What is a Timeshare?
A timeshare is a name given to a piece of property shared among some owners. This involves the use and cost of maintaining the property. Although the majority of the timeshare properties are condominiums resorts, it will not be a surprise if you find a hotel timeshare or a motorhome timeshare or a cruise timeshare or a campground. The choices are increasing by the day. The idea of a timeshare property originated in Europe in the 1960s when the property rates were skyrocketing, and it was impossible for people to afford a full-time vacation house. But by sharing the ownership, the burden of maintenance and other costs on the single person were significantly reduced. These also boosted the fortune of real estate developers as they were able to successfully market and sell the properties to a higher number of people. But a key point to remember in timeshare properties is that a timeshare is owned by some people who have no relation to one another like standard home ownership.
Definition
A technical definition of timeshare property is that an owner has a specific time to share their share of the property. But as more and more properties are being converted into a timeshare, flexible timeshare options cannot be ruled out. The flexible timeshare offers owners the option of choosing more than one timeshare destination and also more than one specific time of a year.
Holiday Destinations
Timeshare properties are usually found in warm destinations like Florida where people like to vacation a lot. They can also be found in cold weather areas near ski resorts. The timeshare properties are typically furnished in full and usually have one to three bedrooms, multiple bathrooms, a kitchen, and a living room. It may not come as a surprise if you find timeshare properties with indoor or outdoor pools. They have become a common feature of most timeshare properties nowadays.
The typical duration of a timeshare ownership unit is one week. Depending on what time of the year you own the timeshare the price may vary. For example, a timeshare property in April in Florida will be much higher than in August. So the rates may vary with changing season and demand. Some resorts give color coding to different seasons depending on the demand. For example, some resorts term high demand season as red season meaning the prices of the timeshare will be highest in that season.
Timeshares can usually be inherited to your children like any other real estate property. Timeshare offers not only a great vacation but also a great investment. Most people rent their timeshare to others when they do not use their timeshare. This has a double advantage. You earn rent also along with an appreciation of the property with time. Timeshare properties are exchangeable and tradable with other features in most of the cases. While it may be easy for the owners of the red season timeshares to exchange their unit with other owners in any season, it might be impossible for owners of low season timeshare owners to get a high season timeshare unit in exchange.
Timeshares can be purchased through financing also, but mostly the resale properties acquired from individuals are paid in cash. The cost of maintenance, management, and cost to maintain common areas like pools and tennis courts are funded by timeshare owners. Fees may vary and always make sure to find it out before buying a timeshare.
There are many types of timeshare properties. A fixed unit, fixed week, deeded timeshare allows you to own a specific timeshare at a particular time each year. A floating time agreement will enable you to be flexible about the dates that you can use your timeshare. But reservations may be only first come first serve as many owners would like to go for that option. Right to use timeshare is a leased timeshare. You no longer have rights to the property after the lease expires.
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