Timeshare Homes
Timeshare homes is the popular name given to the concept of fractional ownership in real estate, and, in fact, is a better term to explain its meaning.
Why?
Well, fractional ownership means basically someone owns a fraction of something, right? In this case, a real estate property. But how can one share a property with someone? They can’t each get half of a room, right? So, they created timeshare homes, where the fraction in question is time and not property; that is: that house is theirs – the whole house; not a fraction of it! – only for specified periods of the year. Got it?
Timeshare homes are very popular in typical vacation areas. For instance, Orlando Real Estate Agents are used to negotiating lots of timeshare homes because, when buying a second home, a lot of people – from the US and elsewhere – find it a good opportunity to have a house for their annual vacation near Mickey Mouse and company. For instance, a lot of snowbirds have their second home in a time-sharing regime.
But how is that timesharing done? There are several ways it can be done. In some of them, the owner purchases interest in the property; in others they don’t and the timeshare home contract acts as a lease that gives the buyer the rights of use. Some are fixed-week (or month) ownership and every year they own that specific period, while others are floating-week ownerships where there is a range of available time slots the owners have a right to use. Not to mention the point-system ownership (also known as vacation clubs) where buyers get “points” that can be converted and redeemed at various locations, and act as a currency of preference in the busiest seasons.
Real Estate Tip:
Timeshare homes can be great! But before committing, do your due diligence! And the best way to do that is by having a real estate agent that knows his/her way around timeshare homes!
Popular Real Estate Terms
Also called biannual; twice a year. An example is when lease payments are due January 1 and July 1. ...
Percentage of royalties derived from an oil and gas lease payable to someone other than the property lessor. It is a net royalty interest in the oil and gas recovered at the surface free of ...
The definition of acoustical materials is a wide range of materials that are used in construction or technology to provide soundproofing. There are different types of acoustic materials ...
An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...
The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected ...
Fan with an opening to the outside air that lets stale or hot air exit the structure; usually used in a kitchen when cooking or in a bathroom that does not have a window. It is used for ...
Supplementary narrow pathway, such as to a building. ...
Member of a partnership whose liability for partnership debts is limited to the amount invested in the partnership. A limited partner is prohibited from taking active part in the management ...
Joint tenancy in which the death of a joint tenant ( one owner ) means the surviving tenant becomes the sole owner of the real property. ...
Have a question or comment?
We're here to help.