Everyone has heard of timeshares, but do you actually understand what it means? A timeshare is shared ownership property where you prepay at a low, fixed rate for your accommodations in order to plan ahead for a lifetime of fabulous vacations. Timeshares are sometimes also called vacation ownership. The number one benefit of owning a timeshare is that it gives individuals and families with varying budgets and incomes a chance to have annual vacations at luxury resort properties without breaking the bank. Another upside to timeshare ownership is that timeshare properties are low maintenance so you won’t spend your vacations fixing up your property, or attending to repairs that may be needed.
- What is the difference between Real estate and Timeshares? Do you want further information on what are the differences between real estate and timeshare properties? The number one difference between traditional real estate and timeshare ownership is the fact that timeshares are shared by multiple individuals as opposed to one owner. These multiple owners each have a financial interest in the property and can use it during specified weeks annually. When you own traditional real estate, you are the only property owner. Another notable difference between traditional real estate and timeshares relates to the maintenance costs. With timeshares, the maintenance costs for the property are divided equally among timeshare owners which makes it much more affordable than owning an individual property on your own. Maintenance fees keep your unit and the property grounds in good, working condition and average between $20 to $50 a month so it is financially accessible for almost everyone.
- What about Timeshare Resales? Does a timeshare sound good, but you are wondering how you can get additional discounts? A timeshare resale is when a timeshare is resold to a new owner by the current owner instead of the resort selling the timeshare.
- Timeshare Resale Scams To Avoid: However, it is important to be aware that you open yourself up to becoming a victim of a timeshare scam if you purchase a timeshare resale. You may be unknowingly deal with a fraudulent timeshare scammer and could end up having financial burdens that you did not anticipate. To avoid becoming a victim of a timeshare scam, it is recommended to only invest in a timeshare directly from a legitimate timeshare provider.
- Who handles the Timeshare Purchase? If you are thinking about purchasing a timeshare or timeshare resale, we recommend you hire a licensed and bonded timeshare title company to oversee the timeshare purchase process. Title companies handle the timeshare purchase as well as deed preparation, escrow of funds, timeshare estoppel certificate, closing statements and recording fees all for one fee. One of their licensed attorneys will review the title work to make sure everything is in order.
If you are debating whether to purchase a timeshare or a timeshare resale, we hope this article helped explain the differences between the two so you can make the best decision.
Read more: Protecting yourself from Villa del Palmar Timeshare Scams