Owning in a slice of paradise is a dream for many travellers to the Caribbean. The idea of having an island home from home nestled on a white sand beach and surrounded by turquoise water is tempting; however, the of the cost of ownership and property maintenance can lead to a seemingly endless to do list.

Simplicity is the key and in recent years many vacation destinations have adopted new forms of ownership to match the needs and time restraints of the travelling family.

Timeshare and fractional ownership: two alternatives to traditional whole ownership, are purchase options which allow you to own in paradise. Though distinctly different, both result in you not being left with an all or nothing decision.

Timeshares by continually refining their usage plans and amenities, in the past 30 years have grown to be a reliable form of vacation ownership. Fractional ownership is relatively newer; however, its credibility is undeniable and the properties are usually luxury, mixed-use developments.

On average, fractional and timeshare properties carry a 70-80 per cent annual occupancy compared to whole ownership vacation properties that can average less than 40 per cent. Both offer a variety of benefits to the owner through increased owner usage that would otherwise be unavailable for whole ownership developments, including larger pools, onsite restaurants and resort activities and services.

A very attractive benefit offered by many vacation ownership properties is membership in a Vacation Exchange Programme. This allows owners to exchange unused weeks at their home property or club for a week in another destination in the world.

Both forms of ownership require yearly dues to cover strata fees, property maintenance and residence upkeep. However, due to the multiple owners these fees are substantially lower than comparable fees for a whole ownership property. To further enhance carefree living, the property management company is responsible for overseeing the upkeep and day-to-day running of the development.

In general, fractional developments are a luxury, high-end product focusing on an affluent lifestyle. These properties usually feature only 20 to 45 well-appointed residences. Fractional properties in Cayman feature five-star resort-style amenities and services, including personal concierge, daily housekeeping, in-room dining, business center, spa & fitness center and onsite restaurants.

Each residence comes fully furnished with elegant finishes, designer appliances, state-of-the-art electronics and refined linens, cutlery, dishware and bathroom essentials. A fractional residence in Cayman would appraise for over US$2.5 million if offered as a whole ownership sale; however, as a fractional property in Grand Cayman with such upgrades and privileges start at $329,000+ for a 1/8 share (or six weeks of usage).

Timeshare developments range in size from 50 to well over 100 residences. While still a turn-key purchase, interiors and amenities usually focus on function rather than luxury when compared to a fractional residence.

Timeshare purchases in Cayman average US$30,000 for one week's usage in a 1,200 sq ft, two bedroom apartment. A variety of usage options and upgrades are available.

Vacation ownership is also an option for local families and businesses. Instead of travelling to Cayman Brac, Little Cayman or further afield, a timeshare or fractional property offers simple ownership alternatives to a second home and are the perfect place to host business clients or family retreats.

Whether you're seeking an exclusive, luxury lifestyle upgrade or a simple family-friendly atmosphere, local timeshare and fractional ownership feature a variety of locations, services and prices.

Contact a local realtor or property sales office to find your piece of paradise.