EVERYTHING YOU NEED TO KNOW ABOUT TIMESHARES
Timeshares are agreements between several joint owners that gives each owner the right to use a property as a vacation home. As the name implies, several people share the time in the home by reserving dates for their visits.
But, do you know all that there is to know about timeshares and owning a timeshare property? If not, continue reading to learn more.
HOW DO YOU PURCHASE A TIMESHARE?
First you have to decide if you want a deeded or a non-deeded timeshare.
A deeded timeshare purchase is much like the purchase of a home. Each person on the timeshare gets a part of the deed. They can sell that deed to someone else, rent out the deed, or pass it along to their family members.
Alternatively, a non-deeded timeshare is more like leasing a house. You can choose to use the home for a number of years, but it isn’t yours. After your term is up, your timeshare goes back to the original owner.
As far as purchasing a timeshare, many different real estate agents deal with timeshares. There are even specific companies that you can purchase your timeshare with. Do your research to make sure that the timeshare terms are what you’d like them to be.
HOW DO TIMESHARES WORK?
Timeshares can work on a number of different systems so that all owners of the timeshare can get equal use of the property.
Fixed-week systems allow owners to use the timeshare on the same weeks each year, while points-based systems allow owners to purchase points to redeem for reservations. Lastly, floating-week systems allow you to choose the weeks you have the home to yourself, which is perfect for people with schedules that vary.
WHAT ARE THE RELATED FEES FOR A TIMESHARE?
If you have a timeshare, you will likely have to pay maintenance fees to make sure that the property is kept up to standard year-round. This could mean maintenance for general repairs, more intricate repairs, law maintenance, pool maintenance, and more.
According to some studies, the average timeshare maintenance fee is more than $650 each year. Other fees may include upgrade fees and property assessment fees to name a few.
SOME THINGS TO CONSIDER BEFORE YOU COMMIT
Committing to a timeshare is a big decision, so you should consider some things before signing a lease or contract.
Be sure that you fully understand your contract before signing, and don’t make a timeshare purchase as an impulse buy. Take your time so that you truly understand all of the fees and allocations for your timeshare.
Also, make sure you are checking out all of the laws and rules for timeshares both in your home country and abroad, so you know the ways you are protected, and you know the rules you must follow.
Most people who purchase a timeshare are very happy with their decision. This is because they took ample time to consider everything about the purchase. With these tips, you’re sure to make an educated decision on purchasing a timeshare.