Timeshares and timeshare presentations today are great ideas and great assets. However they also seem to get some bad press as well to the point where when the word "timeshare" is heard some people shy away. This article is to objectively set the record straight on what a timeshare is and what it isn't.
A timeshare at its core is a piece of real estate that is owned by a number of owners.
Timeshare properties used to be tied to condominium resorts but they have evolved now to also be included as offerings by hotels, campgrounds, and even cruises. The options continue to grow every day.
The idea of a timeshare property originated in Europe in 1960s when the property rates were skyrocketing and it was impossible for people to afford a full time vacation house. But by sharing the ownership the burden of maintenance and other costs on single person were greatly reduced.
A technical definition of timeshare property is that an owner has specific time to share you own in a property.
But as more and more properties are being converted into timeshare, flexible timeshare options cannot be ruled out. The flexible timeshare offers owners the option of choosing more than one timeshare destination and also more than one specific time of a year.
The typical duration of a timeshare ownership unit is one week.
Prices will vary depending on what time of the year your purchase is and what property you own. Some times and some areas are more desirable than others which is reflected in pricing. Supply and demand determine prices.
Timeshare offers not only a great vacation but can also be a great investment. However, they should not be purchased only as an investment.
As long as you plan to own your timeshare, it can be a great investment since you are owning rather than renting. This means that you need to use your timeshare or rent your timeshare. If you plan to buy for the purpose of selling at a profit, you may find this a losing proposition since they are hard to resell and you may end up selling for a loss. Other than that, timeshare units are very similar to real estate property: they can be passed on to your estate, they can be paid off in full after which only maintenance fees will apply, and they can be rented out. Timeshare ownership has a unique advantage over houses and homes in that they can also be exchanged for other units in case you decide to vacation elsewhere that year.
Buying a timeshare is NOT for everybody.
Make sure to go into buying a timeshare in a similar way that you would go into buying a house or other property. Do your due diligence, know the costs, figure out what the value is to you, and then figure out if it's a worthy investment for you. Also, figure out if you are going to use it or be able to rent it. If you purchased a house (or anything for that matter) and didn't use it, no matter how good a "deal" it was, it is probably a burden.
For me and my family, we own quite a few timeshare properties. Because we know we will use these units, it makes sense for us to "own" instead of "rent". We did the math of the costs and maintenance and it is only slightly more than a regular hotel stay, but the unit is much nicer than a regular hotel. Plus, after the property is paid off we only need to pay small maintenance fees and we get to keep our unit and our duration forever. And a final plus is that owning this "forces" us to take a vacation every year as well, something that we know we want to fit in to our busy hectic lives.
I hope this article has been helpful! Do your research now and see if a timeshare is for you!
A timeshare at its core is a piece of real estate that is owned by a number of owners.
Timeshare properties used to be tied to condominium resorts but they have evolved now to also be included as offerings by hotels, campgrounds, and even cruises. The options continue to grow every day.
The idea of a timeshare property originated in Europe in 1960s when the property rates were skyrocketing and it was impossible for people to afford a full time vacation house. But by sharing the ownership the burden of maintenance and other costs on single person were greatly reduced.
A technical definition of timeshare property is that an owner has specific time to share you own in a property.
But as more and more properties are being converted into timeshare, flexible timeshare options cannot be ruled out. The flexible timeshare offers owners the option of choosing more than one timeshare destination and also more than one specific time of a year.
The typical duration of a timeshare ownership unit is one week.
Prices will vary depending on what time of the year your purchase is and what property you own. Some times and some areas are more desirable than others which is reflected in pricing. Supply and demand determine prices.
Timeshare offers not only a great vacation but can also be a great investment. However, they should not be purchased only as an investment.
As long as you plan to own your timeshare, it can be a great investment since you are owning rather than renting. This means that you need to use your timeshare or rent your timeshare. If you plan to buy for the purpose of selling at a profit, you may find this a losing proposition since they are hard to resell and you may end up selling for a loss. Other than that, timeshare units are very similar to real estate property: they can be passed on to your estate, they can be paid off in full after which only maintenance fees will apply, and they can be rented out. Timeshare ownership has a unique advantage over houses and homes in that they can also be exchanged for other units in case you decide to vacation elsewhere that year.
Buying a timeshare is NOT for everybody.
Make sure to go into buying a timeshare in a similar way that you would go into buying a house or other property. Do your due diligence, know the costs, figure out what the value is to you, and then figure out if it's a worthy investment for you. Also, figure out if you are going to use it or be able to rent it. If you purchased a house (or anything for that matter) and didn't use it, no matter how good a "deal" it was, it is probably a burden.
For me and my family, we own quite a few timeshare properties. Because we know we will use these units, it makes sense for us to "own" instead of "rent". We did the math of the costs and maintenance and it is only slightly more than a regular hotel stay, but the unit is much nicer than a regular hotel. Plus, after the property is paid off we only need to pay small maintenance fees and we get to keep our unit and our duration forever. And a final plus is that owning this "forces" us to take a vacation every year as well, something that we know we want to fit in to our busy hectic lives.
I hope this article has been helpful! Do your research now and see if a timeshare is for you!
About the Author:
Want to find out more about how to buy or sell a timeshare, then visit Emil Yau's site to learn more about selling timeshares and other timeshare information.
0 Comments Received
Leave A Reply