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Timeshares are essentially vacation properties in which ownership is shared among multiple individuals. They make it possible for several individuals or families to "pitch in" on one vacation home, thereby making it more affordable for all parties involved.
How Does the Process Work?
It might seem intimidating, but the concept behind timeshares is really quite simple. A timeshare purchase allows you to buy time at the resort of your choice, every year or every other year. These vacation properties are generally sold in increments, or shares, of one week. Depending on your lifestyle and vacation preferences, you can choose to purchase any number of shares. Other individuals will also purchase shares at the resort, and they'll spend their time there when you're not. The cost will then be divided among all of you.
Will I Incur Unexpected Fees?
Not Generally. Once you own your property, timeshares only cost you an annual or biennial maintenance fee respective to your usage. Rarely, you may incur a Special Assessment Fee, which helps pay for the occasional renovation or upgrade. The Home Owners Association, an organization of elected owners within the timeshare community, generally votes on the necessity of these fees.
Where Can I Buy Timeshare?
You can buy timeshare either directly from the resort, or from a timeshare reseller. Many buyers find the latter preferable because it allows them to bypass the resort entirely. Resorts often use aggressive techniques when they sell timeshare, which is a turn-off for many buyers. Buying resale also means that you can often save thousands off the resort price.
What if I Can't Use my Timeshare?
If you find that you can't use your property one year, you can always place your timeshare for rent. The online resale market is a great place to find renters, because it is generally the most accessible. Renting is an excellent way to offset your maintenance fees.
If you find that you're frequently unable to use your timeshare, don't worry. The online timeshare resale market makes selling timeshares simple and convenient. You'll want to work with a reputable timeshare reseller who can help you accurately evaluate the value of your property and connect you with interested buyers. Your reseller should also recommend a closing company to handle the transfer of deeds. |
