A timeshare is a great way to have freedom and flexibility over your vacation, because in a way you “own” your vacation. Essentially, you own a portion of a condo or unit in a resort, priced according to the size, amenities, location, season, etc. It’s a great way to vacation, but before you jump right in, consider these 5 things you might not have known about timeshares:
They are Flexible The old way of purchasing timeshares was simply buying a week at a fixed location each year. These days, you can buy points or credits to use at a variety of resorts and destinations. Check out Resort Management Association to learn about some of these flexible timeshare plans that might be right for you.
You Need to Do Research It’s easy to be swayed by the persuasive tactics of timeshare salespeople, but don’t cave to their pressure before you do research on your own. You might receive a lot of freebies or free stays in exchange for watching the sales presentation, but be warned that these are often very high pressure and they will expect you to make a purchase at the end. Organize viewings on your own for ultimate control over your timeshare purchase.
It Can be Smart to Walk Away If you do decide to go the salesperson route, consider beating him or her at their own game if they start bringing the pressure. If you remain unattached to the outcome, you can actually walk away from an offer and probably end up getting what you wanted in the first place.
They Lock in Costs One major advantage of owning a timeshare over booking a resort each year is that your costs are locked in, meaning they won’t inflate with time. It saves you the stress of looking for the cheapest rates every time you want to travel. Usually it ends up costing less in the long run.
They Can be Inherited Since timeshares are technically real estate property, they can be passed down to your children, which makes it a good long-term investment. You can also rent out your timeshare when you’re not using it and receive full rental income, since it’s your property. They can also be exchanged or traded with other timeshare properties.
