by Dell Claiborne
What exactly is a timeshare? What are the benefits of owning one? What should I look out for before buying one?
Basically a timeshare is a property that gives multiple owners access to a specific property for a specified time period. That time period is most often a week. The most popular timeshares are in condominiums in resort locations and warm locales like Florida and the Bahamas. Many people purchase timeshares as a means of owning vacation homes without the costs of a full time vacation home. Owning a timeshare gives you a chance to share vacation home or condo with up to 52 other owners, because you each are entitled to one week at the property per year. Each timeshare owner is responsible for a portion of the maintenance costs, management fees and costs to maintain any common areas. So the financial benefits can be great. When buying a timeshare, I recommend you do some research and work with a professional with experience in timeshare transactions. Timeshare laws vary from state to state. So do your due diligence. I would also advise you to be especially cautious when purchasing a timeshare in another country. Laws here in the US won’t apply there and dealing with the authorities in another country could prove difficult and frustrating.