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What to Know about a Time-Share Property

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By : Sonia Smith    99 or more times read
A time-share is type of property or ownership, or the right to use it. Time-share properties are typically resort condominium units which have a number of parties hold rights to use them. Each sharer is allocated a certain time, usually one week for each year where they could use it.

The time-share property started in Europe in the 60s. Later on, the developers around the world, which helps boost sales or excess condominiums during the time when the resort business was depressed, embraced it.

So, if you cannot afford to buy a luxury vacation home or a second home, a time-share property is probably the next best thing. A long-term vacation buy gives you the right to use the vacation home.

Below are things to consider when purchasing a time-share property:

  1. Make it point to shop around before buying. Take advantage of promotional offers by developers that allows you to visit resorts at lower rates or free try out vacations.

  2. Determine the appeal of the location of the time-share home based on your lifestyle and recreational choices.

  3. Inquire from current owners about their satisfaction with their time-share arrangements.

  4. Determine the cost of maintenance related to the time-share unit. The maintenance fees cover costs of cleaning, maintenance, utilities, landscaping, taxes and other important things.

The time-share industry is regulated in all countries where resorts are located. Some regulations govern the purchase of these properties, like a protection for the buyers concerning various aspects of the contract in relation to the purchase of the right and using immovable properties on a time-share basis.

There are several things you can do to make full use of a time-share property if you own one. As an owner, you can make fully use your usage time, have the place or unit rented or you could even give it as a gift to one of your family members. Additionally, you could also exchange it internally within the same resort or resort group or externally exchanged into thousands of other resorts.

You could also opt to sell it through traditional advertising, online advertising or through a licensed broker. Recently, time-share owners could choose to assign their time of usage to the point system in exchange of airline tickets, hotels, travel packages, cruise or amusement park tickets.

As an option to renting its actual usage time, you could rent part of the points without actually getting usage time and use the rest for points. Renting more points through either an internal exchange entity or another owner with a larger unit or more vacation time or at a better location.

However, some developers could limit the options available for these properties. You could opt to stay in the resort during the prescribed time, which varies on the nature of ownership. In most resorts, you can rent out a week or give it as a gift to friends and family.

In general, investing in a time-share property is a worthwhile investment that will not only let you enjoy vacation time but the chance of owning a wonderful property for a certain time as well.
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