The American vacation tradition is alive and well thanks to Charleston SC Fractional Home Ownership and co-operative fractional shares. We all remember our childhood vacations at the beach. With the rapid increase in coastal property values, many families feel priced out of the market. Charleston Fractional Home Ownership offers these families a practical means of assuring future generations of children and grandchildren the opportunity to create the memories and traditions we remember so well.
Each Charleston SC Fractional Home Share purchaser owns an interest in a fully furnished fractional beach home and is entitled to occupy the unit each year for the time interval purchased which is four weeks (for example).One week is assigned in each of Charleston,S.C. four wonderful seasons. The fractional periods generally rotate one week each year.
Through an annual regime fee owners share the maintenance cost to ensure the quality of the property stays the same. This fee usually covers the property management, upkeep of units, refurbishing, utilities and maintenance. This is a small annual expense when you consider that on your vacation you will enjoy the luxuries of home such as a VCR, nice furnishings, and spacious accommodations as well as the beautiful Charleston,S.C. beaches.
Some of the great advantages of Charleston SC Fractional Home & Flat ownership are: You are afforded the ability to purchase your Charleston,S.C. fractional vacation home for just the time you use it each year. You become the exclusive owner of the intervals you choose. You own your unit share outright and receive an Indentured Deed, which is recorded in the county where the property exists. In some Charleston SC fractional home & flat partnerships or limited liability corporations are created to form the fractional ownership. You may rent (based on the fractional ownership restrictions) sell, exchange, bequeath, or give away your weeks just like any other real estate. You become a member of your homes private Home Owner's Association (HOA) where you and the 12 other owners (for example), as an HOA, have total control over your property. Units are refurbished; furnishings and equipment are replaced as required or at the discretion of the HOA. A one-time purchase guarantees Charleston, S.C. fractional home & flat vacations forever at today's prices, with no repair or maintenance problems or seasonal openings and closings. Your Charleston, S.C. fractional home vacation begins the moment you arrive.
Many families now own second homes in their favorite Charleston, S.C. resort community. However, some decide that full ownership of a second home is not practical due to availability of disposable income, problems associated with caring for a second home from long-distance or simply from the short periods that families actually use the second home. For these families "Fractional Home Ownership" offers the ideal alternative. Charleston SC Fractional Home & Flat Ownership is a simple, practical concept, which offers the opportunity to own a fully furnished home in Charleston, S.C. at a fraction of the cost of purchasing an entire second home.
Most fractional ownership shares are sold for cash unless there is owner financing offered. 1031 Tax Deferred Exchanges, Self-Directed IRA Accounts & Home Equity Lines are other financing options. Your IRA can employ the use of debt to finance the purchase of real estate, but there are some rules to follow - we suggest that consult with your tax adviser for guidance.