Top 5 Factors to Consider When Picking a Timeshare
Do you wish to spend your vacations in the same place every year? Are you considering purchasing a timeshare?
While people may have formerly viewed timeshares with suspicion, favorable industry improvements have become a popular alternative among young families and elderly individuals.
Timeshares work on the premise that several people own a single property and share their time there. However, the specifics of various forms of timeshares might be complicated, which is why we've put up this simple overview.
Read on to learn five factors you should consider when picking a timeshare.
Different Timeshare Types
When it comes to how timeshare companies allocate your time, there are four basic types of systems.
Fixed week type systems allow you to use the property every year during the same week. Floating week systems are similar to fixed week systems, except they allow you to select a different week each year.
Non-deeded contracts are the same as right-to-use systems. In essence, you're renting a portion of the property for several years, with the option to remain for specific periods.
Points club systems allow you to purchase points that you can then exchange for time at one of several locations. An excellent example of a successful points-based system is the Marriott Vacation Club. Here are some Marriott Vacation Club booking tips you can check out. Here's some info on how to get out a timeshare legally.
Deeded or Non-Deeded Contracts
Deeded contracts are similar to those used when purchasing a home in that they indicate that you will own a portion of the property. After that, you can use it, rent it out, sell it, or pass it on to your offspring. You have to be careful with this factor since some timeshares can be very hard to get out of. You would need to know how to create a proper timeshare cancellation letter on top of other things to make a successful exit.
A non-deeded contract is more akin to a leasing agreement. You'll pay a fee in exchange for the right to use the property for a specific amount of time, generally a few years.
The Cost of the Timeshare
You should be well aware of the expenses before purchasing a timeshare. There may be additional fees that are easy to overlook. Comparing timeshare costs is a good way to start.
To budget, take the total cost of the timeshare and divide it by the number of years you want to use it to get a baseline annual cost. If this sounds excessive, keep in mind that the longer you utilize the property, the more value it will provide.
Timeshare Maintenance Costs
To keep the property in excellent repair, most providers for timeshares ask you to pay a monthly maintenance charge. Make sure to account for this in your calculations.
You should also remember that maintenance fees increase with inflation and must be paid each year, regardless of whether you utilize the property that year.
If you're planning on staying at a timeshare property for several years, be sure it's in an area you enjoy. It's wise to go on a regular vacation to a possible timeshare destination before committing to a timeshare there.
To begin, consider factors such as walking distance to stores, accessibility, and distance from the airport.
Also, consider whether there is enough to do locally to keep you and your family coming back year after year—the more activities and amenities in the area, the better.
Picking a Timeshare the Right Way
When picking a timeshare, make sure you make a checklist of all the things you need to consider before committing. When you do it the right way, a timeshare can be one of the best decisions you ever made in your life!
If you find this post useful, please consider checking out some of our other helpful posts on our blog. All the best!