Fractional Ownership is an economical way to purchase a vacation home. In Western New York this is a rather new concept and can be confusing. Often Fractional Ownership is confused with Timeshares. Often, people confuse fractional ownership with timeshares. Both fractional ownership and timeshare situations are common with vacation and resort-type properties. With a timeshare, however, you would purchase a specific amount of time to spend at the property, such as 3 weeks out of every year. You would not actually own any portion of the property. With fractional ownership, you would actually own the portion of the property you purchase.
According to Wikpedia:
Private residence clubs are the luxury, high end of the fractional property market. They provide the services and amenities of five star hotels, and some of the luxury hotel groups run their own private residence clubs. Occasionally membership in a private residence club grants to its member only the right to usage of the club properties and services, without ownership rights in the properties themselves. Note a private residence club is different from a destination club, although the terms are sometimes used interchangeably.
In addition to luxury private residence clubs, single “stand-alone” vacation homes and condos can be converted to fractional ownership. This fractional home conversion process can be accomplished by any knowledgeable seller or through a fractional consulting company. The benefit of fractional home conversion includes the ability of the home owner to keep a portion of the ownership for themselves, pay off debt and reduce expenses.
A key aspect for any fractional owner is to understand their usage rights and the reservation plans. These vary from property to property. Some offer fixed occupancy periods in which an owner uses the same time each year. Some offer “floating” periods, in which the occupancy times rotate throughout the year, and some offer a mixture of these, with some time fixed and some floating.
For more information call Colleen Kulikowski
(716) 650-0051
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All Statistics are gathered from the Buffalo Niagara Association of REALTORS®. Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
All Statistics are gathered from the Buffalo Niagara Association of REALTORS®.
Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
