A Comparison Of Time-Shares And Traditional Vacation Homes
So, you’ve found a vacation destination you absolutely adore. You vacation every opportunity available to you, in fact. Earning equity and saving money in the long run, the notion may have occurred to you that it may be financially prudent to buy real estate there.
What is the best option to purchase then: a time-share option or a conventional vacation home? What’s the difference and will it even affect you? Certainly, there are differences, and knowing the benefits that each option provides will help you make the best decision for your own personal situations.
Time-shares are generally properties whose ownership is split up over several different people. You pay for the time you utilize and nothing more, meaning no regular mortgage payments are assessed upon you. Your costs would be higher, then, if you were buying a stand-alone property by yourself. Assuming no one else has already reserved that time, it also means you can dictate what time of the year you want to visit and reside in your time-share. Time-shares also generally come with a community pool and some prevalent areas throughout the entire premises, as well as tending to being fully furnished.
Buying your own property, on the other hand, is exactly how it sounds. At the time of purchase, there’s no necessity to name your vacation times in advance. You own it all year-round instead. The monthly mortgage on the home will be your sole responsibility, though, meaning the costs will be higher. Features like a swimming pool and a fully-furnished home might not be available to you, though, as a result.
Whether or not you decide a conventional, stand-alone property or a time-share option, then, rests on what you are looking for in a vacation home. A time-share might be a good option since you won’t have to pay a regular mortgage, if money is an issue. A stand-alone home might be the better choice for you, on the other hand, if you want more privacy and the ability to visit your new home on a whim whenever you like.