Have you been thinking about investing in a timeshare but aren’t sure if it’s right for your situation?
Let’s be honest. There are times when a timeshare is a good idea. These situations are few and far between, though, and they mainly depend on ensuring the company you’re signing a contract with is legitimate and will follow through with its promises.
Since the timeshare market has gotten its reputation for unsavory practices, though, this “basic” expectation is often difficult to achieve. Instead, many timeshare buyers end up searching for help to get out of their contracts from places such as https://acagroup.org/.
Before you take the plunge and invest in a timeshare, consider these 5 better alternatives for your next vacation.
Sometimes, the old standbys are truly the best. In the case of vacation planning, millions of people have opted for hotels for decades, and with good reason.
Today’s easy access to the internet means you can research the available hotels around your destination and compare ratings, prices, and amenities. Shop around for lodging in your price range.
Even if you look at hotels that have similar setups to the timeshare you’re considering, the nightly cost may be higher, but it’s still likely to be less than the overall price of the timeshare plus maintenance fees.
2. Personal Rentals
Along with the ease of booking hotels, technology has brought about the rise of personal vacation rentals through platforms such as Airbnb and VRBO. These are popular with people who want the comfort of a home, including kitchens, privacy, and more rooms.
Similar to a timeshare, you have more personal touches. But you can pick and choose where you’ll stay, what kind of amenities you’d like, and when you want to vacation. There are no annual fees or maintenance worries.
As popular as vacation rental homes are, some people aren’t comfortable with the idea of staying in someone else’s house. They prefer the professionalism of a hotel but still want the extra amenities a timeshare offers.
If that sounds like you, consider investing your vacation funds into a resort experience. You can find an all-inclusive that provides amenities like entertainment, dining options at no extra cost, and private beaches and pools. This makes it simple to plan your trip since many resorts have everything you need on-site.
4. Vacation Homes
The average timeshare cost about $24,000. That’s not too bad — except you only get to use it about one week per year, and it will probably never become an asset.
If you invest in a second home to use for your vacation purposes, you can turn it into a second stream of income. While you aren’t using it, you can rent it and cover most or all of your costs. You’ll gain equity and have an asset to pass down to your heirs.
5. Co-owning a Second Home
Concerned about the costs of buying a second home? Why not get together with a group of financially responsible friends and invest together?
Done right — with the aid of a property attorney — this can be an incredible way to reap the benefits of a vacation home without the sole expense on your shoulders. Everyone splits the cost and tax responsibilities, divides the ownership up equally as per the contract, and shares in the maintenance and upkeep costs.
If you’re thinking of investing in a shared vacation home, always go through an attorney. No matter how great of friends you are, an expense this big can cause conflict, and having a contract to fall back on can save your wallet and your friendship.