Lock Out or Lock Off unit
The term Lock Out or Lock Off unit refers to a vacation / timeshare unit which has the capability to be split into at least two separate units. You will usually find that most Lock Out of Lock Off units will have between two and four bedrooms. Some of the larger units will comfortably sleep up to 16 people. The ownership of a Lock Out or Lock Off unit will allow the owners many options when coming to use their property. Here are some examples of usage for a Lock Off or Lock Out unit: -
- the owner maybe travelling with just their immediate family and one section of the Lock Out or Lock Off unit may be sufficient for their use. If they own one week in a Lock Out or Lock Off, they maybe able to have a 2 week vacation or holiday
- the owner could also, if taking a vacation or holiday for 1 week, take a group either, family or friends with them who could occupy the other section of the Lock Out or Lock Off unit
- alternatively they could bank the section which they are unable to use with an exchange company like Resort Condominiums International (RCI), or Interval International (II)
- another option could be to rent out the unused section of the unit yourselves, or through an independent rental company such as Visions of the World. This could offer an additional income towards the total cost of the maintenance fees, and in some cases pay for the total maintenance fee giving the owner a free vacation or holiday.
There are many different configurations of Lock Out or Lock Off units, and you should be clear on the facilities of each section. You may find that the smaller section in some cases, maybe very similar to a hotel suite or studio, and may only offer a kitchenette rather than a full kitchen. We would suggest that before buying or renting a Lock out or Lock Off unit, the exact details of the unit are made clear, and you obtain these in writing, if required by your closing company, or stakeholder.
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