Instead of dealing with the costs, maintenance, furnishings, and hassles of owning a vacation home, pay for a limited amount of time to vacation somewhere exotic. Timeshares come in all shapes and sizes, anything from a condominium in a resort to houseboats and motor homes. They are fully furnished, usually with complete kitchens and various luxuries not included in your run-of-the-mill hotel room. Timeshares are usually sold in weekly increments and are a mere portion of the cost of actually purchasing and maintaining a vacation home. Purchase for a week or weeks can be deeded and sold permanently or leased for a limited number of years. Besides the initial one time only purchase price, there is an annual maintenance fee. Owners can rent out their timeshares. There are some things to consider before you purchase your timeshare. First, consider if you want a leased timeshare or a deeded timeshare. Take note of the dates of your timeshare and whether it is a fixed week or a “floating” week, meaning that the specific dates differ from year to year.  If it is a floating week, find out how far ahead of time you need to make your reservations. Make sure you know the maintenance fees and any taxes that may be included. Do some homework on the resort, find out if they have any special assessments pending and if they are part of an exchange program that enables you to change your dates. Ask them if you can “bank” your week and use it later, which usually requires it to be used within a two-year time frame.  Make sure you get a copy of the Covenants, Codes, and Restrictions and read it through.  Last but not least, find out how the seller plans to handle the closing paperwork and deed transfer. Timeshares are convenient for many reasons.  You won't have to worry about how much vacation is going to cost in a year or two; its already been paid. Most timeshares are flexible and can be traded or exchanged for another week.  A timeshare generally has much more available room and comforts and is fully furnished. The maintenance costs associated with owning a home are divided up among all the timeshare owners, while the repairs themselves are supervised by a management company, relieving the timeshare owner of the hassles and inconveniences of the upkeep of the facilities. Finally, unless your timeshare is a lease, it can be passed on to your heirs.  

Information taken from: Vacation Timeshare and Rentals http://www.vacationtimesharentals.com 

Lauren White