Are you a fan of vacations? Is traveling what you look forward to every year?
If so, you should look into buying a timeshare. 9.9 million households in the United States own a timeshare, and you could be one of them.
Instead of having to plan your vacations every year, they could be arranged for you. Your money could already be set aside, and now all you have to do is take the time off from work.
If vacation ownership sounds ideal to you, keep reading to learn three important things before buying your first timeshare.
1. Know Your Budget
Timeshares can be expensive, even if they are a better deal than other types of vacation homes.
Your initial purchase fee is based on your share of the property. So, while a typical home mortgage will cost hundreds of thousands of dollars, a timeshare averages around $20,000.
This seems a minimal fee to own a vacation property, but it isn’t the only fee. You’ll also have about $1,000 worth of annual expenses, which don’t include any maintenance or repairs that are needed.
To determine if a timeshare is in your budget, add up your vacation costs for the past five years. If they add up to more than the travel costs to your timeshare and your various timeshare fees, a timeshare could help you save money.
2. Understand Your Time Commitment
If you were to buy a timeshare, it must be worth it. Sure, you probably want to vacation a few times a year, but is that realistically possible for you?
Are you able to get time off work, and do your kids get time off from school? Depending on the week you are assigned, it may not fall on a holiday, which means more complex vacation planning.
Consider that many people will have access to the timeshare, so changing your week won’t always be possible.
3. Research the Location
Are you looking for one specific location, or do you want a wide range of locations and vacation benefits?
Perhaps you love staying at a particular beach home, but are you willing to go there every year for the next five to ten years? Some timeshare companies allow you access to various properties, while others are set in stone.
Look into this before settling on just one.
Be the Master of Vacation Ownership
If you’re considering vacation ownership, buying a timeshare is a great way to do so. You can own a piece of property and know that you’ll always have a place to vacation every year.
Before taking the plunge, review the tips above and plan out what kind of timeshare you may want. There are a lot of different options, and talking with other timeshare owners could give you a better idea of what will work for you.
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