Why Consider Interval Ownership?
Interval ownership is like owning a second home but without the headaches of upkeep and housekeeping making it feel more like the vacation of a lifetime.
Interval ownership is a way to afford high end property and only pay for the portion you own. Shared expenses enable owners to easily preserve a nicely appointed property and even upgrade home amenities. The interval budget must be recorded with the state and usually includes a reserve fund, which serves to protect your investment.
Owner groups function cooperatively and are often like-minded. Bylaws, prepared by an attorney, are customized to the group’s collective agreement on how to manage the property. Interval groups can stipulate what is or is not permitted, such as pets, rentals, and smoking.
The difference between interval ownership and timesharing is significant. An interval ownership gives you a deeded fee simple title to your own condominium or beach home. A single interval is a share of seasonally designated rotating weeks. For example, many interval properties are owned in 13 shares; each share comprising of 4 weeks per year with 1 week in each season.
Owners commonly trade weeks, which further enhances ownership value. Some families purchase two or more shares to extend their time at the beach and to accommodate family members who cannot always come the same week as everyone else. Special pricing is typically offered on the purchase of multiple shares.
Your interval share is a valuable real estate asset. By including this asset in your will, your family can continue a cherished tradition of vacationing at the beach.