Answers to the most common questions related to Placencia Belize fractional home ownership. If you have further questions feel free to contact us .
Historically the existing beach homes have run a very high occupancy rate. The last several years have produced a nice profit for the owners in each home with each owner typically using the home 2 weeks and renting out the remaining weeks.
The detailed proforma for each property and actuals for existing properties are provided.
Vision Properties maintains a very detailed bi-weekly rental income and expense history on the existing homes that is provided to each owner. These detailed financials are available for review in the due diligence period of a potential purchase.
Vision Properties utilizes a draft system to ensure fairness of owner bookings. Owner weeks are picked on a draft system with the owner who picks first changing each year. The first round of drafts is 2 weeks, second round 2 weeks and the final round of 1 week. The 2 weeks at Christmas are in most demand and generate the highest rental income of the year. In the past, owners have elected to rent those 2 weeks out with the income generated used to reduce all owners expenses for the year. Owners only select weeks they wish to use or rent themselves all other weeks are allocated to the shared rental pool.
The 2 weeks over Christmas/New Years are rented out and not for owner use with the income used to reduce all owners’ expenses for the year. This does two things: it reduces all owners’ annual expenses by $15,000 to $20,000 and makes the whole week pick process less contentious as these two weeks would always be the first weeks selected in draft. For the last 2 years, Vision Properties has actually emailed owners asking them what two weeks they wanted to pick for their use well in advance of the October draft (due to strong rental demand and bookings extending well in advance of 6 months) and so far have only had one week conflict (which the two conflicted owner’s got together on their own and worked out) thus ALL owner’s got their first pick.
If an owner wanted to use one of the Holiday weeks personally, an arrangement could be made to reimburse the rental fund for the lost income portion.
Our position on the Placencia Peninsula is the ideal blend of being far enough out of village to be in an exclusive high end residential area, but close enough to go enjoy the many nearby places to eat, grocery stores, etc. The best restaurant as voted by the Belize Tourism Board is less than a mile from the Villas, as are two very nice resorts in either direction. So if the beach, diving, and fishing are not enough, Placencia provides great access to inland jungle activities that are amazing. Vision Properties would be happy to provide a very detailed activity/vendor list that is supplied to renters during their stay.
We offer an all-inclusive 4 day 3 night tour for prospective buyers to visit our properties and spend time in Placencia. Click here for details.
Yes, we will have detailed discussions either on the phone or in person with potential owners before purchasing an ownership interest. Basically, Vision Properties spends time speaking with prospective owners to gauge alignment of interests and ensuring the proper community fit with what we have and our owner culture. Since we have a really good group of owners and properties with very positive rental income, Vision properties can selectively add to their group of owners.
Vision Properties handles all the bookkeeping, management, and has an accountant in Belize who does the required tax filings, etc.
At the end of each year rentalincome is distributed equitably to each owner based on actual rental income and owners usage. Owners can also rent to friends, family business or whoever locally, which 100% of income is retained by the owner, but the owner is 100% liable for any damage by such renters. If you handle the rental yourself, your guests are still liable to pay 9% hotel tax before arrival as we have to register all guests and pay such tax to not risk issues with our hotel license and Belize Tourism Board.
While cash is always preferred we do offer financing. Terms of such financing are currently 50% down, with an interest rate of 7.5%, over a term of 5 years on a 20-year amortization.
Yes you can and when all shares sold we can use the current house websites for such purposes. We have had several owners sell their shares to date. We also offer as an additional exit strategy, a trade in program if you want to build a full-time home in the future in Placencia.
All International flights currently fly into Belize City (BZE). A new international airport is under construction 6 miles north of the Villas, it is not complete and the completion date and availability of international flights are yet to be determined. Currently, both Southwest and Copa Airlines are opening direct flights to Southern Belize from a number of major airline hubs.
From BZE you can take a short 30-minute commuter flight on Maya Island or Tropic Air. We receive a 20% discount on Maya for booking and pass this discount along to prospective buyers. You can also take a shuttle or rent a car at BZE and drive down. The drive is about 3 hours on all paved roads, a good bit of which is through the Maya Mountains and pristine rain forest along the Hummingbird Highway.
In addition to the information provided in our previous Q&As, Vision Properties has a proven and established system that has achieved a high occupancy across the properties. With proven results for both our owners and highly rated reviews on sites such as VRBO, there is clear evidence that the current systems work well. Please take a few moments to review VRBO as a testament to Vision Properties success with renters.
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Vision Office located in Belize
Main Street, Placencia Village
BZ 615-8000 Erik Lyoth