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Are you curious as to if Time Shares really are worth the money and hassle? There are definitely both negative and positive outcomes to consider. We are here to answer that daunting question for you.
Types of Time Shares
There are a few different meanings of Time Shares. Time Shares are classified between deeded and non-deeded. Before you make any final decisions and write a check you need to fully understand the difference between them both.
Deeded Time Share
This type of Time Shares gives you a more ownership and responsibilities. With a deeded Time Share you actually have ownership in the specific county the Time Share is located in. With this specific Time Share you only have limited access to it at certain times of the year, but you are able to rent it, sell it or even will it.
Non-Deeded Time Share
This particular type of Time Share is more comparable to a rental agreement. There is absolutely no ownership with this. You have a signed agreement of when you can use the property. This specific Time Share is a lot more flexible since you dont actually own anything. You are free to visit other destinations.
Now that you are fully understanding the differences between both Time Shares lets talk about money. What exact fees and cost are involved with Time Shares you ask?
There are a few factors that determine the cost. The size and location of the property, the length of time you will spend there and the exact age of the property.
Buying-In, Maintenance & Occupation
Buying into the Time Share is the first step and can range anywhere from as low as $3,000 to a large amount like $350,000. Most of the time you will be required to pay maintenance fee which covers small things like taxes and the upkeep of the property. This fee can range anywhere from $200 to $2,000 a year.
You want to change your mind and buy out?
The majority of the time investing in Real Estate is a good idea. Time Shares arent exactly the typical Real Estate investment though. Even if the Time Share you purchased is in the most gorgeous place on Earth its going to deplete in value the second you purchase it.
Think about purchasing your brand new car. Its pretty and new and you love it. Youre going to get a great deal of use out of it over the next ten years. Once the ten years are up and youre bored with it and want to upgrade its not going to be worth anywhere near what you paid for it.
This is exactly the same situation with a Time Share. So, with that being said, is that Time Share really worth it ?
It all depends on the purpose of the purchase. If its for leisure and a good time; yes thats perfect. If youre trying to make serious investments and potential profit, thats a gamble.
Gather as much information as you can; do extensive research before you make any irreversible decisions. Who knows, you might walk away with a magnificent deal!
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