Each Placencia Belize real estate owner will have exclusive use of the property for 5 weeks out of each year. The owners will be allowed to select their usage dates. The selection order will be based on an annual week pick or draft. Each owner will choosing their weeks in order, two weeks at a time, until all weeks have been allocated. The order while established based on when owners purchase their shares changes every year so an owner that picked the first 2 weeks the first year would drop to 10th position the next year and every other moving up a spot, etc.
In addition to their respective share of the net “Annual Owner Expenses” each owner will be responsible for any direct expenses associated with the usage of the property during their allotted time such as food, supplies and fuel for the SUV.
Each owner has the exclusive right to the property during their allotted time and may use it in any number of ways:
- Personal Use: Some owners will decide to use the property exclusively as their personal vacation home.
- Friends or Family: Each owner has the exclusive right to the property during their allotted time and has the right to allow usage of the property by friends, family and business associates. Any property related expenses that are incurred by “Guests” of the owners will be treated as if they were incurred by the owner themselves and will be charged to the owners account.
- Personal Rental Income: The owner has the right to rent the estate during their allotted time. In this situation, the owner is responsible for managing and coordinating all aspects of the rental. They are responsible for all associated expenses and any damages to the property and keep the rental income. Advertising by owners, however, is strictly prohibited.
Owners are responsible for their portion of the property expenses throughout the year, but they will not be responsible for dealing with the logistics of upkeep and maintenance of their home. All of the day-to-day details for maintaining the home are handled by the full-time onsite caretaker, with rentals and major decisions being made by Manager and Owners.
The following is a partial list of the details that the Property Manager will look after:
- Rentals and bookings.
- Maintenance of vehicles at the property.
- Payment of all utilities, insurance, taxes, etc.
- Property maintenance and improvements.
- Coordination of transportation to/from the property for owners and guests.
Owners are 100% responsible for deciding how their property is managed. This is a key difference between true Fractional Ownership and a Timeshare. Owners can decide as a group to change how their property is managed, if they choose.
Several of the current owners, on a shared efforts basis, handle all vacation rental bookings and coordination, accounting, communication with owners, and owner usage.
To learn more about the current rental landscape of existing properties, please visit VRBO’s rental site for Placencia, Belize real estate. There, you can find more details about rental rates and availability.