What is timeshare and its benefits?

Taking a vacation can be a complicated and expensive undertaking for any individual, couple or family. Many people choose to rent a room at a hotel or buy a vacation home as a summer residence. Timeshares offer an alternative to these traditional vacation options, but timeshare ownership isn't right for everyone.

Definition

A timeshare is a vacation property with shared ownership. A management company handles the construction and sells shares, which entitle buyers to spend a specified amount of time (usually one week per year) at the property. Some timeshares are large complexes with dozens of living units, while others resemble a single family home and are only large enough for one owner to occupy at a time. Most timeshares are located in popular resort areas where vacation property is in high demand.

Ownership

Owning a timeshare is not the same as owning vacation property outright. Owners don't have the right to make changes or improvements to the property directly. Instead, the timeshare's management company performs maintenance, cleaning and improvements using funds pooled by owners. The management company also lays out rules for using the property, which owners must agree to when they sign a purchase agreement. These rules may include how many people can occupy the unit and where owners must park.

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Advantages

Owning a timeshare has a number of advantages over other forms of vacationing. Unlike renting a hotel, owning a timeshare guarantees the owner space and secures the dates in advance. Some timeshares allow owners to trade, sell or gift their time, which makes vacationing more flexible. Some even offer multiple locations where owners can choose to spend their allotted time. Timeshare ownership also removes much of the inconvenience associated with owning vacation property outright, such as hiring a caretaker for the winter months or paying property taxes.

Cost

Timeshares generally represent long-term savings over renting hotels each year. However, owners need to be prepared for the true cost of ownership. Besides the initial cost of the share, owners are responsible for an annual maintenance fee, which goes toward improving the timeshare at the discretion of the management. Owners may also be liable for special fees to deal with emergency damage or perform a major upgrade, such as a new roof.

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Selling

Timeshare purchase agreements lay out the rules for an owner to sell her share. Usually owners must wait for a set amount of time before selling. Timeshares tend to lose value over time, making them a poor real estate investment. This is especially true when newer timeshares occupy the same area, giving potential buyers more attractive options. Owners who sell may recoup some of the purchase cost, but fees and depreciation prevent timeshares from turning a profit in the majority of cases. Instead, timeshares save money on vacation costs and offer convenience.

Taking a vacation can be a complicated and expensive undertaking for any individual, couple or family. Many people choose to rent a room at a hotel or buy a vacation home as a summer residence. Timeshares offer an alternative to these traditional vacation options, but timeshare ownership isn't right for everyone.

Definition

A timeshare is a vacation property with shared ownership. A management company handles the construction and sells shares, which entitle buyers to spend a specified amount of time (usually one week per year) at the property. Some timeshares are large complexes with dozens of living units, while others resemble a single family home and are only large enough for one owner to occupy at a time. Most timeshares are located in popular resort areas where vacation property is in high demand.

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Ownership

Owning a timeshare is not the same as owning vacation property outright. Owners don't have the right to make changes or improvements to the property directly. Instead, the timeshare's management company performs maintenance, cleaning and improvements using funds pooled by owners. The management company also lays out rules for using the property, which owners must agree to when they sign a purchase agreement. These rules may include how many people can occupy the unit and where owners must park.

Advantages

Owning a timeshare has a number of advantages over other forms of vacationing. Unlike renting a hotel, owning a timeshare guarantees the owner space and secures the dates in advance. Some timeshares allow owners to trade, sell or gift their time, which makes vacationing more flexible. Some even offer multiple locations where owners can choose to spend their allotted time. Timeshare ownership also removes much of the inconvenience associated with owning vacation property outright, such as hiring a caretaker for the winter months or paying property taxes.

Cost

Timeshares generally represent long-term savings over renting hotels each year. However, owners need to be prepared for the true cost of ownership. Besides the initial cost of the share, owners are responsible for an annual maintenance fee, which goes toward improving the timeshare at the discretion of the management. Owners may also be liable for special fees to deal with emergency damage or perform a major upgrade, such as a new roof.

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Selling

Timeshare purchase agreements lay out the rules for an owner to sell her share. Usually owners must wait for a set amount of time before selling. Timeshares tend to lose value over time, making them a poor real estate investment. This is especially true when newer timeshares occupy the same area, giving potential buyers more attractive options. Owners who sell may recoup some of the purchase cost, but fees and depreciation prevent timeshares from turning a profit in the majority of cases. Instead, timeshares save money on vacation costs and offer convenience.