Considering a Timeshare for Your Family Vacations?

A timeshare is the name given to piece of real estate where a number of individuals share ownership in a piece of property. By owning a timeshare, you have bought time and you share the vacation property. Most time-shares are condominiums at vacation resorts, but they may also be recreation vehicles and cabins aboard cruise ships. Chances are good that you will find a timeshare wherever you plan to vacation. If you buy a timeshare, you are getting tomorrow’s luxury resort vacation at today’s prices

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The timeshare industry experts estimate that the majority of new time-shares depreciate immediately after purchase by at least 20 to 30 percent. However, the timeshare industry is the fastest growing segment of the travel industry. Several highly regarded resort-hotel chains have gotten into the timeshare business. Vacation ownership has enjoyed substantial growth over the years with approximately 3.3 million timeshares sold since 1980.

When you buy timeshare on the resale market, you are already ahead of the game, as used properties are significantly less expensive than new ones. You also have the right to a brochure and written contract setting out basic information on the property in your own language. Ownership requires you to pay an initial purchase price and periodic maintenance fees. Should you decide that you cannot use your timeshare, you may be able to rent it to others. Terms such as these should be defined in your contract.

If you determine that purchasing a timeshare or vacation home makes sense, comparison-shopping is your next step. Consider whether you will be able to use a timeshare facility year after year. Never be pressured into purchasing by high-pressure sales people. Consider the vacation area and imagine what the area will be like several years later. If the area that your timeshare goes down, so will the price of your timeshare if you decide to sell.

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