Fractional or Shared Ownership is the purchase of a share entitling the owner to five weeks of use per year. Your purchased share entitles you to one summertime week which remains the same each year, allowing you to plan well in advance. You choose your other 4 weeks of use each year. Those 4 weeks are distributed 1 each in fall, winter, and spring plus 1 “floater” week. You have exclusive use of your cottage during your chosen weeks. The 5 week share is referred to as an Interval. William's Landing, like most developments has a relationship with a week trading organization like RCI. If you are a member, you can trade some of your cottage time for time at another location.
One can purchase multiple intervals for more time at the cottage. Unlike time share, interval ownership is deeded. You own it until you decide to dispose of it. Just like any other real property, you can sell it at any time, give it to the kids or even will it to the dog. You are free to loan or rent it out at your discretion. Your share can also increase in value over time just like your home. Each time you visit, you have the same cottage so you can leave non-perishables in a storage area in the storage area in the basement. In short, treat it like it's your own; because it is! If you are an animal lover, William's Landing offers the opportunity to purchase a pet friendly interval.
Our cottage community has a management board normally made up of owners, and an established set of by-laws – not unlike a condo corporation. Each owner pays an annual fee to this Owners' Association which finances the operation and maintenance of the community. All cleaning, maintenance, upkeep, utilities and taxes are covered by the annual dues. A portion also goes to a Reserve Fund for future large expenses such as the replacement of furniture or appliances. The William's Landing Cottage Owners' Association is designed to be non-profit, so that your dues are based on the actual costs of operation, not profit motivated management fees.