Fractional ownership is not a time share. In a time share you don’t actually have ownership in the unit you simply own the time. It may seem the same but here is how fractional ownership is different. The main distinction between timeshare and fractional ownership is that with a timeshare you buy the right to use a property, but with fractional ownership, you are buying real estate (with a deed). You get a deeded piece of real estate. With fractional ownership you also reap the rewards of equity growth or fall for that matter. Generally, the reason fractionals are used is to save money. In Charleston resort real estate where an owner only can enjoy their property a few weeks a year, fractional ownership is ideal because other owner(s) can share the upkeep expenses. Every fractional endeavor requires some sort of management to administer the rules and regulations (which are agreed upon before the fraction is purchased) and maintain the asset to the degree laid out in the legal ownership documents. Each owner is guaranteed a prescribed amount of access to the asset and shares (fractions) are divided up almost like stocks. Known also as intervals these are owned in an LLC most of the time, and you’re essentially buying shares (weeks). However, in real estate is it done in portions that fit within allotted weeks or months and not [necessarily back to back]. In Charleston SC there are 4 primary resort areas that offer properties in fractions: Isle of Palms (& Wild Dunes), Kiawah Island, Seabrook Island and Folly Beach.
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FREQUENTLY ASKED QUESTIONS:
Q: Can I bring My Pets?
A: Most of the time pets won’t be allowed in the vast majority of them due to liability and damage potential to the property that everyone enjoys.
Q: Are The Weeks Consecutive?
A: No, at least 99% of the time. They are divided up evenly throughout the seasons of the year and the ownership schedule usually rotates up one week each year the next year
Q: Can I Trade My Weeks?
A: Usually if you make a relationship with the other owners, and ask them if someone would like to trade their week with you (Not forever though).. Just by season or year. For example: If you find out a family member or friend can only come on a particular week you could reach out to another owner and ask if they’d like to trade. However, there are no guarantees.
Q: Do We get access to the resort amenities?
A: Yes, generally the amenities are part of the property, so the “house” as it were gets the usage of the amenities of the resorts, the access keys/FOBs etc will usually be left somewhere for each family to use. There are sometimes additional costs for extra passes (car stickers) into the gates etc.
Q: What are the costs of ownership?
A: The costs vary depending on the house, and size of your ownership share, but generally the monthly costs are from $300 – $700 per month. This covers resort HOA dues, insurances, any regime fees, taxes, prop management fees & house cleaning.