The cost of timeshare properties depends on various factors, such as the location, amenities, popularity, and size of the property. If you’re interested in purchasing a timeshare on a smaller budget, below are some tips on how you could buy a timeshare that you could comfortably afford.
Look at Timeshare Resale Market
This is one of the most efficient ways to get the most of your budget since the cost of a used timeshare is usually 50% less than the cost of a new one. The reason for this is that timeshare developers usually inflate prices of new properties for covering their marketing and sales costs.
Consider Locations Off the Beaten Track
If you’re looking to buy a timeshare in a specific area but can’t afford it, look at properties within proximity of that area. For instance, instead of getting one right on the beach, consider one that’s near the beach (a few minutes drive or walk away) or those still with a view of the water.
Estimate All Costs
Aside from the purchase price, you also need to factor in your budget for the annual maintenance fee, transfer fees, and closing costs if you’re getting a mortgage. These also include potential repairs, advises an experienced lawyer specializing in timeshare issues including contracts, cancellation, and disputes.
Consider Every Other Year Week
In general, a majority of timeshare properties operate according to yearly usage. With an every-other-year-week arrangement, however, you’re basically buying rights to use the timeshare every other year.
Stick to Low Season Weeks
Timeshare weeks are usually split into 52 weeks, with peak season weeks being naturally more expensive than low season weeks. However, you might not have the option to buy into low season weeks if the location you’re looking at, like Hawaii, don’t really have low season weeks.
Yes, a timeshare could be an excellent option if you desire a vacation home, but aren’t ready for the obligations and costs of full ownership. Fortunately, there are plenty of timeshare properties all over the country that you could choose from. Just keep these tips in mind to help find the best deal for you.