If you spend a lot of time vacationing in another city or country, it makes sense to want a property there that you can regularly return to. Your two options are to get a timeshare or to buy the home outright. Here’s an overview of how the two differ from each other.
Pros and Cons of Getting a Timeshare
One of the main reasons people choose to invest in timeshares rather than buy property is that timeshares tend to be the less expensive option. After all, there’s no reason to pay full price for a home that you won’t be living in year-round.
Timeshares also appeal to people on the basis of convenience. As long as a timeshare owner pays maintenance fees, it’s not their responsibility to care for a property. This enables them to spend more time on fun vacation activities and less time on property upkeep.
However, timeshares aren’t necessarily as economical or convenient as people believe them to be when they sign on. Maintenance fees in particular can be highly overpriced, with Legal Fees Deductible stating that approximately 46% of people who canceled their timeshares listed maintenance fees as the main reason for their decision. A timeshare cancellation can also be difficult if you don’t have prior knowledge.
Pros and Cons of Buying a Vacation Home
Buying a vacation home is usually more expensive than getting a timeshare. It also requires the homeowner to take care of all property maintenance on their own. However, despite these downsides, buying a home is usually a much better investment than getting a timeshare.
While owning a home costs a lot of money upfront, real estate appreciates in value, and the longer you own your vacation home, the more equity you’ll build. You can also save money by doing your own repairs or choosing cost-effective contractors to do them for you.
Owning a vacation home also provides you with freedoms not provided by timeshares. If you decide to visit your vacation home during a different time of year than usual, no one will stop you. You can also decorate the property however you like as long as you adhere to any policies set by your HOA.
Because timeshares are much less convenient than homeownership, many people regret ever getting them. It may be difficult to exit a timeshare, as the documentation for timeshare transfers can be complicated. However, a reputable timeshare cancellation company can make the timeshare exit process much easier. If you regret getting a timeshare, let Lonestar Transfer assist you with your timeshare cancellation.