If you love to travel, you’ve probably toyed with the idea of buying a place in your favorite vacation spot. But owning a property you only use for a couple of weeks in a year might not be a practical choice.
Many people find a balance by owning a timeshare that gives them access to a property for a specific time each year. When financial or personal circumstances change, they might put their timeshare on the market, which could be a great deal for you. Resale timeshares can involve less pressure and stress during the buying process, making them a good option for first-time buyers.
Let’s take a look at what’s involved in buying into a timeshare and how to save money when you do.
What Is a Timeshare?
Timeshares are fractional ownership in a piece of property, meaning you “own” that property for a set block of time during the year. Resorts sell blocks of time, usually to people who want to come back to the location during the same time each year. Instead of owning the unit, you own the time block for when you vacation.
The traditional timeshare concept involves fixed weeks for your vacation, usually the same ones every year. But these days, you can get floating weeks you can reserve any time during a specific season, as well as points-based options that allow for longer or multiple visits during a year.
Many timeshares are considered deeded property that you own for life and can pass down as an inheritance. You also can find deals where you own the rights to a property for a set number of years.
Annual maintenance fees, taxes, and dues are collected by the resort management. These go toward keeping up the property so you know it’ll be in great shape every year without you having to do any work.
Most of the time, timeshares are purchased directly from the resort developer. But as situations change, people might make the choice to sell their timeshares themselves, which has opened up a robust resale market.
Buying a Timeshare Resale
So why would you want to buy resale? After all, the timeshare business is rife with opportunities for fraud, particularly in the resale arena.
The biggest reason is cost. You can typically get a timeshare at a fraction of the cost of buying new from the developer – sometimes as much as 70 percent less. The more desirable the program and properties, the higher the resale value will be.
Buying a timeshare isn’t quite like buying real estate, although the process is similar. Make sure you’re working with an experienced timeshare resale broker like WorldMark Resale.
If you like a resort, you might find multiple owners with identical units selling for the identical week. Take the time to compare. Many times you’ll find owners are motivated to sell quickly, which can get you great savings.
Find Resale Timeshares
Now that you know the answer to “how does a timeshare work” and got other timeshare tips, you can approach resale timeshares with the confidence to make a good investment. Finding someone selling a timeshare is easier than you think, and you can get a good deal on a property at one of your favorite vacation locations.
If you love to travel, check out our other articles in the travel section for reviews and tips on locations around the world.