Interval ownership is a unique hybrid form of ownership that combines elements of condo ownership and a timeshare. Essentially it is the group ownership of a property that has a scheduled division of time. These properties tend to be expensive to own and generally are not good investments.
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.
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.
