Is Vacation Ownership Really Worth It
Families, couples and even singles snap up timeshare properties, getting lured by the promise of a hassle-free vacation and the option to exchange their unit for a different one each holiday. These properties may include condo units, rustic cabins in ski resorts, villas or cabanas near the sea.
Timeshare or vacation ownership may have benefits but this type of asset is not advisable for everyone, especially if the traveler is a type of person who doesnt take annual vacation. Timeshare owners are bound to the parameters stated in the contract and it includes the payment of maintenance fees. Failure to comply with the statements that are should be followed on the signed agreement would practically lead to judgments in courts.
Whether you like it or not, these maintenance fees that are required to ensure the quality and safety of your vacation houses have impact on your budget. Aside from the feeling of being obliged to pay for these prices, these fees are more likely to increase for as much as 4% annually.
Timeshare business is also one of the most common avenues of fraud. Scammers have mastered the tricks of luring those people who are so eager of having their own vacation spot. Some of the common tactics used were the bonus packages and promises of easy resell. Of course, youll never know the other traps they use to make you lose your hard-earned money.
Having a vacation property may sound posh, but few realize that just how much it entails. The cost does not stop at the purchase. Like buying a house or having children, it is a yearly commitment for as long as it lasts. During the brunt of the economic recession, in fact, a lot of people found just how much having a timeshare demands, as thousands sought to trim their vacation expenses and save up on much-needed funds.
In the longer term, people who gambled on buying a timeshare property without really considering the yearly cost ended up selling back on the market. This process is actually not as simple as it sounds, because the demand on timeshare resale varies on the season and area of the property. Moreover, with thousands of owners flooding the market, it is very rare for one to get sold, even for a loss. There are also the many scammers that sprouted up when reselling timeshare became the trend.
Timeshare properties do not have equity. The deeds for timeshares are typically tied to time of stay to the resort, not to the real estate of the resort. The master deed were held by the timeshare company owner, that is why you cannot really consider your timeshare asset as your investment, unlike landed properties where you have the title to boast.
Taking a break from the usual activities in the city is a healthy habit so it is best not to limit ones option in settling in the same place every time holidays come to give you an opportunity to reflect and relax on the other side of the world.