FAQ

What is fractional ownership and how does it work?      

Fractional ownership is the legal sharing of real estate among more than one owner. The title to the real estate is divided so that each owner has a share in the property, which he or she can sell or mortgage without affecting the other owners.

A special legal arrangement specifies which time of year each owner will get to use the property. This arrangement will also outline how the property will be managed and what costs the owners will share. 

With fractional ownership, you are only buying what you need. Most vacation-home owners spend anywhere from two to four weeks per year at their properties. For the rest of the year, these homes remain empty. Owners of fractional real estate can get what they want and only pay for the fraction of time they actually plan to use the property.

What kind of amenities will I enjoy as a member of Chilko Lake Lodge?

Chilko Lake Lodge has numerous amenities available for owners. As part of ownership, owners are entitled to use the main lodge, swimming pool, sauna, tennis court, horse stables and remaining infrastructure. Additional services, activities and amenities are available upon request.

Is owning at Chilko Lake Lodge, different than owning a timeshare?

Yes. Timeshare owners usually share their property with a large group of people and are typically limited to one or two weeks per year. Fractional ownership at Chilko Lake means you are part of a intimate, exclusive Club that allows you to select the times of year that you would like to make use of your cottage and the lodge’s services.

The difference in value is also notable between timeshares and fractionals. Investment-wise, banks and mortgage companies look at timeshares as assets that depreciate, while fractionals are considered appreciating assets. Most lenders treat the purchase of fractionals like they would a wholly owned second home.

If I own one-third of a unit at Chilko Lake Lodge, how often will I get to use it? 

The one-third share entitles each owner to seventeen anytime weeks' use of the property that can be booked for a maximum stay of 2 weeks at a time.  The seventeen guaranteed weeks will be picked on a rotational basis among home owners.

What if I want to spend more than 17 weeks a year at my cottage?

Members may enjoy the lodge and facilities all year round regardless if they are staying at the lodge at the time. For a nominal cleaning fee, fractional owners can luxuriate in their cottage beyond their confirmed seventeen weeks. Additional use is booked on a space-available basis.

How do I find out more about purchasing at Chilko Lake Lodge?

Please look us up on the web for more information or email us at info@chilkolakelodge.com.

May I purchase more than one interest?

Yes. You have the opportunity to purchase multiple fractionals, up to
whole ownership.

Will I be able to rent out my home?

Yes. Your home will be managed by Chilko Lake Lodge.

Is it possible to sell my fractional interest?

Yes. Your interest is fee-simple real estate. You hold deed and title to the property. A realtor is able to list the property and sell it on MLS for you. In other markets, fractional ownership has appreciated in a similar manner to whole ownership property.

Is the lodge pet friendly?

Specific cottages are pet friendly.

How does the owner usage rotation work?

The week rotations for owner usage will work on a Friday-to-Friday rotation with one (1) and two-week rotations.

Are there any weeks allocated for maintenance?

Maintenance weeks will occur the second week of February each year.

What are my options for use?

As an owner, you will be able to choose your personal usage dates out of your selected share, on our June 1 calendar distribution date. If you desire to use additional weeks in your suite, swapping with other owners is allowed.  Upon making your selection, you will be given four calendar rotations to choose from that will be projected for a 4 year rotation.

Do I have to rent?

You have the option to maximize the value of your suite by placing your vacation home in our professionally managed rental program. You may also choose to occupy all your weeks, therefore not obtaining any revenue for your portion of your weeks.

What if I want to make some changes to my cottage?

There will be an in-suite Owner's Corporation in which any change requests must be sent in writing.

Who pays for furniture or cottage interior maintenance?

A general fund is maintained from the monthly maintenance fees to address general wear and tear.

When are the rental income statements issued?

Rental income statements will be shared with all owners on a monthly basis during the winter months and quarterly thereafter.

How does fractional ownership differ from a timeshare?

Cottages at Chilko Lake Lodge are being sold on a fractional ownership basis. This means that with a purchase of a third you will have a deeded title and full rights of property ownership. You are buying real estate rather than vacation time.

Has development begun?

Yes. Chilko Lake Lodge is an existing property. Phase I cottage pre-sales have already begun.

What happens to the weeks that I do not use personally?

In order to maximize the investment return for owners, we will re-market and attempt to rent as many unused weeks as possible. This income will be shared pro rata between owners.

What if two of the owners want to use it at the same time?

Chilko Lake owner groups are so small that conflicting requests for use is rare. Should an overlap occur, we first contact the owners to assess each one's level of flexibility, with the aim of working out a solution. Failing that, we invoke very fair tiebreaker system that establishes priority for reservations.   Priority rotates among the owners each year.