Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Learn about LBI real estate Interval Ownership, Interval Ownership on Long Beach Island and the current trends in the LBI NJ real estate market. Interval Ownership offers a vacation variation that can be appealing for those looking to own a home on Long Beach Island but avoid the high prices and maintenance costs.
Co-ownership or interval ownership as it is known on Long Beach Island is a hybrid between a condo and timeshare. Under this scenario, there are multiple members who each have an equal share in the ownership and use the property. Interval ownership will typically grant the right to use 10 weeks throughout the year, which is similar to a timeshare, however you own a deed as you would in a single-family home or condominium.
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.
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:
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.
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!