For the people who are interested in ways to enjoy vacation ownership, then you are in luck. Many people wanting vacation ownership only want to pay for the time that they use the property rather than owning the property full time, which is why there are other ways to purchase a vacation property for just the weeks that you want to use the property each year. This process can involve a deed or title or you may simply receive a right-to-use contract, which last up to thirty years.
Take a look at the different options for vacation ownership below:
1. Timeshare Ownership
Most timeshare ownership programs give you the option for right-to-use ownership option rather than deeded ownership of a share (see Fractional Ownership below). Timeshare may refer to a set fixed week or a flexible points based system. Likewise, a timeshare ‘floating system’ allows owners to purchase a villa or condo for 1-4 weeks, so you can schedule your vacation time in a season that you want. Timeshare vacation ownership gives you the opportunity to purchase your weeks at a 5-star rated resorts that have many benefits and amenities, and at great destinations. The benefit of timeshare vacation ownership is that it is a one-time purchase valid for between 25 and 30 years and the developer may offer financing. Buyers should be aware that yearly maintenance fees are also required, and this is based upon the size of your property, destination, and amenities of the resort.
2. Fractional Ownership
Fractional ownership is a stage above timeshare vacation ownership, because you will receive a deed or title for your purchase. You will receive the same benefits as if you purchased a second home, but at a lower price as you will only pay for a set period of time in the property. Fractional ownership will suit those individuals looking to purchase a vacation home but who only want to use it for a few week each year. Generally, a fractional property is located at a high-end hotel or boutique, which means you will get to use their amenities and any personal services they provide. You should also remember that there will be maintenance fees due in addition to the purchase price.
3. Destination Club Ownership
You will not be buying any property when you are a destination club membership owner, but you purchase the right to use the properties of the club. The destination club will provide you with a wide selection of vacation homes to select from including concierge services. From one to nine weeks, is the time that owners can usually stay. There is usually a one-time fee, plus nightly fees may be charged.
4. Condo Hotel Ownership
Many top condo hotel owners sell hotel rooms to the public for purchase. The condo owner can use the property for vacation or they can rent it out. The owner will receive the money if they rent it out, and you will get to stay in the best locations and use the condo services and amenities. There are annual dues that are expected with the condo hotel ownership and the prices of the ownership varies on the trends of the real estate market.