If one is able to, now is the most opportune time to buy Private Residences, the market conditions ensure that you are getting the best deal possible which will grow over time. With the influx of money and tourists for the Soccer World Cup 2010 the investment is expected to grow. Many overseas investors will look to buy their own home or a fraction of a holiday home such as Castleburn. With South Africa?s exchange rate versus the Pound and the Euro it makes South Africa an ideal and relatively in-expensive place to invest in for future holidays. MagicBreakaways already has a number of internationally based owners at present and are expecting the number to grow.
?A big attraction with regards to buying a Fraction within the MagicBreakaways portfolio is that you automatically become a member of the international Registry Collection which has a number of premium resorts internationally that our owners can exchange into. From villas in Tuscany, yachts in the Caribbean or exclusive resorts in Mexico. The world is literally your oyster.? Says Peter Foaden, managing director of Magic Breakaways Leisure Developments.
There are two types of fractional calendar offered. The first being a fixed calendar where owners receive four weeks every year. These weeks do not change and the owner will always occupy the same period every year. This is popular with international investors. The second type of calendar is the rotating calendar where owners also receive four weeks of the year but these weeks rotate annually. Owners can also participate in the managed rental pool if they are unable to or do not want to utilise their allotted weeks.
All Fractions are charged a levy which provides protection to the owners. The levy covers items such as maintenance both internal and external, rates and taxes, lights and water, and insurance. Approximately 30% of the levies charged are placed in a reserve fund to be used for the planned refurbishments on the house. This ensures that owners do not have to pay extra for the refurbishment when it is required and also ensures that the asset remains in a good state of repair.
?We do believe that now is the time to invest. Purchasing fractional ownership is not only a sound financial investment but an investment in your children and your children?s children so they may always experience the joy of going on holiday. It is a lasting gift that will provide priceless memories for all time? concludes Peter.
MagicBreakaways, which is part of the Legacy Group, are the leaders in holiday ownership. They have the perfect vehicle for people who are looking for a stable and appreciating investment, Fractional Ownership. The company has been successfully operating in this market for over 25 years and has had vast experience in moulding the Fractional Ownership concept. All of the company?s Fractional Ownership holiday homes are situated within internationally recognised Gold Crown Award resorts. Fractional Ownership is the cost effective no hassle, risk free way of owning your own holiday home.
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