Buy A Timeshare Tips

When the word "timeshare" is heard today, many people shy away. I understand as well since timeshare solicitations have a bit of a "sneaky" feel to them. I personally think a timeshare is a great idea. This article is to objectively define for you what is and what isn't a timeshare.

A timeshare is a name given to a piece of property shared among 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 timeshares is said to have originated in the 1960's when it became increasingly expensive to own a vacation house. The idea of splitting not just the property but time for the property for a week was a novel idea to make it more affordable to own time in a vacation resort and also include ownership versus renting. With the sharing of cost of ownership, the cost of maintenance of the property also is spread amongst all the owners. This makes vacation property quite affordable for many people.

A technical definition of timeshare property is that an owner has specific time to share you own in a property.

It used to be that the time you could use the property was much more strict, but as timeshare ownership and management has evolved, so has the restrictions on time you can use your property. The options are becoming much more flexible each day.

The most common timeshare ownership duration is a 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.

Timeshares offer great vacation opportunities but they also offer great investment opportunities as these are real estate purchases. However, selling your timeshare can be difficult so they should not be bought for investment purposes only.

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. Owners of timeshares have one interesting advantage over homeowners in that they can also be exchanged for other units in case you decide to vacation elsewhere that year.

Owning a timeshare unit is not for everyone.

Buying a unit is buying real estate. In the same way you would do your research and due diligence when purchasing a house, you must go into purchasing timeshare units in the same way. Know what you are getting, know the costs, and figure out if it is worth it for you. Know if you will actually use it or not or be able to rent it, because that is a lot of the value it provides. If you don't use it, it will possibly not be a wise purchase for you.

On a personal note, we are part of a family of timeshare owners. It is a good investment for us because we know we will use it. And similar to a house with a 30 year mortgage, when this timeshare is paid off we only need to pay maintenance fees and can enjoy the "property" for the rest our lives and even pass it on to our heirs. Besides that, we find a lot of value in our timeshares because it "forces" us to take a vacation together. We personally live hectic lives and this really holds us accountable to relaxing and taking a vacation with our loved ones.

I hope this article has been helpful! Do your research now and see if a timeshare is for you!

Here's a quickie metaphor which might help you understand timeshare ownership.

Whether or not to buy a timeshare is very similar to whether or not to rent an apartment or buy a condominium.

When you rent an apartment, you are paying a monthly rent and living in an apartment. You have freedom to move out whenever you want and live elsewhere or even choose not to live anywhere and simply live on the streets. When you buy a condominium, that's your home. Besides paying ownership loans you also pay a monthly maintnenace fee to keep up the premisis. It also makes sense then that if you own it you either use it or rent it, but you wouldn't just leave it alone and choose not to live there anymore and live on the streets since you are paying for it.

With timeshares, it's the same. You can choose to rent hotels every time you take a vacation. You can choose to vacation elsewhere or even choose not to vacation anywhere that year. When you buy a timeshare, that's your vacation home. Besides paying ownership you pay a monthly fee to keep up the premisis. It also makes sense that if you own it you either use it or rent it, but you wouldn't just leave it alone and choose not to vacation there unless you're willing to lose money that year since you are paying for it.

The one difference is that selling a condominium is like selling real estate: the value usually will go up. It is usually an exception and not the norm that you would sell the house for less than you bought it, but it happens.

Selling a timeshare is like selling a car. You would very very rarely ever sell it for even the same amount you bought it. Usually it will be 30% to 50% of the price you purchased. Why? I have no idea since it is less like a car and more like real estate, but that's for some reason how it goes.

I will go into details on all this much more in this Lens, but I thought of this analogy and I hope it's useful!

The most important part of choosing a timeshare destination is choosing a location you will want to return to often. That being said, if you think there are years you may not want to visit your timeshare, then you also might want to think about desirable destinations to make it easier for you to rent or exchange your timeshare for the years you do not want to use it.

It is common thought that the top timeshare travel destinations are the coastal areas such as Daytona Beach (Florida), Cancun (Mexico), and of course Hawaii. But sometimes you will find some great destinations off the cost in Nevada, California (not beach side), and even Minnesota. Each destination has special features which attract tourists from all over the world. Here are some crowd favorites.

Let's talk about Florida first. Orlando is a very popular tourist destination for good reason.

Traveling inland a bit you have some of the most popular family travel destinations available anchored by the most famous family theme park in the world: Disneyworld! Besides Disneyworld you have a number of amusement parks including Universal Studios and Sea World. Most of these large amusement parks offer timeshare opportunities.

Next up is the city that can offer just about anything to anyone individual or family alike. It's Las Vegas, Nevada!

Activities abound for kids, teens, adults, parents, and families. You have shopping, shows, theatre, eating (and lots of it!), video games, gambling, and outside of Vegas quite the little bunch of recreational activities. There is a lot you can do in one week and you can almost make it three or more vacations in one with all the things you can do. If you haven't been to Vegas, travel there and you may find you love it. And if you love it and want to return often, that would make an ideal candidate for you to buy a timeshare.

Hopping over to California, don't forget to think about the northern area of the state.

The list of attractions include Fisherman's Wharf ,Ghiradelli Square, Colt Tower, the mansions of Pacific Heights, world's biggest Chinatown outside Asia, Union Square, world renowned landmarks like crooked Lombard Street. Night life is one of the greatest. One can go hiking also in Muir Woods and taste world's greatest wines. Cable rides, Pedi-cabs, Pier 39 etc. there is fun unlimited in San Francisco offering you the complete experience of your lifetime.

In conclusion,

A good rule of thumb is just to think about where you enjoy visiting. It doesn't matter why. If you love it, and want to come back often, then that destination makes for an ideal choice for a timeshare purchase.

Timeshare has become one of the segments of the travel industry that continues to grow dramatically over the years. It has become an accepted way to plan travel and vacation for many people around the world today.

A timeshare is at its core a "fractional" ownership of a vacation home. Timeshare ownership is a fantastic way to have luxurious accommodations at a cheaper price. Units tend to be luxurious condominiums including kitchen, dining, and living areas for vacationers to relax and enjoy their time away from home.

However, there are times when an owner finds they just do not want their timeshare anymore. Perhaps their financial situation has changed or their lifestyle situation has changed. Unfortunately sometimes it is the lack of understanding buy the purchaser on what the commitment is. Sometimes it is even a lack of disclosure by the salesperson (which commonly leads to the "timeshares are a scam" paradigm). At any rate, a timeshare becomes more of a burden than a benefit. At this point, timeshare resale is a viable option.

That is why, timeshare resells are cheaper. Regardless of their reasons, timeshare resells see to be a much better deal than the original offer from which the timeshare was first bought. In fact, the owner can usually expect anywhere between 10% and 50% of the purchase price.

This is more similar to selling a used car than selling a piece of real estate. However, it also allows the owner relief from the legal obligations of owning a timeshare.

Buying A Timeshare Resale

As I mentioned, similar to buying a used car, sometimes it is better to go with a good name, one that has been in the industry for quite some time. I have no idea why the cost goes down by half. A car gets wear and tear whereas real estate, like a condominium, has association fees to keep the grounds up.

A timeshare also has association fees to keep the grounds up, but for some reason the resale loses value.

For this reason alone, that is like buying a "used" condo at half off instead of a new condo. Can you see now why timeshare resales are a good value?

The hardest part is finding the timeshare resell.

Because the resellers do not have the promotional resources that the resorts do when selling new timeshares. Have you ever gotten those promotional deals for free vacation, free helicopter tour, or even $150 in retail gift cards? Resorts spend a lot of time marketing new timeshares and the resources used in these endeavors dwarf the promotional efforts of resell companies.

The internet is your best friend when it comes to finding resells whether they are on classified ads website or you find a reseller online. Make a smart decision when you buy and then you will be able to enjoy your home away from home at a fraction of the cost of new timeshares.