For most people, owning your own home at the beach has become an impossible dream. Now, we have a solution: Interval Ownership. Own your own vacation home 4 weeks each year – one week in each of Litchfield’s very special seasons. We have many properties that will accomodate almost any budget and provide you with either a cozy get-away or a location large enough for family reunions.
As the opportunity to own a beach home becomes out of reach for most people, Interval Ownership has emerged as an affordable alternative for those looking for a memorable vacation experience. But you may ask, “How does it work?” and more importantly, “Is it right for me?”
Interval Ownership or “Intervals” are a form of time-share, registered with the South Carolina Real Estate Commission. Unlike partnerships or traditional “time share”, Intervals are deeded and can be mortgaged, willed or passed on to the next generation. The property, a house or condo, is developed by an individual or group and divided into 13 shares or ‘intervals’ with each interval equaling 4 weeks per year, one week in each season. The weeks rotate forward each year. Eventually a homeowners association is formed much like a typical HOA, to govern the property through budget discussions, plan improvements, elect officers and plan meetings. Usually a management company is hired to deal with the upkeep and maintenance of the property on a daily and/or weekly basis. Their fee is included in with all of the other typical cost of owning and maintaining a property (taxes, insurance, utilities, etc) resulting in a yearly budget which is then divided 13 ways and charged to each individual interval owner as a regime fee.
So many families enjoy their vacations at a familiar spot, returning year after year to the same area if not the same property. If you are in this category, or like that idea, Interval Ownership may be a good move for you. Instead of renting a vacation home 2-4 weeks a year and basically throwing your money away, you would own those weeks. They could be used, rented out or borrowed by friends or family members. Because it is a deeded ownership, the value of the interval increases as property becomes scarcer and the cost of building materials rises. The value to your family over the years far outweighs the monetary cost.
Typically Interval Properties are exquisitely decorated, fully furnished and include various amenities such as golf carts, big-screen HDTV’s, jetted tubs, and fireplaces. They are located on or near the ocean and may be within the gates of a community with additional amenities such as boat docks, pools and recreational facilities. The James W. Smith Real Estate Company has been a pioneer in the development, sales, and management of Interval properties for over 20 years. According to owner Jimmy Smith, “Many owners say the only mistake they made was not buying 2 shares.”
In order to make it easier for people unfamiliar with the concept of Interval Ownership, we have listed below a few of the reasons that make this type of property an ideal purchase.