What Is Co Ownership On The Outer Banks

What Is Co Ownership On The Outer Banks

 Many people are interested in owning a piece of the beach for less than $100,000. Buy the Beach Realty OBX would like to provide you with some additional information about a co-ownership home. Most co-ownerships involve owning 5 weeks of the year in that home with ten owners. The weeks are set and are divided by season - peak, off season and shoulder. Usually two of the 5 weeks are consecutive. Two weeks of the year may be blocked for maintenance and cleaning of the home.  The co-owned homes run on a rotation for the designated weeks. The Home Owners Association will send a notice at least a year in advance of which weeks you will be assigned. For example once every 5 years you will get the 4th of July. It rotates every year.  It is not like a time share you will actually co-own the home. In most cases, co-ownership cannot be financed with a home mortgage loan.  Simply, because one owner's mortgage default might  imperil the other owners.   All maintenance is usually done by the Association: that includes cleaning, new roof or deck when necessary, etc. There is a monthly fee and it usually covers electricity, water/sewer, taxes, insurance, maintenance, housekeeping, cable, internet, & phone depending on the home.

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Phone: 252-207-3655
Dated: January 25th 2014
Views: 6,650
About Kelly: Recently featured on HGTV's Beachfront Bargain Hunt episode on Kill Devil Hills and Nags Head! My f...

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