Timeshare facts are a great way to educate yourself about the industry. You may be surprised by the information you learn! The fact is that timeshares are a viable and affordable vacation solution for many families, especially when purchased on the resale market.
When it comes to buying real estate, you probably think of it as an investment–a property you plan to sell at a profit one day. That’s the same mindset you should have when it comes to purchasing a timeshare.
If you’re thinking about acquiring a timeshare, here are a few things to consider:
1. What are the different types of timeshares?
There are two types of timeshare ownership: shared deeded timeshares and shared leased timeshares.
Shared deeded timeshares give you a percentage or portion of the resort’s ownership rights, meaning that if the developer goes bankrupt, you will still own your fraction of the resort.
This type of timeshare usually costs more than a shared leased timeshare, because you have to pay the developer’s upfront purchase price and annual maintenance fees.
Also, you have to pay for property taxes and a share of the community’s yearly dues if you own a shared leased timeshare in a gated resort.
Besides these extra costs, you should also consider how your timeshare will work for your family’s needs and preferences. If your family is large or you often take more than one trip per year, a timeshare might not be the right option for you.
2. What do you have to do to use your timeshare?
When you own a timeshare, you are responsible for using the property according to the rules and restrictions set forth in your contract. That can mean blackout dates, minimum stays or other limitations that might not be in line with your travel schedule.
3. What are the benefits of timeshare ownership?
The most obvious benefit of owning a timeshare is that you have the ability to go on vacation anywhere in the world. This is especially true if you buy on the resale market and can get a good deal.
Other than being able to stay in an awesome location, you also have access to other amenities that aren’t offered by hotels, such as pools, gyms and tennis courts. These can make your vacation more enjoyable and can help you relax and unwind.
4. Why should I buy a timeshare?
Timeshares are an excellent choice for those who enjoy a variety of destinations and want to experience them all. But, before you make a decision to buy a timeshare, you should be sure that you are ready for the responsibility.
5. If you lose your job or if you cannot afford to go on vacation, you should consider selling your timeshare.
Sadly, most people who have lost their jobs and can’t afford to go on vacation do not sell their timeshares. The problem is that timeshares are very difficult to sell on the resale market, and they often end up in the hands of scam artists.