Owners have 60 days of personal use that they are allowed each year, but only 30 of these days can be during season which is generally defined as Christmas to Easter.
When an owner chooses to use personal time in their unit, their unit does not collect revenue. The owner is still responsible for the costs of other expenses associated from the unit as spelled out in the rental contract.
Rental proceeds are currently distributed to the owners monthly. Each month the owners receive a Rental Statement providing them with revenue statistics, owner use summary, and average distribution by unit type. Unit owners have the option to get a live check every month, or to have the funds direct deposited into an account of their choice.
Unit owners are required to pay their mortgage payment if financed, property taxes, association dues, content and liability insurance, and any refurbishment cost.
The rental agreement requires unit owners to carry $300,000 or more in liability insurance which covers nightly rentals.
The term of the rental agreement is for one year with automatic renewals each year. However, either party can cancel the rental agreement with 60 days notice to the other party.
A Refurbishment committee made up of other unit owners works closely with the Property Manager to review the fixtures and furnishings throughout the unit and determine what items need to be replaced. Afterwards, the Property Manager continues to work with the committee to select replacement items, plan the replacement, and invoice unit owners.
The amount spent on refurbishments annually can vary greatly from year to year depending on the items that are replaced. However, the committee expenses average out to approximately 10% of net income.
No, all units that participate in the rental program are required to be decorated and furnished the same. This requirement is in place to ensure that all guests receive a consistent high quality experience during each visit.
The item would be evaluated by the on site property maintenance team. If it is a simple fix, the repair will be made and the expense will be deducted on the owner’s monthly distribution statement. Anytime the maintenance team evaluates an item that requires a repair and determines that the repair will exceed the value of the item, a replacement will be ordered and the unit owner will be billed directly for 100% of the cost.
Damages from a guest are very infrequent. However, if damage does occur, we will make every attempt to recoup any repair costs from the guest. If we are unable to recoup such costs, the procedure outlined above would be followed.