Timeshares are always advertised as something that’s a great investment, a way to go on your dream vacation year after year. You can pick when and where you want to go, what kind of place you want to stay and even change the location year after year to enjoy all kinds of flexibility with your timeshare. But before you jump right in, it’s important to understand the basics of how timeshares work and how things can go wrong if you’re not careful.
What is a Timeshare?
Owning a timeshare means that you own a fraction of a property, based on how much time you purchase per year. For example, if you purchase a timeshare for 1 week per year, you own 1/52 of the property. You can opt for a deeded timeshare, meaning you purchase ownership in the property, or non-deeded, meaning you’re simply leasing the property to use for a certain amount of time per year.
Most timeshares these days are very flexible, meaning you can change locations each year if you like, or even the amount of time you want to spend at the timeshare. You’ll have points or credits that you can redeem for use at different timeshares, which can be great if you’d like to explore different destinations.
Words of Caution
As great as a timeshare looks and feels when you’re standing on the balcony of a beautiful condo looking out over the ocean with a salesperson pitching the most wonderful deal you’ve ever heard, you need to be aware of the realities and responsibilities of owning a timeshare.
There are often management fees, taxes and maintenance fees that can hit hard when you’re not expecting it. Before you buy, take the time to talk to other timeshare owners and find out how their experience has been. Just be aware of all the costs that will be included before you commit to the timeshare. If you end up with a timeshare that’s strapped you with a bunch of unwanted fees, Right Choice Transfer can help you out of it!
You want to make sure that the management company you purchase the timeshare from will be around in a decade or two! If you’re buying a timeshare in a foreign country, you might want to be aware of any laws or regulations that could affect your timeshare.
Overall, a timeshare can be a great way to secure a dream vacation for years to come. Doing proper research beforehand and looking at many options will set you on the path for an enjoyable experience and years of memories with your family.