Timeshares: Buying that Vacation Home

If you are looking for a vacation home, you might consider a timeshare instead. In the early 1990's, they were a hit that started to fade quickly, but now it is a trend that might be making a strong come back.

"Vacation Ownership" is just another term for timeshare. It describes it pretty well, though. Once you buy a timeshare, you have a guaranteed vacation that you own each year. There are over 5,000 resorts participating in timeshares all over the world. Timeshares offer a flexible choice of locations and times. One year you may want a contemporary condo in Hawaii, the next you may want to experience a stay in a castle in Ireland. No matter what your taste, timeshares can offer you the freedom of choice.

One turn-off to the early days of timeshares was the inability to choose a different location. You were "locked in" to a specific unit at a specific resort for a specific week. That just no longer rings true. With all of the flexibility offered now, timeshares are very appealing to people of all incomes.

What is it? Timeshare basically means owning a condo unit, but nowadays, these resorts are divided up and viewed as "points", "credits", or "intervals". Owners purchase however many of these as they wish. Of course, the more you buy, the more freedom of choice you have. Size of the condo, amenities offered by the resort, where the resort is, and the season in which you buy are all factors in the purchase price.

How does it work? Used to, when you bought a timeshare unit, you bought a specific or "fixed" week for a specific resort. Nowadays, you can purchase at one location but you can redeem at various resorts. You also have the flexibility to purchase more time than just a week (or two consecutive weeks). In the early days, if you didn't use your week for one year, you'd lose it. But now, it can roll over. So skip a vacation one year to enjoy a longer one the next.

You also have the choice of a deeded or non-deeded timeshare. So if you want to purchase a timeshare just for a few years or one to pass down to your children, the decision is yours to make.

Financing is also available if you don't have the full purchase price up front. You will also encounter regular maintenance fees to help with the up-keep of the unit(s). Taxes and insurance will be another financial consideration as well.

There are plenty of advantages to owning a timeshare:
- luxury accomidations
- home away from home atmosphere
- full control of your vacation
- top destinations worldwide including some cruises
- share it with friends and family
- take several short vacations throughout the year
- take a long vacation by saving up credits
- enjoy more, regular vacations
- create wonderful memories
- fixed cost of your vacations
There are almost no limits with a timeshare purchase!

Is there a down side? There might be. If something happens and you can't afford the payment, problems may arise. But that is true with any major purchase. Timeshare is a major purchase - just like buying that second home. But you do have the option of selling if you ever need or desire to.

When considering purchasing a timeshare, be honest with yourself. Ask yourself simple questions such as: Can I afford it? Will I enjoy it? Would I like to share it with family or friends? It is a big decision to make, but one that could reap great rewards if carefully thought through.

Resources:
www.timeshares.com