A timeshare is a property that differs from usual real estate in the sense that it is bought, used and maintained by several parties. The property itself is often purchased by a real estate company or brokerage firm for the intent of selling off individual pieces in the form of a usage agreement amongst several parties. These properties are often resort condominiums, cabins, beach houses, or suites in popular vacation destinations such as Miami, Hawaii, The Bahamas, Colorado, or Las Vegas.
What is a Timeshare?
Timeshares are essentially “owned” by several people at once. This forces the co-operative to split time based on shares of the property that each party owns. For example, a common timeshare split is one week per year, for fifty-two owners. Now, if one party owns two shares, they’d received two weeks per year as opposed to the single share party who only receives one. The number of owners, and the agreed-upon time vary greatly by property and ownership arrangements, but typically timeshare owners will get to use the property for a previously agreed-upon time each year while allowing other owners to use the property on their time. The actual time that you’ll get to use the timeshare each year varies greatly, but one to three weeks is pretty common for most units.
Whether it’s a beachfront condo at a five star resort, a rustic mountain cabin, or a luxurious condo on the Vegas strip, a timeshare lets you live your dreams by having that home away from home to return to year after year while on vacation. Many adults dream of having several homes scattered across the globe, and timeshares give you the ability to do just that.
Benefits of Timeshare Ownership
A timeshare can be a great way to buy into a luxury vacation resort in the location of your choosing for a fraction of the cost of what that same vacation would cost you at retail. It’s not uncommon for a weeklong rental at a resort to cost several thousand dollars. While a timeshare certainly isn’t free, it allows the owner the ability to stay at a property they love for sometimes as little as half of what they would pay at retail for renting the same piece of property.
For those that enjoy visiting the same destination regularly, it can indeed be a great idea as the savings when compared with a traditional hotel or resort stay can be quite significant. In addition, that home-away-from-home feel of staying in “your” place each time you hit the road can be quite a bit more relaxing than that living out of a suitcase feel of the typical hotel or resort.
When purchasing a timeshare, what you are essentially buying into is the idea of your very own home-away-from-home in order to find some sense of normalcy while visiting loved ones, or just getting away from it all. Many find that returning to the same place each year is the most relaxing way to get away, without the anxiety that living out of a suitcase can cause.
Is buying a timeshare right for you? Only you’ll know for sure, but with numerous benefits to ownership, and some amazing deals to be had, it’s certainly a great time to own your very own timeshare.