Have you dreamed of owning a beautiful oceanfront home at the beach, but can't afford the payments or expense of a full-time investment property right now? Many owners of vacation condos or resort homes can only use them several weeks or months out of the year. The rest of the time it has to be in a rental program. A detached home on the water has a price in the millions, usually, and adding insurance to that cost makes it almost impossible for the average person to afford.
Timeshares offer one way to "own" a weekend in a luxury condo for life, but they have been fraught with bad press and problems...from bankruptcy of the management company to outright embezzlement and fraud. It leaves a bad picture in most people's minds, and for good reason. Selling one is a nightmare, and usually involves losing most of the investment.
In 1994, Fractional Ownership was formerly offered as an alternative to the expense of the former and problems of the latter. Typically, about 6-8 individuals in a fractional program buy partial ownership of a vacation home or condo, giving each owner an equal number of weeks to enjoy it with their families. Fractional ownership usually does not involve renting out the unit to strangers and the abuse it causes, although in some situations and developments it is allowed. A Board of Directors controls the partnership, sets a budget, and hires a property management company to collect dues, pay bills, oversee problems, and report back to the Board. Dues can be set up to pay monthly or quarterly, and include property upkeep, insurance, taxes, utilities, and management services.
Century 21 The Harrelson Group will be offering the sales of some special fractional ownership opportunities coming to the Myrtle Beach area. Stay tuned for more information on making your vacation dreams come true!