Timeshares are an affordable way to own a vacation property. However, they do have their fair share of pitfalls. Before you sign a contract, take the time to read the fine print. Also, keep an eye out for re-sellers who aren’t authorized. The more knowledgeable you are, the easier it will be to make a wise decision.
There are many different types of timeshares. Typically, a timeshare is a smaller unit in a larger resort. They range from a few hundred square feet to over a thousand. Some have one bedroom, while others have two or more.
A timeshare is typically purchased in advance. This can either be done in a lump sum or in weekly increments. As a result, the owner has a guaranteed amount of time to use the property each year.
One of the biggest reasons people fail to purchase a timeshare is that they have no idea what they’re getting into. Timeshares are not the same as owning a home, so you don’t have the luxury of making any renovations or adding any personal touches to the place. You also have no say in the maintenance fees. And while the cost may be less, the yearly fees increase faster than inflation.
While a timeshare may be a great way to save money on a family vacation, it’s a good idea to do some research to make sure it’s right for you. It’s also worth knowing what you can do with it if you decide to sell it.
The first thing you should do is check out your local state laws. Some states allow you to cancel your contract after the appropriate amount of time has passed. Others require that you mail in a registered letter. If you can’t find out the specifics of your state’s cancellation rules, it’s probably best to steer clear of this type of property.
Another time-saving feature is the ability to exchange your week with other owners. Using an exchange program can save you hundreds or even thousands of dollars over the course of your lifetime. These programs are available through organizations like RCI and II.
Although the timeshare fad continues to grow, it’s not a sure bet that you’ll use your timeshare on the regular. In fact, many people end up with a heavy load when they do decide to make the plunge.
Of the timeshares available in the United States, 204,100 are managed by the Resort Condominium Association (RCI), which is the largest exchange agency in the country. Additionally, there are other options, including vacation exchange and fractional ownership.
The timeshare industry is booming, and while it’s important to do your due diligence before signing any contract, the timeshare is a great way to own a property that you will actually enjoy. That’s not to mention the savings on travel, food and other costs.
If you’re looking to buy a timeshare, consider the following: a floating week with a flexible schedule; a lifetime membership to an exchange organization; or a timeshare condo.
