Would you like to own a piece of the beach for less than 100,000?
There are co-ownership opportunities for Outer Banks oceanfront homes in the towns of Duck and Nags Head. You can co-own an Outer Banks beach home for less than $50,000 in some cases! Many co-ownerships are comprised of ten owners owning five weeks of the year in that home.The weeks are set and are divided by season – peak, off season and shoulder. Usually two of the 5 weeks are consecutive. A year in advance the Home Owners Association will prepare the scheduled rotation. For example, once every 5 years you may get the 4th of July.
Not like a Timeshare, Co-own an Outer Banks Beach Home
Co-ownerships are not like time shares you will actually co-own the home. In most cases, co-ownerships cannot be financed with a home mortgage loan. Simply, because one owner’s mortgage default might imperil the other owners. All maintenance is usually done by the Association: that includes cleaning, new roof or deck when necessary, etc. There is a monthly fee and it usually covers electricity, water/sewer, taxes, insurance, maintenance, housekeeping, cable, internet, & phone depending on the home.