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Charleston County home and land
prices have increased dramatically over the last decade.
Homes priced in the 1 million to 5 million range are becoming
the norm. Yet, many owners spend as few as 30-60 days
per year in these homes.
Shared ownership or full ownership
with no maintenance has become a widely accepted form of home
ownership in the United States and Europe. As few as
four weeks, one week each season of the year (summer, fall,
winter and spring). You may own more than 1/13 share, but
typically that is how the partnership interval is divided.
A innovation in the vacation ownership industry is typically
referred to as a fractional interest, in which an owner or
member buys 1/10th (5 weeks) or 1/13th (4 weeks) in a
condominium unit or home. These interests give an upscale
owner a fee simple deed to a number of weeks, typically 4 or 5
"floating" weeks, in home or condominium each
year.
An added benefit is a fee simple title to
the property.
Understanding Interval Ownership
Many families now own second homes at their favorite Charleston, SC resort.
However, some decide that full ownership of a second home is not practical due
to availability of disposable income, problems associated with caring for a
second home from long-distance or simply from the short periods that families
actually use the second home. For these families "Interval Ownership" offers the
ideal alternative. Interval Ownership is a simple, practical concept, which
offers the opportunity to own a fully furnished home in Charleston, SC at a
fraction of the cost of purchasing an entire second home.
Through an annual regime fee owners share the maintenance cost to ensure the
quality of the property stays the same. This fee usually consists of a
comprehensive home maintenance package covering the following: home and grounds
care, taxes, insurance, utilities and maid service for shared properties.
Complete maintenance by the Home Owners Association allows for 100 percent use
of leisure time without the usual hassles and worries associated with home
ownership. This is a small annual
expense when you consider that on your vacation you will enjoy the luxuries of
home such as a VCR, nice furnishings, and spacious accommodations as well as the
beautiful Charleston, South Carolina beaches.
Some of the great advantages of interval ownership are:
- You are afforded the
ability to purchase your Charleston, S.C. vacation home for just the time you use
it each year.
- You become the exclusive owner of the intervals you choose.
- You
own your unit outright and receive an Indentured Deed, which is recorded in the
county where the property exists.
- You may rent (if allowed), sell, exchange, bequeath, or
give away your weeks just like any other real estate.
- You become a member of
your home's private Home Owner's Association (HOA) where you and the 12 other
owners, as an HOA, have total control over your property.
We can research the
Charleston real estate market and help you find the perfect
Charleston Address!
Email Jane Dowd or call 843-224-2788 |
