Different Types Of Timeshare Properties - The Pros And Cons Of Owning Them
For most people purchasing a property at their favorite traveler destination can be quite impossible – but what if they can share the cost of the property with a number of similar minded people? If you are thinking about buying a Cancun or Hawaii timeshare so that you can regularly go for a vacation in those places you need to first know about the different types of timeshare properties available and also the advantages and disadvantages associated with them.
Normally four different types of timeshares are available - fixed week, floating, right-to-use and points club. In fixed week timeshare sales, the buyer usually has the right of a specific unit the same week every year. These types of timeshares are predictable, have little flexibility and are also potentially boring in the long run. A floating timeshare allows the buyer to reserve his stay anytime of the year. This is certainly more flexible than the previous type but getting your period exactly when you like it may be difficult, for all the shareholders might queue up to own it during the best part of the year. For a right-to-use timeshare rental, the property is leased by the buyer for a given amount of time every year for a pre-set amount of years. You can consider points club timeshares as more or less similar to the floating type with the difference that buyers can stay at various destinations depending upon the points they have accumulated from buying a specific property. These points are used as currency in this type of timeshare and the property is generally reserved on a first come first serve basis.
It is true that a majority of people now consider timeshares for rent as a better option, but owning a timeshare has its advantages too. Timeshares can actually make an expensive property more affordable, for the cost is shared by a group of people and you are also not required to worry about round the year maintenance. You will have a fixed yearly vacation destination that you can also trade with other timeshare rentals for travelling to new places. Even you can also rent your share to other travelers for financial benefits. The benefits of owning a timeshare are many but there are also some disadvantages that you should be aware of:
• You will be required to pay an annual maintenance fee that will keep going up every year and you will have little control over this annual increase.
• There are so many Hawaii or Cancun timeshares that reselling them is pretty difficult and owners are often required to offer steep discount. That makes investing in a used timeshare in the secondary market a better option than buying a new timeshare property. Moreover if you sell your timeshare for a loss, you won’t be allowed to claim it as a capital loss by the Internal Revenue Service.
• Buying timeshares in a foreign land has its own problems, for countries like Mexico don’t allow foreigners to directly own a property within 30 miles of its coast-line or within 60 miles of its international border and your choice is limited to only ‘right-to-use’ timeshares.
For more information on timeshare properties sales and rental you can visit Conciergerealty.com
ABOUT THE AUTHOR
Sam Cook is an expert on the concept of timeshare vacation homes and also likes to write many interesting articles and blogs on the topic, helping people to understand the various aspects of this system. He recommends ConciergeRealty.com as the best name to trust for timeshares in Aruba, Maui, Cancun and Hawaii.