A timeshare is a piece of real estate where, more than one individual shares the possession, in a subject property. A timeshare property can only be owned by a number of people, who do not have any kind of relation at all, unlike a house which is owned by an individual or a couple.
It can be passed down or sold to successors in any other form of real estate. A timeshare can also be rented. As time passes, its value increases so as all real estate properties do. Some agreements also permit the owner to swap or trade locations.
These properties can be found in the form of vacation rentals in warm locations, where the core business is tourism, like coastal towns, famous cities having a number of holiday destinations, etc. A maximum number of these timeshares are located in resort communities.
Most of these timeshare properties consist of condominium style units which are more than one hotel room. They mainly consist of one to three bedrooms, multiple bathrooms, a kitchen and a living room. These rooms are fully furnished and also have swimming pools.
Many people, not only consider their timeshare as a place to spend their holidays in but, also consider it as an investment property. The timeshare property can also be presented as a gift. The timeshare ownership varies in time span, though most of the time it is for a week.
This ownership is restricted to a particular week and at times on the basis of weekly increments. If the week in which you have the ownership of the timeshare, is in demand, then the price you will have to pay will be higher. Price also depends on the standard of the resort, the area of accommodation, hotel deals and the number of days spent at the resort.
Reasons for Owning a Timeshare
- You can spend your vacation at your favorite holiday destination.
- It's a way to spend quality time with your family and friends.
- You can reserve your future vacations at the present price.
- Besides being a property for sale, it can also be rented, traded and exchanged.
- They usually consist of well furnished rooms with good accommodation facilities.
- The yearly maintenance cost is shared by all the owners and is supervised by a management company. Some resorts, offer pay per use maintenance fees, which is also a good option.
- This timeshare property can be easily passed on to the owner's heirs without much legal hassles.
Questions to Ask Yourself Before Buying Timeshare
- What kind of ownership will I get? Deeded ownership or right to use ownership?
- How many days will I be able to stay in the timeshare?
- Will the number of days be floating or fixed?
- If it is a floating week program, then how many days in advance do I have to make the reservation?
- What is the total cost of the annual maintenance and fee?
- Are there any taxes pending on the resort?
- Does the timeshare resort or property, offer any exchange program?
- If I am unable to use the resort during the allocated week, can I bank it?
- Can it be transferred to the heirs?
- What are the legal procedures and documentation involved? If you have any doubt related to timeshares, then you can also sought legal advice.
Hope, this have given you a clear idea about a timeshare. So, are you all set to buy a property at your favorite holiday destination? If yes, then go ahead, and enjoy your holidays.