Jul 11, 2016
Everyone loves to get away from the hustle and bustle of everyday life and retreat to a beautiful home in the mountains or on the beach. If you’ve been thinking about buying a vacation home to make your travels easier, you might want to consider a timeshare, instead. Here are five reasons why.
#1 – You Only Pay for What You Use
Unlike a vacation home that may cost a pretty penny and sit vacant for most of the year, you only pay for what you use when it comes to a timeshare. You can choose from several different types of timeshares:
* Fixed-week: You own the rights to a specific unit during the same calendar week each and every year.
* Floating: You have the option to reserve which week you’d like to use your timeshare ahead of time, but other shareholders also have the same option, which means you may struggle to make your reservation during prime periods.
* Right-to-Use: In this type of timeshare, you simply lease the property for a set amount of time each year for a set number of years.
* Points club: This follows the same rules as a floating timeshare, but gives you more location options. You spend points you accrue at any location you’d like, and timeshares are reserved on a first-come, first-served basis.
#2 – No Year-Round Maintenance
When you buy a vacation home, you’re responsible for maintaining that home all year long, whether or not you’re using it. For example, if a storm comes through and damages the roof, it is on your shoulders to arrange (and pay) for repairs. You’ll also need to hire someone to handle landscaping and other routine maintenance. With a timeshare, you are only responsible for a portion of those maintenance and repair costs. For example, if you have your timeshare for one week out of the year, you are only responsible for 1/52 of the cost – much less than owning a vacation home.
#3 – Predictability
If you live a busy lifestyle (and who doesn’t these days), you might enjoy the predictability that a timeshare can offer. Each year, you’ll have a guaranteed vacation spot and you’ll know well in advance when you’ll be going. This gives you ample opportunity to plan, and you won’t have to rely on a travel agency. What’s more, the more often you vacation, the more you’ll get to know the area – and you may form relationships with other timeshare owners, too.
#4 – You Might Be Able to Rent It Out
Some timeshare companies will allow you to rent out your timeshare if you are unable to use it in a given year due to unexpected circumstances. Although you can also rent out a vacation home, keep in mind that you won’t be nearby to check on the condition of your property during and after the renters’ stay. Check your contract, though; some timeshare companies will require you to pay a fee or may disallow renting out your timeshare altogether.
#5 – You Can Go More Places
Many of today’s timeshares don’t limit you to just one location. In fact, some of the most popular options will allow you to travel coast-to-coast, from California to Florida, or even to Hawaii, the Bahamas, the Caribbean, and even Europe. You can’t pick up a vacation home and move it as you please, and trying to sell it to purchase a vacation home in a new location is not effective in terms of time or money.
Timeshares are better options than second homes for many, many reasons, but for most people, it often comes down to two things: cost and convenience. A timeshare is less expensive, and it allows you to get much more for your money – all without the same headaches of owning a second home.