PROPERTY TYPES IN LONG BEACH ISLAND, NJ
Everything You Need to Know About Property Types on Long Beach Island
Interval Ownership
Interval ownership is a unique form of ownership in the LBI real estate market that blends elements of both timeshares and condominium ownership. Like a timeshare, multiple owners share the use and expenses of a single property, but unlike a timeshare, each owner holds an individual deed, similar to a condominium or single-family home.
Many buyers mistakenly assume that interval ownership is simply an inexpensive condo option, but there are significant differences between the two. Typically, interval ownership grants the right to use the property for around 10 weeks per year, providing a flexible and cost-effective way to own a vacation home on Long Beach Island without the full burden of high purchase prices and maintenance costs.
Long Beach Island NJ offers a wonderful, fun filled family environment during the summer season however the LBI real estate market is very expensive and for many, the price of a single family home or condo is unattainable. The good news is, there are options to help make the dream of owning a vacation home on LBI a reality: Interval Ownership on Long Beach Island NJ! Interval ownership or co-ownership is shared ownership in a vacation home on Long Beach Island. Either five families will co-own a single family home or ten families will co-own a duplex. Unlike a timeshare, Interval Ownership on Long Beach Island NJ is a hybrid form of ownership in which each family has a deed to the property (like a condo) and each owner is entitled to ten weeks rotated throughout the year (like a timeshare). The property can also be rented during your allotted time slots.
The primary appeal of co ownership is that it offers and affordable way to have a vacation home on Long Beach Island NJ. Interval Ownership on Long Beach Island NJ took root from the idea of friends “chipping in” to buy a major purchase that they would otherwise be unable to afford. The management company exists to ensure that the property is maintained and that the operation of the property runs smoothly. For more information on the LBI real estate market or to receive a list of properties for sale on Long Beach Island NJ, please contact me anytime!
Similar to a condo, there is a professional management company who oversees the duties of maintaining the property. The property owners make all the decisions for the property and each owner has an equal vote in the property. The services of the management company include:
Cleaning of the LBI real estate property
General maintenance and repair of the property on Long Beach Island
Management of the owners use periods
Collection and distribution of the funds to pay the taxes, water bills, etc.
The management company is charged with setting the schedule and deciding who will use the property when. In short, each owner has the use of the property for 10 weeks of the year. The time is divided up generally with each owner receiving two prime summer weeks, two spring weeks, two fall weeks and three winter weeks thus ensuring that the owners can use the house all year long. The extra two weeks are dedicated for property maintenance and for any major repairs.
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Be sure to account for all the expenses associated with Interval Ownership. The monthly fees are high (although they do cover all the expenses associated with owning the unit).