“Co-Ownership” or “Interval Ownership” on LBI NJ
A Vacation Variation
Long Beach Island NJ offers a wonderful, fun-filled family environment during the summer season. Sadly, not everyone can afford a full-time second home in the LBI real estate market, but 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.
Interval Ownership Management
Similar to a condo, there is a professional management company that 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.
Start Your Summer Vacation!
The primary appeal of co-ownership is that it offers an 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!
By: Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
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