Should You Buy A Timeshare or A Vacation Home?
Now that we’re nearing the end of 2020 many people feel the need for a vacation after spending so much extra time in their homes this year. This has created a rising demand for vacation properties, some people have even begun exploring options for more than just a getaway retreat, but the purchase of their own year-round vacation home. Also, with a greater number of people working remotely now, vacations have more flexibility to turn into working vacations which increases the appeal for having a second residence at the beach or mountains or other beautiful change of scenery. The alternative to purchasing a second house as a vacation home is a purchasing a timeshare. A timeshare is a divided vacation property ownership with shared use rights. As with any major purchase decision, there are a variety of factors to consider.
Like with any property purchase, a vacation home can be a worthy investment as it builds equity and increases in value. The down payment and upfront money are of course greater for a vacation home than a timeshare, since the cost is not shared.
Timeshare properties do not have the same appeal as owning your own vacation home. With a timeshare, you are limited to available dates and can’t use the property whenever you want.
A vacation home can be used as extra income if the property owner chooses to rent it out. While this detracts from the flexibility of spur of the moment getaways, it can be used as a source of income if desired.
With a timeshare property you split the costs of upkeep and maintenance with the other owners. As the sole owner of a vacation home, you must arrange for repair services and pay these costs yourself.
Overall, a timeshare may be within greater financial reach for the average person to enjoy getaways to the beach, mountains, and other popular destinations, while a vacation home requires a bit more financial means but is widely viewed as the better choice.