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Frequently Asked Questions

Elite Destination Homes’ Fractional Ownership begins with the “fit.” From our first conversation forward we create a comfortable, collaborative environment intent on pairing owners and homes on a like-minded basis. This distinguishing feature sets Elite apart from other traditional fractional and timeshare schemes.

Successfully developing fractional partnerships hinges on attracting compatible visions and goals of all owners. To better understand our future homeowners, we set up a “fitting conversation” to initially identify expectations, hopes and needs of not only the new fractional owner, but also his or her partner and loved-ones.

During this conversation, those involved expound their needs while we at Elite provide comprehensive background information regarding the new home, the market and the model itself. If, throughout the course of the conversation, we feel a partnership between both parties doesn’t fit, we say so, saving both the potential owner and other partners the time and trouble of a less than perfect relationship.

Elite Fractional Ownership is not for everyone, but for those whom it befits, this collaboration not only helps in the first home purchase, but can also lead to third, fourth or even fifth homes—essentially all for the price of one.

After our initial meeting, we continue the exploration process through mutually discovering more about potential properties, budget, costs and expectations. We also ask the owner to share personal information indicating financial qualifications as corroborated by a financial representative. Through this process we not only determine which homes may be for you, but we also understand the limits of your investment, which areas may be more beneficial for your money and which fractional owners to pair you with in order to create a comfortable relationship.

At this point, we at Elite know you and your expectations thoroughly and invite you to visit your potential property, stop by our Minnesota office or allow us to visit you and create a more personal relationship. Often times we will meet you at the destination or visit your hometown. You also have the opportunity to review the agreements and speak with an Elite owner or two about his or her experiences with Elite’s model. We use all this collaboration in order to successfully make confident decisions based on extensive information needs assessment.

Once you become an owner, we have an orientation meeting with you and your family members to learn more about specific travel preferences, reserve dates as well as to make sure everyone understands how the reservation and use policies work.

Owners can make or cancel reservations at any time. Your house availability is viewable on our website and is accurate 24 hours a day. There is a yearly reservation process that is generally handled in the Spring of each year, when owners sign up for the dates they know they will want to use their home in the following year.

Because of the very small number of owners in an Elite fractional home there are very rarely ‘ties’, where more than one owner wants the same dates. In these cases we first talk to the owners and see if they have any flexibility. This almost always resolves the matter. If not, we have a tie-breaker system that will resolve the week in question.

Most owners use their home 4-5 times per year. The average stay is seven nights, but Elite owners may use their homes for as little as one night and up to as many nights as they request, subject to other owner reservations.

Owners typically use 3-4 weeks for their own enjoyment and gift 1-2 weeks to family, friends, employees, clients or to charities they support.

Lastly, Elite owners are increasingly traveling through the Elite’s free exchange programs.

When you become an owner of an Elite Destination Home, you have the privilege of world-wide travel to other luxurious Elite homes in the most popular destinations.

Our exchange program is simple and free. It’s as if you were trading time in your best friends vacation home — you use time in their home, and they use the same amount of time you your home. The dates don’t need to match, and the trades never expire until you use each other’s home. We handle all the interaction with the other owner, so all you have to do is call or email your concierge at Elite who will handle the rest for you.

There are no fees at all to exchange into other homes. It is just a fair swap of time in each other’s homes.

While most buyers purchase one asset with Elite, some of our owners own in multiple Elite homes. Either way, all of our owner have access to the Exchange program.

Ownership interests range from $100,000 to over $1,000,000 depending on the home, the destination and the amount of ownership they purchase. Generally a budget of $250,000 will enable a family to become an Elite owner.

Annual expenses vary widely based on the home, percentage ownership and financing elected at time of purchase. The Elite team will be happy to share details on annual carrying costs once they have helped you understand if the Elite model is a good fit for you.

Elite has a margin of approximately 20% on its fractional homes. I.e., 80% of all owner funds are used to acquire the homes and prepare them for use by owners and guests.

For select home, Elite provides a financing option to qualified owners for up to half the purchase price of the fractional interest. Terms of this financing vary by house and by geography. We will be happy to share details once your suitability for a given home has been determined.