Timeshares are a type of real estate property where you own a home or room at a resort for a certain period of time every year. That is, you might own a share in a condo and have rights to the place for a week in June. The rest of time, other share-owners have rights to the condo. People generally use timeshares as vacation homes.
Timeshares are a popular way to secure vacation property in premium locations without actually having to go and buy a house that might only see use for a week out of the year. Over three-million people own a timeshare in the United States with seven-million owning worldwide. Since timeshares tend to be used as vacation homes, they’re often found in tourist areas and at resorts. In Gilbert, many timeshares are near golf courses.
When owning a timeshare, vacation property will be at your disposal in the same place at the same time every year. This is ideal if you have specific traditional destinations or family nearby whom you like to visit. Particular sporting events, such as golf tournaments and spring training, tend to happen on the same date every year, so you might find a timeshare helpful when venturing out to attend your favorite event.
Many timeshares are owned by resorts with locations across the country or even the world. These resort chains may allow you to swap your time share rights among their properties so that you can vacation one year in Gilbert, and the next in Los Angeles. Private owners also trade their timeshare rights, either among themselves or through services that exist to help this sort of transaction. Some people buy timeshares expressly to trade their rights. This allows them to vacation anywhere in the world for the cost of their share.
In Gilbert, timeshares run the gamut of price ranges. An average price might vary between $2,500-5000 for one week. In general, shares during the summer months will be less expensive, thanks to the famous Arizona heat. The winter months draw in people from other states that are looking to escape the snow and ice of their native lands. Accordingly, winter shares cost more. Timeshares also come with maintenance and community fees which must be paid every year. Before you consider a timeshare, be certain to learn about all the fees and extra expenses beyond the purchase price.
It’s a bad idea to buy a timeshare for investment purposes. Unlike other forms of real estate, timeshares tend to devalue over time. There are simply too many timeshares on the market for any one share to hold its value. You may be able to rent your timeshare, however, which can help to recoup some of the costs involved. Still, think of your timeshare as a vacation home first, and a real estate property second.