Property Buying, Selling, Renting Timeshare and Fractional Ownership
Timeshare and Fractional Ownership
Many buyers of Greek property are familiar with the term 'timeshare' but a new kid on the block, 'fractional ownership', has appeared in the last year. What actually is the differnence between the two? At first glance they might seem the same thing. In reality, the difference can be as bold as a property which you can will to your heirs and a leased property with a predfined term.
Quest Greek Islands investigates the difference between these two types of property ownership.
Timeshares are well known and been around for a very long time. They have become very popular, particularly for those wanting to buy a holiday home in the Greek Islands but don't want to take on additional loans or a mortgage. Very suitable for those on a small budget who are happy to share a property with other investors. In essence, the amount the property buyers pays allows them the use of the property for certain times of year for a given length of time. The plus sides of timeshares are that they are affordable and flexible.
Currently fractional ownership is catching on and either timeshare or this form of property buying is not a bad place to start for those considering sharing the ownership of a property.
This is a more recent concept and generally appeals to a purchaser with slightly higher income. Timeshares usually offer a one or two week share, whereas fractional ownership time periods are often much longer, even as long as 15 weeks. Generally, in a fractional ownership, buyers will get more amenities available to them. Take an example, a timeshare buyer will often buy a cheap one week timeframe, compared to a fractional ownership purchaser who will spend maybe 100,000 euros on a 10 week share. This allows the whole property to provide more facilities.
Fractional ownership is currently the property market boom sector, particularly in the current economic climate. Maybe you can't afford that villa at 250,000 euros but perhaps you can afford a part of it, so that you can use it for 5 or 6 weeks a year. Most fractional ownerships come with all the trappings of a top notch villa - sea views, swimming pool, luxury interior and all mod cons.
Timeshares are generally property which is leased for a pre-determined time frame. Fractional ownership does not have a timeframe for ownership and additionally your part of the property can be passed on or sold to others. Because with fractional ownership, the property is not leased, this is introducing a more upmarket buyer who is taking advantage of this opportunity at an affordable price.
As with all property transactions, the key to success is in the detail, so be extra vigilent and read the fine print before you go down fractional ownership or timeshare purchases. You could end up paying for additional things if you are not careful.
The downside to either of these ways of buying your dream in the sunny Greek Islands is that you can't always get to use the property when you would want. The best weeks and times, are of course, more expensive too. Nonetheless, for the little money you'll shell out, part ownership can be absolutely ideal to your perfect Greek property.