Many dream of owning their own holiday home and who can fault them?
But quality properties in prime locations are not cheap.
Fractional ownership provides a cost effective solution.
For 25% of the cost, you own 25% of the property which entitles you to 3 months use per year.
Why buy a whole property if you will only use it for holidays?
Fractional Ownership is not "Time Share"
Fractional ownership is not time share, In timeshare developments, a buyer purchases time without ownership - so the owner does not benefit as the value of the property increases.
In fractional ownership, owners physically own their fraction of a property which can be mortgaged, sold or transferred.
When property values increase, so does the value of your fraction.
· Just some advantages of buying a fraction.
· The possibility to buy part of a luxury property that would otherwise be beyond your reach.
· The possibility to own 2 properties in 2 different resorts for half the cost of a whole one.
· On a 25% fraction (3 months use per year) you would pay:
Low purchase costs
25% of the running and maintenance costs
Low selling costs
Managing your dream home
With fractional real estate it’s best to involve a property management group to help you maintain it. In these situations its not even necessary for the owners to know each other, it is nice to be able to touch base once in a while and explain any issues that occur with the property, but basically everything will be handled by the property management group, any issues such as repairs, cleaning and letting out available weeks can be handled without any worries. Ongoing cost such as community charges and electricity bills will be split evenly between the numbers of owners.
Rules and regulations
There will be rules and regulations to cover every conceivable event in the Common agreement or sales contract, which are legal documents that formalise all legal concerns regarding rights and responsibilities of each co-owner.
It is created and approved before the purchase and should cover everything from purpose of ownership, management arrangements, seasonal requirements, rental revenues, property maintenance, repairs and replacements, furniture renewal, bank accounts used, payment of expenses, payment default, selling, transfer of interests and right of first refusal when selling etc.
If everything is covered in the agreement or contract there can't be any problems for the owners.
Landmark Developments Ltd now have a number of Luxury properties available with fractional ownership. Locations Include: Los Gigantes - Tenerife , Marbella - Spain, Dominican Republic and some developments in Portugal.
GUARANTEED MORTGAGES AVAILABLE OVER 10 YEARS
For more information please email or calll our office: -
01512079253 or email: landmarkdevelopments@hotmail.co.uk