Galena Shores Fractional Frequently Asked Questions (FAQ)

Is fractional ownership like a time share?

Galena Shores offers fee simple deeded ownership to each owner complete with your name on the title.  The title may be resold like normal real estate or passed on to your children or loved ones.  The ownership and use agreement among the owners sets the rules for the property and how shares may be bought or sold.  For example, the agreement stipulates that existing owners have the right of first refusal of any deed offered for sale (in order to sell to friends or family).  Each home is co-owned by 4 owners. Each of the 4 owners will own an undivided one quarter interest in the strata lot. Ownership is evidenced by a BC Land Title in the purchaser’s name.

Is fractional ownership right for my family?

There are two demographics of people who buy fractional ownership properties.  The first group can afford any type of property they like, but prefer to have properties in multiple locations; a ski cabin and beach cottage for example. The second demographic would like to buy a large house rather than a small condo and recognizes that 25% usage of the nicer property is all they would use the property anyway.

How does the rotating calendar work?

The calendar is one week per month per owner, with a blank week at the end of the year for maintenance and major cleaning.  When the new year begins, the calendar has been shifted by one week to rearrange the holiday weeks each year.  The weekly rotation generally changes over on Monday, allowing owners to arrive anytime during the week and occupy the home through the weekend, even Sunday night.

Who does the cleaning and is there a charge?

Arrow Lakes Developments Ltd inspects the home after each occupant, owner or renter.  The only charge will be the housekeeping charge at the end of your stay, whether that’s an additional daily charge or just a one time departure clean charge. The choice is yours, depending on your housekeeping preferences.  Normal housecleaning is provided.  If there is anything outside of the norm, then that fractional owner will be billed for the additional cleaning.  At no time is the fractional owner disadvantaged by the previous owner. 

Can I rent my week or month for income?

Yes you can rent your fractional. Many owners elect to rent their property during the high use weeks of each year (e.g. Christmas Holiday, Spring Break, July long weekend, etc)  to subsidize the property expenses.  It is not uncommon to rent these luxury properties for $500 to $1,000 per night during high season and cover a large percentage of annual expenses like property taxes, insurance, maintenance and management.  Galena Shores is quite close to several heli skiing areas.  There is a good oppoprtunity to rent these properties at very high rates during December – March of each year. 

Are pets allowed at fractional ownership homes?

Yes, the Galena Shores Strata bylaws cover how many pets you may have (currently 3).

Do owners trade weeks amongst each other?

Trading weeks is very common amongst Owners.  The calendars are set far in advance so swapping and combining weeks is possible and encouraged to the benefit of everyone and to accommodate school and work schedules.  Legally your weeks are yours, but our management team provides a concierge service for you to cooperate with your fellow owners.

Is it possible to sell my 25% share?

In the event you no longer want to own and use your vacation property, you may sell at any time for market price.  Because these are fractional ownership deeds (fee simple, not a time share or an LLC), the other owners are not financially affected by your sale transaction. In many cases, our real estate team will have a waiting list of potential owners who may be interested in your share.

Is mortgage financing available?

Most quarter owners pay cash for their share.  If you do decide that mortgage financing is necessary or desirable, home equity loans and primary home refinancing are the most common and easiest method of putting mortgage financing on your quarter deed.   Developer and credit union financing may be available that offer loans on quarter share deeds, generally up to 50%.  Please inquire with our real estate professionals to learn about current availability and they will assist in that process.

What if the property is damaged?

Our experience is that most owners are extremely cognizant and aware and fix their own mistakes quickly.  However, the property is inspected and cleaned after each owner’s stay.  Any damage to the property and the personal property at the home are the responsibility of the owner at the time.  The ownership and use agreement describes the procedures for repairing or replacing any damaged items.

What are the monthly expenses?

Operating expenses are split equally among the owners according to their ownership share.  They vary by property, but generally include the following: utilities, taxes, TV/Internet/phone, strata fees, snow removal, trash, insurance and bookkeeping/accounting.  You will be provided historical statements and/or detailed budgets for any property you consider purchasing.  There are also sinking funds set up for maintenance and refurbishment of the house, furnishings, chattels, grounds, boat, and dock. 

Who pays the bills?

An account is established and maintained for the property with money contributed quarterly by the owners.  Billing and statements and reconciliation are provided by a bookkeeper who works for Arrow Lakes Developments Ltd and pays the bills when they are due each month and provides statements to each owner.