Do you love the idea of owning a vacation home or a condo by the beach, but you’re finding it hard to stomach a second mortgage? Do you get tired of the yearly heated discussion on where to go for vacation?
If so, then you need to consider owning a timeshare!
A timeshare solves a lot of vacation-related problems, from planning difficulties to accessibility. In this article, we’re going to take a look at five things you need to know about owning a timeshare so that you’re prepared for this major financial decision.
Let’s get into it.
1. Vacation Planning Becomes a Lot Easier
First and foremost, when you own a timeshare you will find that vacation planning becomes instantly easier. Given that you have the rights to go to your vacation home, you’ll probably go there most vacations that you take. This can help avoid a lot of conflict in your household come summertime!
The other side of this, however, is that your vacations can become restrictive. When you own a timeshare, it can be hard to take a vacation in a new place. Thus, the scope of your travel may become limited.
2. Value Depreciates
When you purchase most kinds of property, you can generally expect it to appreciate, particularly if you buy in a good and growing area. However, with a timeshare, the opposite happens.
Over time, the worth of a timeshare will almost always depreciate significantly. Of course, this isn’t of much consequence if you plan on hanging on to it forever.
3. Selling a Timeshare Can Be Hard
Another important factor to consider is that selling a timeshare can be very hard to do. When people buy a timeshare, they typically want to buy into a new property. So selling your rights either privately or even back to the timeshare company can be a hard sell.
You’ll almost definitely need some help to sell your timeshare.
4. No Maintenance
The timeshare company will take care of all the maintenance for you. That’s right — no mowing the grass, fixing a dripping faucet, or washing the windows. That’s what the timeshare company will do.
5. Fees Are Subject to Change
The maintenance that comes with the timeshare, however, isn’t free. Instead, you will be charged fees for the maintenance of the property to preserve your access rights.
In addition, those fees are subject to change. They will adjust over time for inflation, but they can also increase depending on the timeshare company’s maintenance choices. Again, you’re locked into those fee increases for the long term.
Owning a Timeshare: Things You Need to Know
There you have it. Now that you know more about owning timeshares (both the good and the bad), you should have a better picture of whether this concept of shared real estate is really for you.
If owning a timeshare is your thing, rest assured that you’ll be able to create many happy memories with your loved ones at your holiday home.
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