The Concept
Holiday ownership is a very simple concept, which lets you buy a week/s holiday home for a fixed number of years or forever. Effectively you own a share of the development and therefore you only pay for the upkeep of what you actually own.
And because the overall cost of the development is split across all of the owners, a higher quality of amenities and furnishing becomes affordable. Your costs are the once only payment for the week/s which you purchase and an annual maintenance fee which covers your share of the upkeep of your particular accommodation plus any common areas such as the swimming pool.
This charge will usually be paid to a management company who will be responsible for the day to day running and maintenance of the development. Holiday ownership complexes are built by developers, many of whom are well-known large multinational companies.
The developer will sell the complex in one week segments and when these are sold the developer often transfers ownership of the resort to the owners themselves who will elect a committee to make decisions regarding management and upkeep.
While the development is still being sold the rights of owners will usually be protected by a recognised legal structure. The concept of holiday ownership has now been operating successfully for almost 30 years.