A timeshare is a property with divided ownership or usage rights.
These properties are generally resort-condominium units where multiple parties hold rights to use the property, and each owner has apportioned accommodation for a specific period.
Timeshare is aimed at wealthy buyers or the middle class. Though this varies from country to country, generally, it consists of couples over the age of 30 with a combined household income of 40-50K Dollars.
According to the 2018 United States Vacation Ownership Consolidated Owners Report, 7.1% of U.S. households own one or more timeshare weeks.
So, there are about 9.6 million owners or ownership groups.
What is a Timeshare?
Timeshares provide flexibility and guaranteed vacations every year.
The average cost is less than hotel stays.
The accommodations tend to have more space, private bedrooms, fully equipped kitchens, spacious living room areas, and are placed close to more amenities.
Why Would You Buy a Timeshare?
People tend to disregard the idea of buying a timeshare because of the lack of a guarantee of what the condition of the hotel, complex, etc. may be kept in while they aren’t using it.
Most people avoid buying a timeshare.
Those that own timeshare would now like to get rid of their units because of the rising annual maintenance fees.
Companies need to have maintenance fees for the upkeep of the resorts, but they can raise them as high as they like if a reason is provided.
Ask yourself, “Do you want the same type of holiday every year?”.
A timeshare holiday may be less expensive than a lifetime of vacations. And owners are guaranteed outstanding vacation times every year.
But the timeshare world has shifted gear, calling it a “vacation club” now.
This new, ‘younger’ phrase for timeshare appears to offer more flexibility than regular “old” timeshares.
But the contract wording and binding legalities are the same.
Where Can You Buy Timeshare?
Before buying a timeshare, it is essential to determine what type of timeshare to buy.
Then you can find timeshare resales, contact the owner directly, and complete the transaction privately rather than going to a presentation and being sold something, sight unseen.
So, learn more about timeshare before committing yourself.
When purchasing a timeshare resale (timeshares for sale by owner) on the secondary market, it is possible to save as much as 70% off the price of purchasing that same timeshare directly.
If you want to sell, you can sell your timeshare on a website like SellMyTimeshareNOW.com, an active timeshare resale marketplace.
If you are behind on your timeshare maintenance fees or have any outstanding dues, you will need to pay them off first before selling.
You can sell your ownership through a licensed brokerage without paying any upfront fees.
And depending on which state you were in when you bought your timeshare, you will have a grace period (a short window of time where you can give back your timeshare to the company without penalties).
When Is a Good Time to Buy or Sell?
There is a ready resale market where you can sell your timeshares at any time.
Due to the large variety of timeshare products and programs, the level of buyer activity can be diverse depending on variables like the asking price, week or season of ownership, type of ownership, and size or type of unit.
It is not easy or simple to sell timeshare, but it is possible if you take the time to research the resale market and know how to avoid any scams ahead of time.
Alternatives to Timeshare?
Becoming a non-owner makes booking a room at any timeshare resort during peak season easier than for a timeshare owner.
Another alternative could be to go for an ordinary vacation with your family so the funds can be split between everyone.
It’s cheaper to buy or rent a vacation home or stay in an Airbnb. Instead, investigate resort rentals or travel deals if you want a real bargain.
My Opinion on Timeshare
If my friends were to ask me what my opinion on buying timeshares is, I’d tell them that I wouldn’t want to buy at any price.
You usually end up buying something you haven’t physically seen, and it’s often not what you thought it would be anyway.
Before you buy a timeshare unit, it’s essential to talk to someone who already purchased a timeshare.
That should put you off for life.
There are many negatives to timeshare ownership. One of which is that it’s tough to sell once you’ve bought it. There are also annual maintenance fees, and you often have no control over these rising costs.
You also lack flexibility on when your holidays and vacations can be taken.
All in all, I’d say it would probably be better to get rid of timeshare. The costs will far outweigh the benefits in the long run.