Most people are aware of the concept of a timeshare, but they might not know how it is ultimately different from a fractional ownership. Both timeshares and fractional ownerships allow multiple parties to enjoy a vacation home, but there are some major differences that make a fractional ownership the better of these two options. Here are just a few of those differences.
Timeshares Vs. Fractional Ownership
A timeshare is an arrangement in which more than one party buys the right to use a vacation asset at set times of the year. These times are determined by the co-users. The users do not actually own the property, only the right to use it at set times of the year.
Meanwhile, a fractional ownership is similar to a timeshare in that multiple parties can use a property, except the parties are the owners of the property. They each own a fraction of the property’s title, and they might have exclusive use of part of it. This is often the case if the property is divided into units. One party might have ownership of one unit, while another property might own another unit. Like timeshares, fractional ownership can allow the individual owners to use the property for a fixed period, but this period is often longer than what they would have with a timeshare.
Benefits of Fractional Ownership
The biggest benefit of fractional ownership is that you actually own part of the property. You and the other owners have the right to sell the property, transfer it to beneficiaries or heirs, or use it as an investment property. None of these are options with timeshares. Fractional ownership is generally seen as more affordable than a timeshare. This is largely because fractional ownership allows you to use a property for a longer period of time than a timeshare. In other words, you get more out of your investment when you actually own part of the property.
Another reason why fractional ownership is preferable to a timeshare is because the property tends to experience less wear and tear. A timeshare is used by multiple parties throughout the year, which makes it harder to maintain. This also means that fractional ownership makes it easier to enjoy a property since it is the owners who are its primary users.
Get Rid of Your Timeshare with Primo Management Group, Inc.
If you are locked into a timeshare and you want out, Primo Management Group, Inc. will be able to help you. We specialize in timeshare exits, and we will always do what we can to help our clients get rid of their timeshares so they can focus more on a fractional ownership of their own property. For more information about our services, contact Primo Management Group, Inc. today.