Who is the ideal candidate for Fractional Home Ownership?
This type of home ownership is perfect for individuals who want to own a luxurious second home without the responsibility of upkeep and who only plan on using their home for a limited amount of time each season.
How long can a fractional homeowner enjoy their home each year?
Depending upon the number of owners per home, fractional homeowners are guaranteed at least four to eight weeks of usage per year. In a home with six owners, each owner receives eight weeks of usage per year. In a home with ten owners, each owner can use the home for five weeks per year. Weeks are predetermined for each share but can be traded among owners.
Are there any added benefits of owning a home marketed and managed by W. Smith Mill?
A Fractional Home Ownership managed by W. Smith Mill exceeds the expectations of typical vacation home ownership. W. Smith Mill markets exceptional properties in exclusive locations, free from maintenance and house cleaning duties. W. Smith Mill also offers concierge services.
How does Fractional Home Ownership differ from the traditional timeshare?
Fractional Home Ownership focuses on exclusive multi- million dollar properties and offers many amenities, including concierge services. Fractional Home Ownership is not just a vacation product, it is an opportunity to own a true second home with up to three months of usage each year. (In North Carolina, Fractional Home Ownership is governed by the North Carolina Time Share Act.)
What does Fractional Home Ownership Cost?
Depending upon the number of owners, typically six, eight or ten, Fractional Home Ownership can cost anywhere from $125,000 to $500,000. There are home ownership options available for all budgets and lifestyles.
Can fractional home shares be resold?
Yes. Fractional homes may be sold in the same way as traditional homes. You may sell your share at any time. W. Smith Mill's management program includes a resale process to assist with selling a share.
Can owners secure financing on the purchase of a fractional home?
Yes. Contact a loan officer for financing options or call W. Smith Mill to speak with one of our preferred lenders.
Who pays for the upkeep and maintenance of the home?
All the expenses required to service and maintain the home, such as insurance, electricity and lawn maintenance, are divided among the members. W. Smith Mill pays all the bills and provides the owners with a regular accounting, detailing the expenditures.
Do owners have to use W. Smith Mill to manage the property?
No. W. Smith Mill specializes in managing each property, but owners are free to select a service provider that best suits their needs.
How are owner's weeks scheduled?
All owners are guaranteed an equal share of prime summer season (Memorial Day to Labor Day) in the home, and equal shares in the fall, winter and spring. In the case of a one-sixth fractional ownership, all owners would have eight weeks in the home each year; two in summer, two in fall, two in winter and two in spring. Use periods shift by one week each year so that all owners have an opportunity to enjoy the property for holidays (July 4, Christmas, et al.). Owners may also exchange weeks with each other.
Can I rent out my weeks?
Owners may not rent out their weeks to the public, but are welcome to offer their weeks to family and friends. Owners may also sell unused weeks or trade weeks with each other.
Are the properties furnished?
All W. Smith Mill managed homes are fully furnished and include new appliances and linens.
Are storage facilities provided?
W. Smith Mill provides mobile storage for all home owners. Your belongings may be permanently stored at an off-site location and brought to your home prior to your arrival.