Turning My Unit Into A Timeshare Unit ?
I am considering buying one of 12 ocean"front" 1br/1bth (700sq ft) units in a timeshare property which has a total of 154 units of which all the rest of the units ( all 142 ) are ocean"view" units and only 6 of the 12 ocean"front" units are owned "fee simple" 6 individual owners. I am looking to buy one of the six which are oceanfront and owned by an individual owner. If I did purchase this unit ,couldn't I then sell it by the week myself as a time share ( ea. sell 48 weeks deeded out at 7K to 10K per week and then keep the remaining 4 weeks myself ? ) This makes more sense than trying to rent it out year round. Would I find the answer to this question in the condo docs? Any input will be appreciated .
I know that weekly rentals falls into a similar category as a hotel---hotels are not allowed in residential areas so you'd have to check with zoning.
I would assume you could do what you plan to do since others are doing the same thing.
GOOD LUCK
Oh, I would't make that assumption at all. Timeshares are pretty heavily regulated in some locations and I'd be very surprised if the documents on this deal allowed you to sell it in this way. Think about it. Would the guy who developed the original time share want you in competition for his customers?
You would get fee simple title? How about access to the common elements of the time share complex? Is there a provision for you to use the Pool, tennis courts, etc.? Do you pay association dues for these priveledges? If you were to sub-divide the unit how would these costs be handled?