OWNING WATERMARK BEACH RESORT REAL ESTATE
FAQ – You have questions? We have answers.
Call 1.866.453.9797 to speak with a Resort Specialist now.
Yes. Within 2 years from the date you take possession of your fractional property at Watermark Beach Resort, you may trade your fractional property back to the developer for the same price you paid, and purchase whole ownership from the developer at fair market value. Want whole ownership but the ability to will or sell it as fractional? Purchase all four, eight or twelve fractions and register titles in children’s names to assist future estate planning.
Your monthly strata fee includes a budgeted line item for replacements and wear and tear.
Items such as water, sewer, garbage, gas electricity, telephone, wireless internet, cable television, Furniture Fixtures & Equipment refurbishment and replacement reserve, annual deep cleaning, reservations, bookkeeping, management, coordination and management of maintenance; all insurances and inspections and maintenance. Owner ‘Departure Clean Fees’ are paid by Owners upon checking out of your home.
In addition to the purchase price, you will pay 5% GST, approximately 2% Property Transfer tax, as well as monthly strata fees and annual property taxes. The monthly strata fee is adjusted annually based on the actual budget prepared by the property manager and approved by the owners elected representatives. At the end of each year, your strata fees are renewed based upon the agreed budget. Your strata fees cover literally every cost of ownership with the exception of your property taxes. See the Disclosure Statement for details.
Fractional ownership is the same as ownership of any other real estate. We recommend that you consult your Accountant for more details as individual circumstances vary.
You own your interest for as long as you choose. In the event you pass away the title is transferred to your heirs. At any time over the years should your family or leisure time grow, you can buy additional fractional interests at fair market value to meet your changing needs.
We recommend these economic considerations for purchasing real estate:
- Compare costs of annual vacation accommodations
- Retail Purchase Price
- Management Fees and Rental Management Program
- Cost of Mortgage Financing
- Renewal and replacement programs for furnishings, fixtures and equipment
- Changes in the value of real estate
Infinitely. With fractional ownership you purchase a share of the whole suite with title that never expires. This is freehold property: it is not Aboriginal leased land or timeshare.
We have carefully selected a number of floor plans to help meet a broad range of needs and desires. Our licensed Resort Specialists will work with you to determine which layout best suits the needs of you and your family. To meet changing needs, some fractional owners purchase more than one type, while others choose to purchase a higher concentration of ownership in just one suite.
Ownership at Watermark offers the peace of mind people seek in their second home: developers with a financially sound background, well-appointed and elegantly designed condos and townhomes, experienced rental management; quality amenities; highly desirable sandy beachfront location and excellent year-round access.
Fractional Ownership and Timeshares are worlds apart in terms of value, re-saleability, financial consideration, number of owners per residence, typical quality of property, and more. Despite this, Fractional Ownership often gets lumped in with shared ownership descriptors such as Private Residence Club, Co-Ownership, vacation home partnership and timeshare. Note this often occurs because the property usage of Fractional Ownership and Timeshare is allocated based on time, and therefore both often fall within most legal definitions of a “timeshare”, which means it can be subject to restrictions and requirements applicable to the creation and sale of property that is shared on a use schedule. Nevertheless, there are significant practical distinctions between most arrangements called Fractional Ownership and more traditional timeshares. The distinctions between the two are best illustrated in a chart where we compare each aspect of “ownership” on a micro scale.
Fractional Ownership may best fit the needs of individuals and families who plan to enjoy Osoyoos. Furthermore, Fractional Ownership is not just an investment in lifestyle, it is an investment in real estate. Ownership over renting means you benefit from any real estate appreciation that comes from owning deeded property. Fractional Ownership may best fit the needs of individuals and families who plan to enjoy Osoyoos. Furthermore, Fractional Ownership is not just an investment in lifestyle, it is an investment in real estate. Ownership over renting means you benefit from any real estate appreciation that comes from owning deeded property.
An advantage of being a fractional interest owner is that you can upgrade to a larger suite to meet your specific needs. Such an exchange is subject to availability and additional preferential rates. For example, should you wish to upgrade from a two bedroom to a three bedroom condo, you would simply pay the difference in price per night. If you or your family requires additional accommodation we can assist you in providing accommodation at preferential rates.
As advance notice is required to operate the hotel efficiently, Owner bookings must be made 6 months in advance to guarantee the room. However, Management will make every effort possible to accommodate last minute bookings and can be made by calling Watermark Beach Resort Reservations: 250.495.5500. As long as you’re not booking a long weekend or holiday, chances are your booking will be accommodated outside the 6 month window.
Other owners who own fractional interests in the property as well as hotel guests should you or any of the other owners opt to participate in the rental management program.
You, your family, friends, business associates, or anyone else you designate, can be accommodated during your schedule of use.
The usage schedule for fractional ownership is pre-determined so you can see what weeks you can enjoy infinitely into the future. Each year your usage is ‘rotated’ equitably so that each of the fractional owners will get different key weekends / periods. For example, on quarter ownership you would have use of your unit on August Long weekend once every four years. On a twelfth interest, once every 12 years. The property manager, organizes the use of property.
In a nutshell, yes. If you have chosen to opt into the rental management program you will book use of your Condo or Townhome through Watermark Hospitality Management Inc. If you make a booking on short notice then a similar Condo or Townhome may be ready for you, subject to availability. If you opt to book all of your weeks in advance for the year, your Condo or Townhome will be ready for your use at any time.
No. As a fractional interest owner, you will have exclusive use of your condo or townhome when you visit the resort. When your schedule prevents you from enjoying the resort, your home can be placed in the rental pool, gifted to friends or family.