Millions of Americans work for companies that offer paid vacation time. That means employees can leave work behind and enjoy time off while getting paid to do it.
The problem? Almost half of Americans who are offered PTO don’t use it. That’s countless Americans who don’t give themselves a break from work, or an opportunity to recharge.
One of the biggest reasons is that planning vacations can be difficult. That’s why a timeshare investment is so appealing to many people.
Rather than having to decide where you’re going to vacation every year, you simply visit your timeshare, which is hopefully in an idyllic location, such as on the beach or in the mountains.
But what do you need to know about timeshare ownership before you jump in? Raed on below to discover the pros and cons of this vacation strategy.
When you buy into a timeshare, you essentially own shares of a vacation property. Each share typically represents one week. So you might buy into a resort or a condo complex, and own a share granting you one week of use at the timeshare.
That means that 51 other people also own a one-week share. Hence the name “timeshare” as all owners share time in the same property.
Timeshares make vacation planning easy. Every year, you’ll visit the same property. You’ll get to engage in your favorite activities. Little planning is required, and you can plan your trip a year in advance and forget about it.
Many timeshares offer fixed-week shares, meaning you have the same week each year. Some will offer floating-week shares, where you get to choose your vacation week each year.
If you know there’s a specific location you’d like to visit each year, whether that’s Florida in the winter, South Carolina, Colorado, or other ideal locations, timeshares help you ensure you get a vacation every year.
Purchasing shares from timeshare companies is the same process as signing real estate transactions. For the most part, you are unlikely to have a share in the ownership of the property, but you have ownership over the use of the property for a set time.
Timeshare cost varies depending on the property, the location, and how high demand is during particular seasons. You’ll pay an upfront cost to get into a timeshare, as well as annual maintenance fees to maintain your timeshare membership. You can even get a loan to finance your upfront fees, similar to buying a house.
There are a few timeshare risks you need to be aware of before you buy. To eliminate risk, just know all the fees you are going to need to pay. And ensure the property is in a location you truly love.
Most timeshare contracts last for decades, often up to 99 years. Most people don’t keep them forever, and instead, sell their contracts on the resale market. Before you buy a timeshare, learn how to sell your timeshare so that you are prepared whenever you need to move on.
Do you think a timeshare investment is right for you? If you want to take yearly vacations, but want consistency and predictability, then a timeshare might be perfect for you. But if you like variety and flexibility, there are other ways to take vacations, but require a bit more effort on your part.
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