There are so many different types of vacation ownership options that finding the right kind of vacation ownership to suit you can seem very confusing? Are you wanting to purchase a vacation property that you use just a few weeks or months a year? Or perhaps full second home ownership is what attracts you. There are vacation ownership options that will give you a title/deed to your property or those that offer a contract for right to use that is good for 25 to 30 years.
Timeshare and Vacation Ownership
The points-based programs and right-to-use timeshare ownership are very popular alternatives to full ownership, providing flexibility and limited responsibility. Buyers can purchase a villa or a condo that uses a floating week system or a fixed week, which allows you to use the vacation property for one or more weeks a year on a right-to-use basis, or there are vacation ownership plans where you purchase points that can be used like currency towards vacation accommodation.
Being a Fractional Owner
A step above timeshare vacation ownership is fractional ownership, which traditionally provides the owner with a title or a deed to a specific property. You have the same benefits and features of just owning a second home, but you won’t pay the high price, nor will you have to deal with the maintenance. Many vacation home buyers will only use the property a few weeks each year, so this is why being a fractional owner is a great option. Fractional properties vary, as you can choose high-end hotels or boutique condos which have amazing services and amenities for you or even share the ownership of a private house. The price of being a fractional owner is the purchase price along with any fees for maintenance.
Often, for timeshare and fractional purchase, developers will offer financing for the one-time purchase, then you will be charged a maintenance fee that is based upon the size of the timeshare and its location that you selected.
Member of Destination Clubs
Destination clubs are a form of vacation ownership but must not be confused with property ownership or real estate. Purchasers are not purchasing a designated property is a member of a destination club. Rather, you will get to choose from a large amount of homes that are owned by the destination club, and you will be provided with the best vacation experience possible. From one week to nine weeks is the average time you can stay at the destination clubs, and the cost will include the price, which is paid only once, but guests that reside with you may be charged nightly.
Condo Hotel Members
Hotel room inventory is offered for sale to public buyers in this form of vacation ownership. These are condo hotel members, which allows you to use the hotel for your vacation or for business, and you can also rent it out using the rental program. All the proceeds from your rental is handled by the hotel, but you will receive the proceeds. You will actually own prime real estate in the best vacation locations and you get the benefit of the services and amenities from the hotel. The price may vary depending on the real estate market.