A timeshare is piece of real estate that is owned by a number of individuals that may or may not even know each other. A common type of real estate is either a home or condo at a popular vacation area where you and/or your family enjoy spending vacations. Timeshare rentals are popular worldwide. In the United States the most popular areas are warm destinations, coastal towns, and cities. Purchasing a piece of vacation real estate in this manner is very popular, even in today’s economy.

A timeshare can be a house or a condo and people generally purchase the right to use this property usually for a period of one week per year. This allows an individual to purchase a fully furnished vacation accommodation for a fraction of the cost of purchasing a vacation home. The purchaser of this property pays a one-time purchase price plus a yearly maintenance fee. The purchaser can choose to purchase this property for a predetermined number of years or forever. Basically, you pay to stay in a home or condo you share throughout the year with other people. You and several other people own the property and share the cost of the home, the taxes, and the maintenance costs.

Many people consider purchasing this type of share as an investment and as long as the destination remains attractive the value of the property does tends to increase over time. This property can be sold or passed down to heirs the same as other forms of real estate. If the individuals are unable to take advantage of their particular week, many times there is an agreement at the time of purchase that allows owners to trade and/or swap locations which allows owners to take advantage of vacationing in other locations.

What are the benefits of owning this type of shared property? You have a place to stay at your favorite vacation destination. You can lock in the price of your vacation accommodations and you know of your cost of room and board for your vacation. These vacation accommodations generally offer more rooms and amenities than a hotel room and are usually furnished and have full-size kitchens. If you are not able to use this property for your vacation, you can rent it to someone else. You are required to pay a yearly maintenance fee for this property but the worry, hassle, and maintenance is handled by a management company.

There are also some disadvantages associated with purchasing property in this manner. Property in a resort location is not cheap. Depending on the property you may have to pay a hefty sum up front in addition to yearly fees. If, or when, you are looking to sell off your timeshare you will may find it difficult to sell and may have to take a financial loss when finally selling the property. Timeshares are not for everyone, for example people do not like to vacation at the same spot year after year are not good candidates.

Author Bio: Stewart Wrighter recently purchased a timeshare for his family to enjoy every year. He and his wife checked other timeshare rentals to use for their summer vacation with the family.

Category: Travel
Keywords: timeshare,timeshare rentals