Single Family Lake Property To Timeshares?
I am interested in converting a lakefront single family property to timeshares.
What are my options when setting up timeshares? Do I have any zoning or other municipal concerns?
This particular property has been rented with all furnishings on a weekly basis. The current owners ran into problems with zoning as the residential zoning did not allow for hotel-type weekly rentals. Come september 15th, they will only be able to rent by the month (which is not desirable). The owners are modivated to sell. Although I will not aquire this property far below market value, the financing (sub2 plus note) and change of use of the property will create my profit.
Any and all advise/thoughts would be appreciated.
THANKS
Personally I would clear it through zoning before I bought it, just to be on the safe side. My experience with time shares has been hotels that already had the zoning for it, so my knowlkedge of the problems are limited. But if you are basing your profit on time shares, I would definitely make sure that the profit is indeed able to be made.
Good Luck,
Kyle
Kyle,
So it is your opinion that a timeshare must be located in a hotel type zoning?
The question here is what can I do with this property that is in residential?
Thanks for your help. No one else seemed to take the time to respond.
myfrogger,
It seemed from your post that you only wanted to do timeshares here. I have zippo experience with those. Are you open to other uses for this property?
Nancy
Yes I am open to any suggestion. The current owners have tried to get the zoning changed from residential but failed at it.[ Edited by myfrogger on Date 08/31/2004 ]
myfrogger,
I assume you have read the zoning ordinance provisions applicable to the district that this property is in.
Some thoughts...
1. Get a dialogue going with the municipal "powers that be" in terms of what they would like to see here. If the town adopted a master or comprehensive plan, look at that to see if it contains any clues on the municipal mindset. Apparently, they don't want commercial, but perhaps they'd be open to some species of residential use.
2. Speak with the zoning officer to determine if there's anything in the history of this property relating to use, grandfathering, variances, etc.
3. Determine if the zoning provides for uses in addition to single family detached (if that's what this property is--one structure on X amount of land area). These uses may not be "by-right" uses but rather conditional uses or uses allowed upon getting a special exception.
4. Condo'ing..I have no experience with this, not do I know it could be economically feasible here, but perhaps something to consider.
Nancy