A timeshare is a way of owning real property that you can use during vacations for a fixed period of time. There are two main types of timeshares, the deeded and the non-deeded. The former allows owners to use the property on a regular basis, while the latter gives owners the ability to use the property on a yearly or monthly basis.
Purchasing a timeshare can be a great way of saving money on your family’s vacations. However, if you don’t make your purchase carefully, you may find that you’re stuck paying for something you don’t actually need.
One of the most important things to remember when considering purchasing a timeshare is that you shouldn’t just go for the first offer that you see. During the sales process, you’re likely to hear a lot of hype about the benefits of owning a timeshare. But the truth is, there are a lot of scams in the timeshare industry. Here are some tips to help you navigate through the murky waters of timeshare ownership.
First, there are a number of options for financing a timeshare. You can take out a loan from a company that specializes in timeshares or you can use the proceeds of a home equity loan. It’s also possible to purchase a timeshare with your credit card.
One of the reasons why this type of property is popular is because it provides flexibility. For example, you can rent out the property while you’re not there. This is a great option if you have a family member who can’t afford the monthly maintenance fees. If your spouse is sick, you can leave the property for a while. And if you plan to sell your timeshare, you don’t have to worry about renting it out.
Another big benefit to owning a timeshare is that you can use the same property each year for decades. That’s a pretty big deal, particularly if you’re planning a multi-generational family vacation.
As with any type of property, you should read the fine print. Make sure you’re aware of any restrictions on how you can use your timeshare and how long you’ll have to wait to cancel. Additionally, you can read up on any special assessments or fees associated with your contract. These can include cancellation penalties, registered mail, and hand delivery.
Another thing you should know is that the average price of a one-week timeshare is less than the cost of owning a vacation condo outright. In fact, the American Resort Development Association estimates that the average timeshare cost is $21,455.
Finally, it’s worth noting that many people purchase a timeshare out of fear. Some buyers purchase a timeshare after attending a high-pressure presentation by a resort or sales agent. Others may just be afraid of a new commitment. No matter what the reason, timeshares aren’t for everyone.
With so many different types of timeshares on the market, it can be difficult to figure out which ones are right for you. Be sure to compare the costs of a timeshare with the actual expenses you’ll incur when you plan your next vacation.