridge. I want a garage.

[corporatejay]

Originally Posted by bossy22

My garage in whitefish has 7 bikes (3 mountain, 4 cruisers), 4 kayaks, winter tires, turkey fryer (For CDN thanksgiving), and a beer fridge. I want a garage.

There may also be negative tax implications to buying/selling U.S. property. Talk to your tax care professional and have an A-1 day!

[GP_Matt]

A friend of mine has a time share deal that is similar to fractional ownership but less frequent. In my mind they are terrible but he said the reason that he booked it in the end was because he worked too much and was always coming up with excuses not to take a vacation each year. This way he committed to specific weeks for the next ten years and has them all booked so he has to go.
It is a side that I had never considered before but it makes sense for his situation.

[bossy22]

Originally Posted by corporatejay

There may also be negative tax implications to buying/selling U.S. property. Talk to your tax care professional and have an A-1 day!

Not particularly. Only when you sell, you have to file US income tax and pay a non-resident withholding tax if the property is worth over $300,000.
You then need to file a claim in Canada, reporting any capital gains you paid for in the US, and then you pay the remainder in Canada. The US capital tax will offset the Canadian capital tax. This way you avoid the double taxation.
So it's a bit more paper work. In the end you won't pay any more than if it were a Canadian property you are selling...outside of your accountant.

[ken0042]

Originally Posted by Derek Sutton

Also I wouldn't do this with a friend or family as part of the other 3/4. It is best that you barely know them or not at all. That way if something goes sideways you or not out any friends or fighting with family, and something will happen eventually.

For me I'd think the opposite. The only way I would consider a fractional ownership is if it was with family or a close friend. Then you'd at least have some options like leaving clothing and personal items behind; and might even be better for working out what groceries to leave there. Things like condiments, etc that you wouldn't want to bring each time.

I would think it might be easier to work out distribution of the weeks; you could even make some sort of sharing arrangements during peak times like Christmas.

[ranchlandsselling]

Originally Posted by ken0042

For me I'd think the opposite. The only way I would consider a fractional ownership is if it was with family or a close friend. Then you'd at least have some options like leaving clothing and personal items behind; and might even be better for working out what groceries to leave there. Things like condiments, etc that you wouldn't want to bring each time.

I would think it might be easier to work out distribution of the weeks; you could even make some sort of sharing arrangements during peak times like Christmas.

The downside of that is when Shiz goes bad, it's just gone bad with your family or some good friends.

How would you feel if they needed out and sold to someone at a serious discount just to get out. Then you don't like that person. Or they decide they want to sell the whole thing. Or someone breaks something, or, or, or... There's just so many reasons it's a bad idea.

[Derek Sutton]

Originally Posted by ken0042

For me I'd think the opposite. The only way I would consider a fractional ownership is if it was with family or a close friend. Then you'd at least have some options like leaving clothing and personal items behind; and might even be better for working out what groceries to leave there. Things like condiments, etc that you wouldn't want to bring each time.

I would think it might be easier to work out distribution of the weeks; you could even make some sort of sharing arrangements during peak times like Christmas.

Yah you'd think so, it works good for the little things but for repairs and renovations, it can be a freakin nightmare. There is always someone who knows someone, or can do it themsleves (it just takes forever because they are only there one week end every month)or needs you to cover their end of the cost or will do the work because they don't have the money to pay for it,
etc...
My Brother In Law is the shotiest craftsman around but likes to do things on his own. He made the worst ski rack I've ever seen and hung it on the wall right by the front entrance. All 2x4's no paint or stain, screws everywhere, hung it to high for the kids skis etc... Homer Simpson could have made a nicer looking ski rack. He thought it was the greatest thing, all ugly and useless and in the way and unfinished. Anyways I took it down and we burnt it in the campfire one night when we were all good and liquored.

I guess it depends what you want out of it though. An investment or a get away place. We wanted both and ended up with neither, then sold the place.

[bossy22]

DS is right. If you share, you need to have such similar tastes, otherwise it could end badly. Always make sure you have a strict contract. Like, anything, and I mean ANYTHING that is going in the place needs to be discussed. It may seam trivial, but when you show up to shot skis, home made coat hangers, lamps that used to be used when you were in college, etc. People will use these places as a way to get ##### out of their home. It can be a pain. If you are storing your skis there, do you want them used by somebody else? You show up to use your skis and find the base is trashed. Pretty much anything you can think of, you will encounter and you need to have it thought out and discussed a head of time.

[jayswin]

So I guess the end result is there is absolutely no upside to this and the OP should definitely not buy into it? I don't think I've ever seen CP so one-sided in a thread, ever. Reading over the thread, I just can't see a single benefit either, and there seems like so many little things that would get annoying.