A new assessment has been made regarding the financial volatility that may accompany timeshare purchases. While the timeshare industry as a whole continues to be a multi-billion dollar per year juggernaut, there is some question about inherent fiscal exposure for individual interval owners. The Street shares the story and some tips:
A timeshare is a unique, and financially risky way to own a vacation property that’s reserved strictly for you, at a specific time of the year.The most important item on your timeshare “checklist” isn’t really where to buy or how much to – although those are very important issues, too. Instead, the best move is to thoroughly vet your potential timeshare experience, and not pull the trigger until you know exactly what you’re getting into when buying a timeshare.
Manage that and you’ll likely make the right decision on a timeshare, and avoid the legal and contractual entanglements that come when you buy a timeshare on impulse, and come to highly regret that decision down the road. The Street also provided an explanation of the nature of timeshare ownership, helpful to anyone considering a new purchase.
Think of a timeshare as a regular dinner reservation at an eatery you might not like, but are obligated to go there and spend money, anyway – all because you signed a contract saying you would. In that regard, a timeshare is a form of vacation property ownership where more than one owner has the legal right to use the property, under the terms of the timeshare contract.
By and large, timeshare owners get their vacation homes in lush, sun-splashed and gorgeous locales, like Hawaii, the Bahamas, and the Florida Keys, among other places. Winter resorts offer timeshares for skiers and hikers, too, with timeshares in winter wonderlands like Colorado, Utah and Vermont commonplace.
Anyone unfamiliar with the timeshare market can find additional information through the American Resort Development Association. Individuals seeking a release from their property can contact Celebration Relief Resort. There is no cost for a consultation regarding timeshare liquidation options.