Pawleys Island Interval Ownership FAQ
As the inventory of vacation homes has tightened up in the Pawleys Island area, more savvy buyers are looking to Interval Ownership as a perfect option for a second home at the beach.
Owning an Interval is like having a permanent vacation spot!
Interval Ownership offers the opportunity to own a fully furnished home at the beach, at a fraction of the cost of purchasing an entire property. The large, 6 BR home at 758 Parker Drive offers TWO intervals for sale… that’s two weeks, back to back, all four seasons. You can either buy one, or BOTH! (If you buy BOTH, the seller will be more negotiable on the price!)
Here are some frequently asked questions about Interval Ownership.
Q: What kind of ownership is an Interval?
A: Deeded, fee-simple.
Q: Who pays for the expenses?
A: All of the individual owners are in an ownership group that functions cooperatively. Shared expenses make it possible for owners to easily preserve the property and upgrade as necessary.
Q: Who makes the rules and how are the Interval rules enforced?
A: The home’s Property Owners Association (POA) makes and enforces the rules. Many times, the association will engage the services of a management company to manage the group. At 758 Parker, Litchfield Real Estate is the manager.
Q: Who takes care of maintenance?
A: The POA usually hires a firm who offers a comprehensive home maintenance package including: home and grounds care, taxes, insurance, utilities and maid service for shared properties. That way, when you get to the beach, you can just sit back, relax, and enjoy more time with friends and family.
Q: Are pets and rentals allowed?
A: The POA and management group make decisions about whether to allow things like rentals, pets, and smoking. At 758 Parker, smoking is allowed on the porches and decks, small pets are welcome, but not rentals are allowed.
Q: What is the difference between an Interval and a Time Share?
A: With an Interval, you have deeded, fee simple title to your home. A single interval is a share of seasonally designated rotating weeks. For example, many interval properties in Pawleys Island and Litchfield, like 758 Parker, are owned in 13 shares; each share comprising of 4 weeks per year with 1 week in each season.
Q. What happens to the extra week?
A. The owner with Christmas week, also gets the last week of the year.
Q: Can you switch weeks?
A: Owners commonly trade weeks. Some families purchase two or more shares to extend their time at the beach and to accommodate family members who cannot always come the same week as everyone else. Special pricing is typically offered on the purchase of multiple shares, which is available with 758 Parker Drive.
Q: Can Intervals be passed down to heirs?
A: Yes, your interval is a valuable real estate asset. Your family can continue to make wonderful memories at the beach by including this asset in your will.
