I’m sure many people have heard of the term, but do you really know that much about timeshares?
The American Resort Development Association reported that there were around 1,600 timeshare resorts in the USA alone as of 2006, with around 154,000 units altogether!
Less than 6% of U.S. families own a timeshare, which equates to around 4.4 million households. The timeshare business had $8.6 BILLION dollars worth of sales in 2005 alone.
So, what is a timeshare?
A timeshare is where multiple people have use rights to a property. These people do not ever own the property though. These are usually condominiums. Each person usually has around one week a year, and it’s usually the same week.
So, if you sign up for a time share, you might get something such as the first week of May, and it would be that same week each year for year’s to come.
How much is a timeshare?
With a timeshare, users pay a lump sum upfront for the property, such as $10,000. Different places are different amounts of money, obviously.
Timeshare users also have to pay other fees, such as yearly fees and maintenance costs.
According to the American Resort Development Association, the average timeshare unit for a one-week period is $19,000, and the average yearly maintenance cost is $660.
That is a lot of money!
Is a timeshare worth it then?
Sometimes a timeshare can be worth it. They are expensive though, so whether it is worth it depends on each individual traveler.
Many timeshares come fully furnished and with full kitchens and washer and dryers, which can make it much better than a normal hotel stay for many.
But, there are negatives of having a timeshare.
They can be very difficult to sell. If you come across hard times and you are looking to get rid of your timeshare because of the yearly fees or if because you need money, sometimes it can be near impossible to sell it.
You will have yearly fees, no matter what. So, you always need to make sure that you can afford the yearly fees.
It’s a lot to take on for just one week’s worth of vacation each year.
Are you interested in timeshares? Why or why not?