What is Timeshare and How Does it Work?
Timeshare has been around for quite some time now and is a fast-growing sector of the holiday industry. It’s a popular way to be able to enjoy an often-luxurious holiday home for a set period of time every year and only paying a fraction of the price that it would cost to own the property all year round. It’s a great way to ensure you get to visit your favourite holiday destination on a regular basis without worrying about where you’re going to stay.
By sharing the home, you’re also sharing the responsibility and don’t need to worry the maintenance for the rest of the year. There will be a maintenance fee to pay yearly and that will cover your share of everything – the maintenance of the property, the utilities, the cleaning costs, insurance, taxes and potential refurbishing costs.
When you’re buying a timeshare, you’re basically paying for holiday time in that property, and this can be set calendar weeks (the same each year) or floating timeshare weeks where you book during the period of the year that you own, subject to availability. There are also Even Years and Odd Years timeshares. As the names suggest, that means you own your week(s) on an even years or odd years basis. You would usually only pay the maintenance fee for the same too.
You are in control of your own timeshare and can use it yourself, give it away, sell it or rent it out as you wish. It’s a good investment in your leisure time as you know you will be able to enjoy a nice holiday property for years to come. It’s especially well suited to people who like going back to the same familiar place, of course.
If at some point, you want to sell your timeshare – maybe you fancy a different holiday destination? – you can sell it. There are exchange companies available to help you if you simply want to trade your week with another owner at a different resort and also timeshare exit companies that specialise in helping people cancel their timeshare. Read Resolution Timeshare reviews to find out more about this option.
Before you sell, make sure all your maintenance fees are settled as the resorts will not allow sales before these are paid in full. You can go private for your sale, but it’s best to employ a reputable timeshare agent to help you through the process to ensure you get a good deal and a smooth and safe transaction of your money.