Timeshare Definition
Are you familiar with the term timeshare, but not exactly sure what it means? To define a timeshare, it is a shared property ownership where you prepay for your vacation accommodations to have a lifetime of fabulous vacations at a low, fixed rate. Another term for timeshares is vacation ownership. Owning a timeshare gives individuals and families with different budgets and income levels a chance to enjoy annual vacations at luxury resort properties without overpaying. Another upside to timeshare ownership is that they are low maintenance too so you can avoid all the hassles of full ownership.
Differences between Real estate and Timeshare
Okay, so does this sound interesting to you but you still don’t quite understand how timeshares differ from purchasing traditional real estate? The main difference between traditional real estate and timeshare ownership is that timeshares are shared by multiple individuals who each have a financial interest in the property and can use it during specified weeks annually. If you own traditional real estate, you are the sole owner. Another difference between traditional real estate and timeshares is that with timeshares the maintenance costs for the property are divided equally among timeshare owners. This makes it much more affordable than owning an individual property on your own. Maintenance fees are used to keep the property in good condition, and are applied to your individual unit as well as common areas, amenities such as pools and gyms, and landscaping. Annually, most timeshare owners pay between $20 to $50 a month on maintenance fees so it doesn’t break the bank.
Timeshare Resale Details
Now that you know more about timeshares, are you familiar with the term timeshare resale? A timeshare resale is when a timeshare is resold to a new owner by the current owner as opposed to being purchased directly from the resort.
Timeshare Resale Scammers
One major risk to consider regarding timeshare resales is that it is more likely you could end up a victim of a timeshare scam. Many timeshare scammers have been known to deal with fraudulent timeshare resales that could cost you your valuable time and money. To avoid becoming victimized by a fraudulent timeshare scammer, only purchase a timeshare directly from a legitimate and reputable timeshare provider.
What is the Timeshare Purchase Process?
Does a timeshare or timeshare resale sound like an investment opportunity that would interest you? If so, consider enlisting the help of a licensed and bonded timeshare title company to walk you through the timeshare purchase process. Title companies will oversee your timeshare purchase and handle everything from deed preparation, escrow of funds, timeshare estoppel certificate, closing statements and recording fees all for one low flat-rate. Lastly, a licensed attorney that is associated with the title company reviews the title work in order to guarantee its accuracy.
I hope this article helped explain the differences between the two.