How Much Does It Cost to Buy a Timeshare?
- By: admin
- 0 comment
Fractional ownership, much more commonly known as a timeshare, allows travelers and families to have a nice place to stay for vacation. The main difference between timeshares and renting a vacation house is that the timeshare property will be legally yours in a fixed duration every year. Unlike renting or going to a hotel, you do not need to check in or check out. Just go there and have fun until your allotted time ends.
It goes without saying that the price of timeshare properties varies from country to country. The location of the property influences the price greatly. Aside from those things, a lot of factors can immensely lower or raise the amount you need to pay for a timeshare contract.
According to the American Resort Development Association or ARDA, timeshare properties cost around $19,000. Annual maintenance fee of timeshares are around $660, for a total of $19,660. And that is the average price you need to pay for a week of staying in a timeshare.
That’s a large amount for a week of vacation. And if you decide to sell timeshare properties, it is a good bet you will have a difficult time with your timeshare contract. You can just ask timeshare agents on how to sell my timeshare if you suddenly decide to cancel and want a professional’s opinion.
Say that you will be spending at least $100 per night on that timeshare house every year. A regular 3 star hotel in Florida costs around $50 to $60 per night. A 4 star hotel might cost you around $100 to $200 per night. If you think about it, you have already paid for the timeshare but you are still going to spend almost a hundred dollars every night, which is practically the same price as going to a hotel. Only this is a property you can only visit for a short duration.
Consider the payment of the timeshare in the calculation. If you are going to use that timeshare property for 10 years and you have a week’s duration in your contract, you will own that house for 70 days. If the cost is $20,000, then you will be technically spending around $285 per night. If you add the maintenance fee, it will be around $385.
In addition, since you are just “renting” the property, you can expect that you will not receive any special services like food or laundry when you rent a timeshare. You do get a full house equipped with all the necessities for everyday living like kitchens and utility rooms, but high class hotel rooms have those as well.
While food does not come free at hotel, in a timeshare your only options are to cook for yourself or go out for a meal. Ultimately, you are just paying for the concept of owning a vacation house. If you had used your money to rent or stay in a hotel, you would both get your money’s worth and all the conveniences that you should have when you are on vacation.
If you can use the timeshare house for more than 10 years without skipping, you will be able to get your money’s worth from a timeshare contract. However, if you cannot, you must make sure that you are willing to purchase it even if it becomes a financial liability on your end.
If you suddenly want to cancel your timeshare and are looking for the “best way to sell my timeshare,” it is best to get a timeshare attorney to help you. A specialized attorney can tell you how to sell a timeshare property without having a difficult time.
Leave a Reply