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Wednesday, April 7, 2010

Identifying Smartly the Advantages and Disadvantages of Owning a Timeshare

As many owners today end up trying to get out of their timeshares, potential consumers are now careful before they purchase such property. When you purchase a timeshare, you will own typically one week per year of that unit where you will be spending your vacation. But just like any other property, it has also its own ups and downs.

Timeshares can be a good way for people looking to vacation in the same place every year at the same time of year. The cons to this are that you must pay an annual maintenance fee that usually increase. Also, you must pay interest on the timeshare price if you finance it. But if you do not want to spend your vacation in the same place at the same time every year, you will have to pay fees to change either the resort or vacation week.

For some people, timeshares may work for them provided they take into account all of the facts before purchasing. Since you own the timeshare, you can either sell it or exchange it if you choose. However, be reminded that timeshares do not appreciate in value like normal real estate does. Moreover, exchanging the timeshare unit may cost an additional fee.

In the long run, owning a timeshare saves money because you are not purchasing hotel rooms for your vacations every year. Timeshares mostly provide one to three-bedroom units with living rooms and full kitchens. Compared to hotel rooms, it can provide you as much room and amenities.

In the recent years, there’s an increasing trend for owners who wanting to get rid of their timeshares. The economy plays an important role in it but the disadvantages brought by it can also be the cause. Thus, if you plan to own a timeshare, make sure you do your own analysis. Also, have an attorney look at your timeshare contract first before signing it to avoid future conflicts.

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