A timeshare is a property that is owned by multiple parties. Each party uses the location for a portion of the year. The times are worked out between the owners of the timeshare or included as part of the purchase. These kinds of properties are usually purchased by individuals looking to get a summer or vacation home in a desirable location.
Timeshares range in size and amenities from location to location because there is no guideline to what kind of properties can be a timeshare. In fact, as long as the local HOA agrees to it, anything can be sold incrementally as a timeshare. If you are considering buying into one, you should be aware of the following benefits.
Four Benefits of Owning a Timeshare
1. Amenities – Timeshare properties are often used in the same way a hotel or resort is used. There is one difference, though, the amenities. When you stay in a timeshare, it is usually a house or condominium with a full kitchen, backyard, and master bedroom suite. Space alone gives it a huge advantage over staying in a hotel room.
2. What’s Nearby – Timeshares are often sold in vacation destinations near natural attractions like national parks, beaches, and mountain resorts. Buying into a timeshare property usually gets you into a location that is closer to the action in any resort town, including prime shopping and dining options.
3. Flexibility – With a timeshare, you get a world-class vacation property at a drastically reduced price. Because of this, it is easier to sell it, giving you the flexibility to switch to a new option at any time. If you want a vacation property without a maximum commitment, consider a timeshare.
4. Transfers – With timeshare transfers, you can trade your time in your timeshare with someone who has a timeshare in another area you are interested in? Growing bored of mountain vacations? Trade with a friend who has a beach-adjacent timeshare for a more tropical vacation.
As you can see, there are a variety of reasons to consider buying into a timeshare. Before you do, be sure that you are happy with the location. While a timeshare is flexible, it is somewhat of a long-term commitment.