Property for sale abroad - shared ownership of overseas properties and timeshare
Thousands of people would love to buy properties abroad but feel they simply cannot afford it. Many others more are able to buy overseas properties but cannot justify it on the grounds it will only be used for a few weeks each year. If you fall into either category then timeshare and fractional ownership schemes may offer another way to look at property for sale abroad.
Shared ownership of properties abroad
Shared ownership schemes, sometimes known as fractional ownership, offer a certain number of people the opportunity to part-own overseas properties. If, for example, you bought a quarter share of a property for sale abroad you would be entitled to the exclusive use for three predetermined months each year.
Other shares - a sixth, eighth etc - are also available and some schemes will be more flexible than others. You need only pay a proportion of the maintenance costs as well as the purchase price.
Overseas properties will be maintained in your absence and properties abroad still generate equity with the option to sell your share at any time.
Fractional ownership of properties abroad with friends and families
Some people have taken a DIY approach to fractional ownership after seeing a property for sale abroad. They may be loathe to enter into an expensive and binding contract to own properties abroad with people they do not know and share ownership with family or friends.
You should still seek legal advice before entering into such a deal so as to avoid testing relationships with petty, and not so petty, arguments. Access to the property at particular times, what to do if one owner wants to sell and who owns the freehold should all be hammered out before jointly buying overseas properties.
What about timeshare property for sale abroad?
Firstly, it should be pointed out that timeshare does not mean you own part of overseas properties but rather entitles you to a certain amount of time at the same property abroad each year. You will either own these rights for either a set number of years or in perpetuity, depending on the individual scheme you signed up to.
A wave of scandals in the 1980s and 1990s blackened the name of timeshare as unscrupulous agents made promises about properties abroad which bore no resemblance to reality. Since then companies have been forced to act in a transparent manner and protect customers.
Over six million people own timeshares worldwide, the vast majority of whom are perfectly happy.
Extra costs of property for sale abroad
Whilst you will only pay a proportion of the cost for fractional ownership of properties abroad there are still extra costs to consider. You will still be liable for any taxes, fees and other costs associated with buying overseas properties. Investigate how much this will cost you before committing to property for sale abroad.
