Fractional ownership within the property sector is booming at present, in particular here in the Dominican Republic.
This is simply because so many people would like to purchase a holiday home, but don't want the hassle and expense of owning real estate they can only use a few weeks at a time. It also allows you to own a part of a property at a lower entry cost, as opposed to having to purchase a property outright. However, they do want the value, equity and other benefits associated with property ownership. This is where fractional ownership comes in, in the form of fractional real estate. Like timeshare, you are entitled to stay at an apartment or town house for an agreed period every year. But unlike timeshare, you own a freehold share in the property. Maintenance costs are shared between buyers and many fractional developments now offer the opportunity to swap some of your allocated time through a fractional luxury exchange network.
Fractional ownership is attractive to many because it offers an easy way to own vacation property. With this type of ownership, you have a place to go to vacation, yet are freed from being solely responsible for the property and related expenses. In many cases, a third party or management company takes care of everything from upkeep and utilities to taxes and insurance. Though you have little responsibility with a fractional ownership, you do get the deed to the property, specifying the number of shares you own. You can gift it or sell it as you wish.
When you opt for fractional ownership in a property, there will be sharing involved. For example, if you purchase a share in a property with three other fractional owners, you may have use of the property for one week out of every month. The other owners would have their weeks as well and you would not have use of the property at that time. Keep in mind, however, that each fractional ownership property is different and some allow owners to use the properties more or less than one week per month.
Some people choose to use fractional ownership to earn money. For example, if an owner doesn't plan to use some or all of his allotted weeks, he may choose to rent them out to others. Depending on how much he charges, he may be able to earn a profit. He might even be able to rent his weeks to other owners, allowing them to spend more time at the property. Rules concerning renting the property to others are usually covered in a fractional ownership contract.
Please contact us today for fractional ownership opportunities.