WHAT IS INTERVAL OWNERSHIP?
As an answer to the challenging cost of ownership in resort areas, many families have turned to intervals or “fractional ownership”. Interval Ownership offers the ideal alternative and is a simple, practical concept, which offers the opportunity to own a fully furnished home or condo on the coast, at a fraction of the cost of purchasing an entire second home.
Purchases of interval properties give you a deeded, fee-simple interval share (or shares) as your vacation home. You enjoy the most important benefits of ownership – you have a valuable property asset, you get to spend memorable vacation time at the beach, you share expenses and upkeep with other share owners in the same property, any you maximizeyour vacation dollar. This guaranties that your family will have the same kind of vacation you have grown accustomed to for the rest of their lives. What you are actually doing is locking in the price of your vacation at today’s prices for your family and therir families for generations to come if you choose. With interval ownership, you also have that sense of knowing that everyone else that owns with you has the same investment and people tend to take care of their investments. Each owner owns their unit outright and receives a fee-simple deed, which is recorded in the county where the property exists.
Through an annual property owners association (POA) or regime fee and interval management group fee, owners share the maintenance and upkeep cost to ensure the quality of the property remains as pristine as possible. This fee usually consists of a comprehensive home maintenance package including: home and grounds care, taxes, insurance, utilities and maid service for shared properties. Complete maintenance by the associations allow for 100 percent use of leisure time without the usual hassles and worries associated with home ownership. Through your involvement with your interval management group, shareholders make decisions about whether to allow rentals, pets, smoking, etc.
Interval Ownership is a simple and affordable way for your family to enjoy the idyllic lifestyle our beautiful area offers.
2 Responses to “What is Interval Ownership?”
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We have stayed at Bridgewater almost every year and enjoy our stay there. Are any units there considered intervals and are there any up for sale? Looking for a one bedroom and one or two bath units.