Partial ownership is deeded ownership of a fraction of a property. Just like home ownership, there are both advantages and disadvantages to partial ownership. It may work perfectly for your situation or not be a very good fit.
The most common way properties are split is into quarter shares, 25% ownership. Some properties are split into 1/8 or even 1/16 ownership. If you get smaller than that you are looking at weekly ownership and that would be a timeshare purchase.
Typically your partial ownership will be set up as rotating weeks throughout the year. A quarter share is roughly one week a month for a total of 13 weeks a year. A 1/8th share would be one week approximately every two months for 6 weeks a year.
Regardless of the percentage of ownership, the condos will be governed by their own rules. Those will clarify if pets are allowed, how it is handled if something breaks or if updating is needed. Monthly dues are typically all inclusive and include all utilities, HOA dues, property taxes, etc.
If your schedule only allows for limited time in the county every year, partial ownership could be a great option. You don’t have to work on it. It comes with furnishings, dishes, etc and is ready to use. And, you only have to buy a portion of it. Why not let others pay for the time in the condo you’re not using?
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