Frequently Asked Questions About Owning Real Estate Set Within a Resort:
How much can the owner use their vacation home and how do we book it?
When you purchase a "whole ownership" property, you may use your vacation home as much or as little as you want. Fractional owners also have the full use of their home during their purchased calendar weeks. An owner reserves the times they intend to stay and may release the remainder of their time into the rental program if they choose. If a last minute trip up north sounds fun and an owner has not reserved that time, we will do our best to move any reservations out of the owner's unit and into another similar unit.
What is covered by the Homeowners Association dues?
Whole ownership association dues include management fees, electricity (common area/exterior), satellite TV, telephone, water & sewer, snow removal, lawn and landscape, exterior maintenance and repairs, property taxes and insurance on/for common areas and capital improvement escrow fund. Additional expenses are gas, interior maintenance, electricity (interior), property taxes on the building and other miscellaneous items specific to each resort.
Fractional ownership association dues include virtually every expense an owner incurs. It includes electricity, gas, interior and exterior maintenance (parts and labor), capital improvement escrow fund, escrow for interior replacement needs, exterior and interior insurance, annual deep cleaning, unit supplies (dishes, silverware etc.), management fees and property taxes.
How does Maintenance work?
Our resorts provide maintenance-free ownership. The majority of the maintenance is handled by our own trained staff, however, electrical, plumbing, and other specialized services are handled by local contractors.
How does Housekeeping work?
The on-site resort staff provides housekeeping services for your rental guests. This includes laundry, cabin cleaning, guest supplies and inspections. We also provide the same services for Owners and Guests of Owners during their stay for a fee outlined in the rental management agreement.
Do I receive a deed for property located in a resort?
Yes. With whole ownership, you own and hold the deed for the building and surrounding footprint. Then, as a member of the Homeowner's Association, you also own an undivided interest in the common areas.
With fractional ownership, you purchase your vacation home in the same way you would as a whole owner, just with multiple owners. Each owner receives its own deeded interest and is then a member of the Shared Homeowners' Association.
These are fee simple deeds just like your primary home. This property can be passed on to your children, or you can sell it just as you would any other piece of real estate.
What financing is available for whole and fractional ownership?
Financing for whole ownership is offered at most financial institutions. Fractional financing is provided locally and generally involves at least 15% down for qualified borrowers. For specific information, please contact Odyssey Real Estate Group.
How are the weeks organized for fractional shares?
Each fractional deed is for a specified number of weeks. Each time period offers equal time and is guaranteed a holiday once or twice a year depending on the number of weeks purchased. These calendars are set for 10+ years in advance.
Is fractional ownership common throughout the United States?
Fractional ownership is the fastest growing segment of the vacation home industry. As prices have risen dramatically in vacation areas, the idea of fractional ownership has spread and gained acceptance. According to Ragatz Associates, there were 254 fractional properties in North America in 2006. This growth has been fueled by the affordability of fractional ownership versus whole ownership and the reality that a typical family only uses their vacation home between 15-30 days a year.
Can I leave any personal belongings?
Yes, each owner receives a storage unit for your personal affects. As part of our concierge program we're happy to prepare your home for you by placing those personal items throughout your cabin prior to your arrival.
Can I send friends and families up to the resort to use any of my weeks?
Sure, you are free to utilize the weeks that you own as you see fit. We encourage you to send family and friends and hope that you allow us to work with you to customize their visit.
How does the rental program work?
An owner decides what portion of their time they release into the rental program. We handle all advertising, reservations, cleaning, maintenance and guest services, and all rental income is split is 50/50 between owner and Odyssey Management.
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