One of the most popular vacation options these days is buying a timeshare resale unit. This option makes more economical sense than purchasing a vacation home. Timeshare resales are much cheaper than the original timeshares sold by developers. Most timeshare properties depreciate in value by thousands of dollars the minute you buy them. For people desperate enough to get out of their timeshares, they just resold it for pennies.
One advantage of having a timeshare resale unit is that you don’t have to deal with the upkeep of the property as there is always someone who has an eye on your property if anything goes wrong with it. Also, if you’re so busy during the year with your job, business or family that you don’t have time to organize your vacation, then a timeshare would be perfect for you. With timesharing, you can also trade your timeshare unit with another. You can also make some extra money by renting it out.
However, there are also a number of disadvantages of having a timeshare resale unit. As these kind of units are not the original timeshare properties, they may need more maintenance sooner rather than later. Most timeshares already have high maintenance fees and these fees can rise every year.
You might also be locked into a limited timeshare contract as some resorts don’t like when you rent your deed too much. Some timeshare contracts may even require that you can’t rent, exchange or sell your place for a certain period of the year or for a number of years.
On the other hand, having a timeshare means commitment. The owner is expected to pay the full cost upfront and also to pay the yearly maintenance fees on time. Take note that there are many owners who have bought a resale unit but still ended up trying to get rid of their timeshares. While the cost of timeshare resales are much lower than those from the resort companies, the commitment is still required to pay this cost upfront and the maintenance fees every year.