​How is a Timeshare Unit different than a Condo Unit?

​​The building is the same.   What is generally called a “Condo” is owned entirely by one owner.  A Timeshare is one week of a condo, the same week each year, purchased by one owner for exclusive and guaranteed use year after year.  All Lakewood Timeshare units are cleaned and have linens in place ready for your arrival.  All furnishings and kitchen equipment are provided for you.

How does owning a Lakewood Timeshare compare to renting a vacation home?

​The cost is significantly less than rental of an equivalent lakefront unit with the same amenities.  The taxes and fees which are added to a rental rate are not charged to timeshare owners—a significant savings.  In both situations a refundable security deposit would be required.   Lakewood offers a pet privilege to owners.  Many rental properties do not allow pets.   There is a fee for the privilege and that covers the extra cleaning pets require.   There is an additional refundable security deposit for each pet after the first.

​If a problem arises, how do I get help?

Out staff makes every effort to assure that your unit will be ready to meet your residency needs.  The area has both and Emergency Room and Urgent Care facilities for health issues.  And, most importantly, our Manager is a phone-call away and will make every effort to address any problems you might find either on arrival or during your stay.   If a service call is necessary, it will be arranged to assure the least possible interference with your plans.

​Can I obtain a mortgage to purchase a unit?

​Technically, that is allowed, but the cost is so low that most people don’t even need to consider a mortgage.

​Are there benefits other than a low-cost vacation?

​Yes.  You become a member of the Council of Owners and have a voice in how the timeshare is run.  Ownership entitles you to purchase a membership in Interval International, a vacation exchange program that offers exchange vacations and get-away opportunities in 85 countries around the world.  Pet privileges are only for owners.  And, as an Owner, you can take advantage of our Right To Use program to occupy any Association-owned week at a greatly reduced cost.

​What does a Lakewood unit/week cost?

​Units can be purchased from the Lakewood Association for $1999 to $3499 depending on the season.  Resales by owners are priced independently. As with the purchase of any home, there are closing costs at the time of purchase.  There is also an annual assessment.   This assessment covers taxes, utilities, boat launch fees, dock, linens, pool use, maintenance and management of pool and units—everything associated with the unit.

​Will I have to pay the assessment the first year?

​Unless you are purchasing a week that has already passed, you will be billed an assessment for the year of purchase.  The assessment is now, and is likely to remain, less than half of our lowest purchase price.

​Are there other costs?

​A special assessment is possible to cover the cost of an improvement if, when brought to a vote of the Council of Owners, both the proposed project and the special assessment are approved.  The amount of a special assessment would be a small fraction of the annual assessment
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Occasionally, the annual assessment may fall short of the year’s actual expenses.  An assessment may be billed in any year in which there is a shortfall, but the budget is developed annually to avoid the need for additional assessment. 

​How is the Board of Directors made up and what is its function? 

​The Board of Directors is made up of seven elected individuals, most, though not all, Lakewood owners.  Anyone may run for a Board position which has a term of three years.  The election is held each year at the Annual Owners Meeting in the fall.
The Board and the Manager work together to handle the day to day running of the operation and make plans and decisions to insure the survival and financial health of the organization.  The Board develops a budget on which the annual assessment is based—the total cost of running the facility for a given year divided by the number of owners.  Lakewood is a not-for-profit organization and Board membership is on a volunteer basis. 

Are pets permitted at Lakewood Resorts?

Pets are permitted for a fee.  It is expected that pets be kept under control at all times and that units be left free of pet soil and stains.