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One of the rising trends in people holidaying at popular destinations, both domestic and international, is vacation ownership or timeshare. Are you a frequent traveller but haven’t heard of vacation ownership yet? It’s the way the can-afford takes a holiday, rent a private jet or fly off in their own private jet to their favourite place under timeshare.
Vacation ownership or time shares a type of ownership or having rights over property,usually a condominium unit in a resort or an apartment, of multiple owners. Each owner has the right to use the property at an allotted time that typically lasts for a week and almost at the same time each year depending on the type of vacation ownership. The property could be partially owned, on lease or a rights-to-use arrangement.
Two of the main advantages of vacation ownership is convenience and comfort.Rather than staying in a hotel room with one or two beds, one bathroom, and some necessary electrical appliances, you can stay in a unit with multiple bedrooms, bathrooms, laundry facilities, a separate living room area and a fully-equipped kitchen. Some hotels also offer access to other amenities, such as spas, restaurants, golf courses and water activities.
Peak season or not, you do have to worry about making reservations months ahead just to ensure you will be accommodated.In addition,you and your family can sleep in one place without worrying about additional fees.
If you have one specific place, you keep coming back to, vacation ownership costs a lot less than buying a property in that place. And, since you won’t be around for the whole year an additional cost is necessary to maintain the place. Whereas in vacation ownership, maintenance will be fairly divided among multiple owners. In case inflation occurs, you won’t be affected because it’s a prepaid transaction.
Vacation ownership may sound too tempting. But, before giving it, think many times if it suits your vacation needs and financial capability.
Vacation ownership is more like a prepaid accommodation. If paying for something you can only make use of months later does not sit with you, vacation ownership might not be a good idea. If vacationing at the same place every year seems boring; timeshare may not be a good idea for you.
You can buy a timeshare through the internet, a timeshare sales agent and the developer or owner of the property. Before buying one, here are words of caution.
1. Beware of pushy sales agents. They may seem nice, but they are there to sell. You could end up paying for a timeshare without weighing the pros and cons or without fully understating what is stipulated in the contract.
2. Do not pay for a timeshare if you did not personally check the property. You could end up vacationing in an old or poorly maintained property.
3. If you have to pay for the timeshare through a mortgage check for additional costs, such as special assessments, property taxes, maintenance fees, and utilities, not covered by your mortgage. Not being able to pay for these costs can lead to foreclosure of your timeshare.
A yearly vacation to your favourite summer place may sound like heaven, but before buying a timeshare weigh the pros and cons first.