Fractional Ownership
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Fractional ownership of property it a relatively new concept which is growing rapidly in its appeal due to the number of benefits that it affords the owner.
Fractional property ownership
Fractional property ownership is of particular appeal to people who either want to own a second home but cannot afford outright ownership or the standard of property they desire. Additionally, this cost-effective ownership alternative allows people, who only wish to use a second home for a few weeks or months of the year to share the costs associated with year-round ownership.
Fractional Ownership gives the owner outright title to a portion of the freehold property, the contents and the rights of occupation . Typically, the freehold property is shared between a maximum of four owners with personal usage ranging from four to twelve weeks of the year. If you choose not to use any of your allotted time and purchase for pure investment reasons, the property is rented out with any income being split with the management company.
Owners enter into an agreement that details procedures for any damage or misuse, giving piece of mind that the investment is always in good hands. All annual running costs are divided equally among the owners while a fund provides for refurbishment of the interior of the property, assuring that it will always be maintained to a first class standard on a regular basis.
The fractional ownership property is usually in a luxury resort that has a host of impressive facilities and personalised services such as a clubhouse and spa, plus five-star hotel services. Everything is included in the price and the annual fees it is all taken care of by the professional management company. Just like any other type of freehold property you can sell or transfer factional property at any time.
