Many owners have invested at Castleburn with a view to achieving a rental return.Legacy Hotels and Resorts opperate a rental pool on behalf of all owners. Castleburn is unique in that it combines the benefits of owning your own home with all the benefits associated with timeshare. In addition to being able to rent out the unit you can also, by becoming a member of RCI, gain all the benefits of timeshare exchange both locally and internationally. All these activities are managed by the on site management team thereby providing the owner with the advantages without the headaches.
Participation in the Rental Pool is purely voluntary. (A form of Mandate to Lease an Owned Unit is included in this guide.) A period of not less than 6 weeks notice, prior to letting, is required. Only those Owners who participate in the Rental Pool can share in its benefits.
It is a requirement that owners wishing to participate in the rental pool must have their house furnished by the Developer and the resort's approved interior design team. This is to ensure that units meet up to the resort standards and also to simplify the management of these units.
There are two rental pools in operation the Timeshare Owners Rental Pool and the Whole Ownership Owners Rental Pool. The calculation of the rental pool dividend is based on the number of bedrooms available in the rental pool for any period. In this way, the dividend for a three-bedroom unit, for example, will be different to the dividend on a four-bedroom unit.
Rental pool is calculated monthly. The resort in calculating the rental pool dividends, first deducts from the gross rental pool, housekeeping and hotel costs, government taxes and a 20% management fee. The balance is then divided amongst the pool participants and accrues to these participants in accordance with the number of bedrooms each unit has in the rental pool.
Clients who have registered their property or right of use in an entity, which has been registered for VAT purposes must provide VAT registration details.
Castleburn may refuse to commit a unit to the rental pool if there are outstanding service fees or other monies owed by the owner, or alternately, in their own discretion, may attach such income to offset against outstanding service fees. They may also refuse to commit the unit should the unit not meet the minimum quality standards as set by the management of the resort.
The rental pool is managed and administered by the resort management team of Castleburn Shareblock on behalf of the clients. Marketing is done directly by the resort with the support of Legacy Hotels International Marketing arm.
Payments will be made to participating Owners monthly.
An Owner's access to the unit is limited by participation in the Rental pool. Once a unit has been pledged to a tenant, it may not be withdrawn from the rental pool. If not committed to a tenant it may be withdrawn from the rental pool in writing.
Rental pool guests (i.e. paying guests) require daily servicing as included in the tariff. This service is provided for by the resort but owners are responsible for the daily housekeeping charge. Owners must therefore pay the daily housekeeping charge, which will be added to the monthly service fee account.
An inventory of each unit's contents will be maintained and occupants will be required to pay for any breakages or discrepancies on departure. The resort will attempt to recover these reparations but the Owner should advise the resort if any legal action in this connection is desired. (If an Owner does not wish favoured guests to be held accountable for breakages, the resort must be informed. The Owner would then be held responsible for making-good the damages involved.)
Certain articles will require replacement by the owner on a 1, 3 and 5-year basis due to normal wear and tear. Management reserves the right to inspect your unit from time to time in order to advise you of any changes relating to quality or standard which may be necessary within your unit.
Castleburn will ensure that it has a stock of standard items available to ensure matching replacement of damaged goods. If notified, management can assist Owners in carrying out repairs to their unit but all costs involved will be for the account of the Owner.
An inventory of each unit's contents will be maintained and occupants will be required to pay for any breakages or discrepancies on departure.
The resort will attempt to recover these reparations but the Owner should advise the resort if any legal action in this connection is desired. (If an Owner does not wish favoured guests to be held accountable for breakage's, the resort must be informed. The Owner would then be held responsible for making-good the damages involved.)