Fractional Ownership Properties Charleston SC & Interval Properties For Sale

Fractional Homes For Sale Charleston SC | Interval ownership Properties Wild Dunes Isle of Palms SC. Most Americans only get a few weeks off from work and life throughout the year and that’s where fractional ownership homes work out best. Why own an entire full property that you can only enjoy four maybe 5 weeks a year? Plus, now you are responsible for all the upkeep expenses, taxes, HOAs, etc. The main distinction between fractional (a.k.a. interval) ownership is that with a timeshare you buy the right to use a property, but with fractional ownership, you are buying real estate. Fractional ownership is not a timeshare. In a timeshare, you don’t actually have ownership of the unit you simply own the time. It may seem the same but here is how fractionalfractional co-ownership charleston sc ownership is different. You get a deeded piece of real estate. With fractional ownership, you also reap the rewards of equity growth or fall for that matter. Generally, the reason fractionals are used is to save money. In Charleston SC resort real estate where an owner only can enjoy their property a few weeks a year, fractional ownership is ideal because other owners (s) can share the upkeep expenses. Every fractional endeavor requires some sort of management, to administer the rules and regulations (which are agreed upon before the fraction is purchased) and maintain the asset to the degree laid out in the legal ownership documents. Each owner is guaranteed a prescribed amount of access to the asset and shares, intervals (fractions) are divided up almost like stocks. However, in real estate is it done in portions that fit within allotted weeks or months and not [necessarily back to back]. In Charleston SC there are 5 primary resort areas that offer properties in fractions: Wild Dunes & the Isle of Palms, Kiawah Island, Edisto Island, Sullivan’s Island, and Folly Beach.

MLS Listings Data

Total Listings: 15
Average Price: $399,775
Highest Listing Price: $926,000
Average Days On Market: 136

 


 

UNDERSTANDING FRACTIONAL / INTERVAL CO-OWNERSHIP PROPERTIES FAQs

 

CAN I GET FINANCING?

NO… All transactions are cash.

 

CAN I RENT OUT MY UNUSED WEEKS?

NO.. You could potentially let a family member or friend use your unused week(s) if you are unable to use them, and if you want to charge them to do so that would be ok. You are NOT allowed to advertise your week for rent on VRBO etc, and rent to strangers.

 

CAN I TRADE WEEKS THAT I AM UNABLE TO USE?

Probably… Upon becoming an owner you will be given the contact info of the other owners and you could reach out to someone and ask if they want to trade. Which is common and acceptable.

 

CAN I BRING MY PET/DOG?

NO.. It is just safer from a liability standpoint for the whole group. So 99% of the fractions do not allow it. Plus, most of the fractionals will be in an attached home development (i.e. condo) and most condo developments do not allow dogs. Occasionally, there are a few detached homes where their Rules allow it, but there are not many.

 

WHEN DECISIONS ARE MADE HOW DOES THAT GET RESOLVED?

Usually- All the owners are included in the decisions when things need to be done. If for example, the roof needs to be replaced, the bedding, change of property manager, etc.., the owners will be sent some sort of voting questionnaire about the details.

 

HOW ARE ALL THE HOUSE-RELATED ISSUES TAKEN CARE OF?

There is usually one of the owner/members who has agreed to be the “point man or woman” for all the issues so everyone isn’t being bothered unnecessarily. They will be appointed to make small decisions on behalf of the interval ownership group. For bigger and more expensive decisions, see above.

 

HOW ARE ALL THE WEEKS/SHARES SPLIT UP?

They can all differ depending on the rules and structure that was created. However, 90% of the time, shares are split up so that each owner gets a week or two weeks in every season as equally and equitably as possible, and then your weeks bump up a week every year.

 

CAN WE HAVE CONSECUTIVE WEEKS OR MONTHS?

The short answer is no… However, that is with a 13th fraction of 4 weeks. There are occasionally, but rarely fractions of 2 weeks which wouldn’t have them either. The only way you could have multiple consecutive weeks together would be if the fractions were maybe 4ths, or maybe 6ths. Something where there are very fewer shares available thus each owner gets more usage/ownership. Since the most common interval or partial ownership is 13ths you’d have your 4 weeks split up evenly throughout the year.