Resort Ownership Scheme Holiday Home - Think Before You Invest
Resort Ownership Scheme Holiday Home - Think Before You Invest
Should you at any point in the future be considering investing in a holiday ownership resort property then there are certain things that you must take into consideration before doing so. To help you decide whether investing in this type of property is right for you or not we take a look at some of the things you need to consider.
Consideration 1 Deeded Or Right to Use Property
With a deeded property you will be part owner of the property you are purchasing and this will have been recorded as such not only with the resort but also the local government agencies. The main reason that you may want to select for investing in this kind of holiday property is that you then have the right to rent, sell or even give away yours as you are the owner of it.
However if you opt for the right to use property then this means that you are able to use it for a specific period of time each year, but you are not the person who owns it. Although you are able to sell your contract to someone else the date when the contract terminates remains the same. So of course you will only get back a fraction of what you paid initially for the purchase of the contract dependent on how much longer it has to run.
Consideration 2 Fixed, Floating or Rotating Weeks
If you are someone who is going to be happy spending time at the resort at the same time every year then opting for the fixed week is your best option. However if you are someone who would like to be able to reserve a week at any time in the year then opting for a floating week scheme would be better.