Did you know that most domestic trips are for leisurely purposes rather than business? Because of COVID-19, 51% of Americans have not taken a vacation in over a year.
Now that testing and vaccinations are out, people are looking forward to vacationing for leisurely purposes again. If you want to stay safe, having your own timeshare is key to vacationing.
Before you buy, there are things you should know. Keep reading to learn six factors to consider when buying a timeshare.
1. Don’t Buy Impulsively
Buying a timeshare should only be done once you have extensively thought about it. If you plan to save money in the long run, you’ll need to make sure you’ll use your timeshare.
Think through all the details and don’t let a timeshare broker pressure you into making a decision.
Watch out for tactics like limited-time offers, giveaways, and complimentary vacations. These offers sound tempting, but they are put in place to influence you to make a quick decision.
2. Understand Your Budget
Can you afford the cost to travel to your timeshare? Do you need a car rental, airplane ticket, or entertainment budget when you visit your timeshare?
These are additional details to think about when planning a vacation at your timeshare. Although saving money on the place sounds good, other costs might add up.
3. Create a Time Commitment
As a timeshare holder, you’ll have guaranteed time at your vacation spot at least once a year. Some timeshare vacation homes allow you to take two trips a year.
Are you able to take time off work? Do your timeshare windows fall on holidays where your kids will be out of school?
4. Additional Property Access
When using a timeshare, you might get bored of going to the same vacation spot year after year. If this sounds like you, check if your timeshare offers you access to other properties and agreements with other timeshare companies.
Your contract might include affiliated resorts that allow you to make new experiences. For example, Hilton timeshare listings might allow you access to Hilton hotels around the world.
5. Make Payments On Time
Timeshare traveling only happens once or twice a year, but paying for the costs associated with your timeshare needs to be done on time. Do you have the ability to make all of your payments on the due dates?
Before buying a timeshare, lay out all of the dates and amount of money you will owe. If it seems doable to you, it’s a good sign. Defaulting on timeshare payments can lead to foreclosure or other repercussions.
6. It’s Not a Real Estate Investment
What many timeshare owners fail to understand is that a timeshare is not a real estate investment. Like cars, the value of a timeshare can depreciate.
Only certain timeshare expenses are tax-deductible and depend on your ownership type.
Timeshares are great investments that you can sell in the future. However, it’s important to know that you won’t get the same value as your initial costs.
Is Buying a Timeshare the Right Move for You?
If you enjoy vacationing once or twice a year and don’t want to search for a room to stay in, buying a timeshare is very beneficial. Before making a final decision, do research and consider the costs that come with it.
Only buy a timeshare that you aren’t forced into. Make a decision that works best for you and your family.
Keep this guide in mind as you search for the perfect timeshare vacation unit. For more articles like this, check out the other posts on our website.