A timeshare can seem like a great way to get a vacation home that you love without paying for second house. If you're tired of staying in hotels on vacation, a timeshare can give you many of the benefits and amenities of a hotel without the trouble of booking a hotel stay or the possibility of an unexpectedly disappointing stay. But before you sign on the dotted line, take a look at some things you should consider before making a timeshare purchase.
Do You Love the Area?
When you buy any vacation home, whether it's a timeshare or a house, you're committing to spending some time in the area on a regular basis. For that reason, it's important to make sure that you'll want to keep coming back to the area year after year. Don't buy a timeshare in an area you've only visited once, even if you think that you love it. Make at least a few visits there to make sure that you're not going to wish you were spending your vacation somewhere else in a few years.
Timeshares are tough to resell, and often can go for as little as $3000 to $7000 for a timeshare that the owner originally paid $20,000 to $30,000 for. That's a big depreciation, so don't make the mistake of thinking of a timeshare as a good investment property. If you love the timeshare itself and the area that it's located in, it can be a good investment in your family's future vacations, but you're unlikely to make any money on the deal, so be sure that you plan to use the timeshare for years to come.
Do You Know What You're Getting?
It's important to know what it is you actually own when you buy a timeshare. Most – but not all – timeshares in the United States come with a deed, which makes the timeshare property a lot like any other property. You can sell it, you can leave it to someone in your will, and you may be able to rent it out or exchange it, if that's within the rules of the resort that sold you the timeshare. As long as you make your payments and pay any applicable maintenance fees, it's all yours.
However, outside the United States (and in rare cases, within the US as well) you might get a license or a membership instead of a deed, which makes your ownership more questionable. You may have more restrictions on how you use your timeshare, and your license or membership might have an end date specified in the contract. Keep in mind that real estate laws in the US won't apply to timeshares bought outside the US.
A timeshare may be just the thing your family needs to make vacationing more convenient and comfortable, but you shouldn't buy one on a whim. Do your research, think it over, and read all the fine print so that you can make a good decision on your vacation home. Contact a company like Cimmaron Vacation Home Realty to learn more.
As soon as I started traveling worldwide for work, I realized that I needed to work hard to understand the travel restrictions for some of the places where I would be going. After I tried to board a plane with a pack of playing cards to Germany and I was turned away, I realized that there were some finicky countries out there. I worked hard to research each and every place where I would be visiting, and within a few months I felt like I had the hang of things. This blog is filled with fun information about travel and tourism so that you can enjoy your travels and your work trips.