Q & A
WHAT IS FRACTIONAL OWNERSHIP?
Fractional ownership is an exciting and fast-growing concept in resort home ownership.
Think of it as you and a group of friends buying a cottage together. Some of you have the means to own a cottage but you don’t have the time to use it as much as you would like. You especially don’t have time to deal with opening up, closing down, cleaning the exterior, grounds maintenance, or fixing the deck. Others may not have the means to own a cottage, but fractional ownership allows you to own a vacation home at just a fraction of the price.
To date our buyers’ demographic is generally 45 plus, empty nesters, often professional, usually couples or partners both with a medium to high income.
The concept of purchasing only what you need, or will use, is perfect for vacation homes. At Mayne Island Resort, you’ll own the share of your cottage or villa and have full use of the property including the Bistro restaurant, spa membership, pools, owners-only dock, year round unit storage locker, a great swimming beach and more. Fractional ownership provides all of this, without the hassles normally associated with owning and maintaining such a prime waterfront vacation home in the Gulf Islands.
The property is professionally managed and maintained by the Mayne Island Resort Owners Corporation. The Owners Corporation is owned and controlled by the Resort’s fractional and whole owners by way of shares and voting rights.
Why Buy Fractional Ownership?
- This is an investment in “Titled Real Estate” —-NOT timeshare
- Provides enormous personal and family benefits.
- Use your cottage in all seasons or rent it out through our rental manager.
- Units rent for $199-$349 per night, providing you with great revenue potential.
- Ownership benefits include dock usage, pool and fitness membership, and more.
- Purchase additional fractions to fit your needs.
- “Lock and Leave Lifestyle”. Full housekeeping provided so your cottage is always ready for you or your renter
- Resort to Resort membership trading privileges with other great resorts worldwide
HOW MANY FRACTIONS WILL EACH COTTAGE OR VILLA BE DIVIDED INTO?
Each dwelling is divided into 1/8 fractions allowing 6 one-week stays per year with the remaining few days set aside for semi-annual cleaning and repairs. A fractional rotation calendar will accompany your purchase and sets out the weeks applicable to your unit.
MAY I PURCHASE MORE THAN ONE FRACTIONAL INTEREST IN MY RESIDENCE?
Absolutely, you may purchase as many fractions as you think fit your lifestyle.
IF I PURCHASE MORE THAN ONE FRACTION, MAY I SELL SOME BUT NOT ALL OF MY FRACTIONS AT A FUTURE DATE? ALTERNATIVELY, MAY I PURCHASE MORE FRACTIONS LATER?
Yes. The beauty of fractional ownership is the flexibility it provides.
DO I PURCHASE AN INTEREST IN ONE COTTAGE OR VILLA OR WILL MY VACATION HOME VARY FROM VISIT TO VISIT?
You purchase a fractional interest in one specific vacation home and receive a deeded interest in that specific residence.
DO I HAVE TO PUT THE SAME ENTITY ON THE TITLE FOR EACH FRACTION?
No. That is one of the benefits of fractional ownership. You may put multiple people on title if you wish; thereby facilitating estate planning and eliminating a taxable event upon the death of a parent or guardian.
WHEN CAN I EXPECT OCCUPANCY OF MY VACATION HOME?
You will take title to your vacation home on the closing date. Occupancy will be subject to the fractional rotation chart for your unit.
WILL I HAVE TO PAY GST ON THE PURCHASE OF MY HOME?
Yes, GST is payable in addition to the purchase price.
CAN I FINANCE A FRACTIONAL INTEREST IN A VACATION HOME USING TRADITIONAL FINANCING TECHNIQUES?
Mayne Island Resort is offering 0% financing for a three year term. Optional financing is generally obtained through a low interest credit line.
WHAT AMENITIES WOULD I HAVE ACCESS TO AS AN OWNER OF A MAYNE ISLAND RESORT COTTAGE OR VILLA?
You will be able to enjoy a wide range of amenities at Mayne Island Resort, including use of an owners-only dock, an excellent swimming beach, full pool and fitness membership including an indoor pool, a hot tub whirlpool, exercise room and steam room, as well as access to spa facilities, the Bistro dining room and bar, Library lounge, games room, Resort to Resort vacation trading privileges and more.
WHAT TYPES OF SERVICES ARE AVAILABLE TO ME AT MAYNE ISLAND RESORT
Fractional resort ownership is much more than access to the physical assets; it is a personalized experience with unobtrusive service designed to work on the owners’ behalf – before, during and after their visit. Quality of service is central to the value every owner derives.
SERVICES AT MAYNE INCLUDE:
The full time General Manager overseeing all operations.
Front desk staff familiar with your individual needs will coordinate your pre- and post-arrival needs and are eager to help make your stay relaxing and trouble free.
Electric club cart service from the parking lot to your front door is provided for owners. This is very helpful to people with mobility problems.
A team of landscapers are dedicated to maintaining the beautiful common grounds at the resort.
A Maintenance technician is on duty daily keeping furniture, fixtures, equipment, systems and common areas in great condition.
Spa Services: Spa practitioners are available by appointment at the Resort’s AquaFlora Spa
Dining: Enjoy dining in the ocean-view carousel room or at our ocean-side deck at our Bennett Bay Bistro. Our Bistro is very popular with owners and locals alike providing family and fine dining. Bistro take-out: the entire Bistro menu is available for take-out or delivery.
Housekeeping: A great team of cleaning personnel will have your unit ready on arrival.
Security: 24/7 security personnel to ensure your vacation home is protected at all times.
WHAT IS THE RENTAL PROGRAMME?
The Rental Programme is a service contracted out by the Owners Corporation to a professional rental manager (Mayne Inn Ltd.) that allows owners to earn rental income from their cottage or villa when they are not using it.
AM I OBLIGATED TO CONTRIBUTE MY RESIDENCE TO THE RENTAL PROGRAMME?
No. You are free to use your cottage or villa as much as you want within the ownership period you purchase.
WHO MANAGES THE RENTAL PROGRAMME?
The rental programme is managed by the Owners Corporation, who has contracted the services of the Mayne Inn Ltd., a professional vacation accommodation rental manager.
WHAT SERVICES DOES THE MAYNE INN LTD. PROVIDE AS THE MANAGER OF THE RENTAL PROGRAMME?
The Mayne Inn Ltd. markets your vacation home and provides housekeeping and maintenance services so that your vacation home is always owner ready. They also manage the onsite hotel, restaurant, spa, pool and fitness facilities.
CAN I RENT MY PROPERTY OUT MYSELF?
No. You are best served by allowing Mayne Inn Ltd to do it on your behalf. Mayne Inn Ltd. are experienced in marketing the property and are best suited to maximizing revenue on your behalf while maintaining a watchful eye over your cottage or villa when you can’t use it. Mayne Inn Ltd. will professionally advertise and actively promote the resort to a common standard for the ultimate benefit of all owners. They will also ensure receipt of proper damage deposits for any damages by renters which would otherwise not be paid for by the Owners Corporation.
HOW FAR IN ADVANCE DO I HAVE TO COMMIT TO PUTTING MY VACATION HOME IN THE RENTAL PROGRAMME?
You can contribute your vacation home to the Rental Programme at any time.
DO I HAVE TO PAY A FEE TO RENT MY VACATION HOME BACK FROM THE RENTAL PROGRAMME IF I CHANGE MY MIND AND WANT TO USE MY VACATION HOME INSTEAD OF RENTING IT?
No. If you change your mind and decide you would like to use your cottage or villa, and your unit is still available, you simply email or phone the rental manager.
If your cottage or villa has been rented and there is another similar residence available and you would like the use of your vacation home, then the renter will be moved to another like residence and the same free access and cleaning charge will apply.
DOES MY COTTAGE OR SUITE COME FULLY FURNISHED?
Yes, your vacation home comes fully equipped with high quality brand names, furniture, fixtures and equipment as selected by award winning Portico Design Group and our own designer.
Quality materials include granite counters, stainless appliances, slate tiles, walnut cabinets and furniture, cushioned leather king size headboard, salvaged antique wood flooring, ledge stone fireplace, frameless glass showers and much more.
WHAT HAPPENS WHEN THE FURNISHINGS NEED TO BE REPLACED?
A Reserve Fund to pay for the cost of replacing your furniture and appliances is held by the Owners Corporation. The Owners Corporation Board will decide when and how it is spent.
CAN I ADD ACCESSORIES TO MY PROPERTY?
No. Your cottage or villa has been designed to a level of luxury befitting a luxury vacation home. It is furnished and accessorized to a high design standard. It is understandable that owners may wish to add personal touches to their beach home, however, we strongly recommend that owners do not leave behind items that are not securely attached to the wall or furniture.
WHAT ABOUT OUTDOOR FURNITURE?
In an effort to create a uniform look your unit comes with outdoor furniture for the balconies and decks as per the furniture plan for each beach home. Owners may bring personal outdoor furniture but must check with the manager to make sure it is a reasonable fit with the décor theme of the Resort.
MAY I CHOOSE TO FURNISH MY VACATION HOME MYSELF?
No. as stated above, the purpose of our effort to create a uniform look is to provide a uniform and luxurious experience to each person who visits the Resort.
IS MY PROPERTY AIR-CONDITIONED?
HOW OFTEN IS MY VACATION HOME CLEANED BY THE RESORT?
Your vacation home is professionally cleaned after each occupancy, as well as during a semi-annual spring and fall deep clean.
WHAT TYPE OF OWNER STORAGE WILL BE MADE AVAILABLE?
Fractional ownership includes a permanently assigned locker in a secure concrete parkade style locker room. Lockers are compact but owners are typically are able to hang two bikes and various containers of personal onsite accessories.
CAN I BRING OUR FAMILY PET TO MY VACATION HOME?
Specific residences have been designated for those who have a pet. We also provide an outdoor doggie wash station. Pets must be kept on a leash at all times when on the Resort property.
WHAT DO THE MONTHLY MAINTENANCE FEES COVER FOR MY RESORT HOME?
Your cottage or villa is part of a strata corporation luxury vacation home community. The monthly fees of $167 include PROPERTY TAXES, management, pool and fitness centre fees, dock privileges, security, utilities, insurance, heat, hydro, water, cable, reserve fund contributions, and all exterior and interior maintenance of your home and common areas, as per the yearly condominium budget.
It is like belonging to a private club where you have exclusive access to a wide range of amenities and services in addition to owning a waterfront, beautifully designed, fully furnished resort home.
WHEN WILL MAINTENANCE ON MY VACATION HOME BE PERFORMED?
Each residence is maintained and repaired immediately as required.
There is also one week in the spring and fall set aside for deep cleaning and repair or replacement of materials.
IS SMOKING ALLOWED?
Smoking is not permitted in the residences or interior amenity spaces at any time.
DO I HAVE TO INSURE MY FRACTIONAL INTEREST UNIT?
Insurance is included in the owners’ monthly fees to the amount required by the law but owners may take out more insurance if they wish.
IS IT POSSIBLE THAT I BUY A FRACTION AND THEN HAVE THE DEVELOPER DECLARE BANKRUPTCY AND LOSE MY FRACTION?
No, once you complete your purchase, you will own and hold title on your Fractional Interest.
WHAT KIND OF ADDITIONAL COSTS AND ADJUSTMENTS SHOULD I ANTICIPATE ON CLOSING?
Land Transfer Tax, registration costs, your lawyer’s fees and disbursements, and adjustments regarding realty taxes, and common expenses prorated to the date of closing are typical of the types of additional costs and adjustments. Check with your lawyer or notary.
WHAT KIND OF REVENUE SHOULD I EXPECT TO RECEIVE IF I ENTER A PORTION OF MY FRACTION INTO THE RENTAL POOL?
This is a difficult question to answer because there are variables including which weeks you are putting in the pool, the type of suite you are putting into the pool, how many other suites are in the pool at the same time, etc. The best answer is to say that if you periodically enter your unit in the rental pool your rental income will at the least help offset your costs of ownership.
However, considering we are only thirty kilometres by air from downtown Vancouver and one hour ferry from either Vancouver or Victoria; and based on our rental records showing a rapid increase in our popularity, the potential for owners’ future rental income to increase is good.
Simply the best waterfront location in the Gulf Islands.
The most spectacular panoramic ocean view in the Gulf Islands.
Waterfront location on a pristine secluded bay — away from ferry terminals.
Easy to get to from Vancouver or Victoria, just a little over one hour on the ferry.
Great swimming beach and adjacent to the National Marine Reserve
Cottages are outfitted with custom designed furniture,quality fixtures and come fully equipped.
Professional and courteous onsite management and maintenance team.
Excellent on-island emergency services with medical center, ambulance, helipad, fire dept, and more.
Fractional Ownership offers you a Vacation Home with options rather than obligations. A worry-free lifestyle awaits.
If you have any questions, please call Murray at 250 539 5073 or cell: 604 732 3009.