Luxury Homes that Aren’t Your Home – Luxury Vacation Homes
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Luxury Homes that Aren’t Your Home

PRCs provide partial ownership of luxury real estate. If you hanker after a luxury vacation home, but don’t have the interest or resources to maintain such a place, you are not alone. One of the fastest growing alternatives to full-time luxury real estate ownership is Private Residence Clubs (PRC), or Destination Clubs.

Since PRC luxury property bases are usually filed with properties valued $1 million or more, they offer the opportunity to experience a taste of luxury homes without risks of full ownership. PRC membership is also a way to sample luxury living in various locations before making a decision to purchase a luxury home in that area. Residential clubs, on the other hand, can offer a bargain for frequent travelers who prefer the atmosphere of “home” over the non-stop action of a resort.

Here’s a simplified example of how they work:

  • The Private Residence Club (PRC) offers fractional ownership of upscale properties. For instance, you might purchase 10 percent ownership of the cost of a luxury home. Your fractional ownership might entitle your family to 28 days per year in a choice of elegant homes in the club registry. Most PRC’s average around $290,000 per share plus annual fees, housekeeping fee and gratuities. Rules and restrictions also apply.
  • Destination Clubs offer access to a choice of upscale vacation residential properties with no fractional ownership. Destination Club members are carefully screened and must qualify for membership to use residential properties. Membership fees from $20,000 to over $350,000 plus annual/daily use fees. Many memberships include housekeeping, personal concierge service and other perks.

Obviously, PRC or Destination Club membership is not for everyone. It pays to consult a professional realtor and tax consultant to compare the return on investment and restrictions, policies, and procedures versus traditional luxury home ownership.

Learn More at ElegantHomes.com
To learn more about other Luxury Home topics, view Luxury Real Estate for sale, or to find a Real Estate agent to help you buy or sell a luxury property, please visit the Elegant Homes website.

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Takeaways

  • PRCs are a great way to get into a luxury vacation home without the ownership hassles.
  • You buy into a fractional ownership of the cost of a luxury home.
  • Destination clubs provide access to upscale vacation real estate without fractional ownership.

Did you know?

  • Buying into a PRC is a great alternative to a high-end timeshare.