How to Make the Most of Your Timeshare Investment
With 54% of American workers failing to use their time off, Americans are just plain bad at taking a break. This figure includes plenty of people who’ve made the effort and spent the money on a timeshare investment.
Whether it’s work that catches up to you, a need to schedule vacations a year in advance, or not enough money, fewer workers than ever are taking vacations. Taking a break is important to your mind and your body. An increasing number of people will go on vacation and remain connected to their jobs via mobile devices the whole time.
Whether you’ve already invested or are thinking about making a timeshare investment, you need to make a plan to get the most out of it. Otherwise, you could be wasting money and your precious vacation time. Follow these tips to make sure you’re getting a bang for your buck.
1. Invest In Memories, Not For Returns
A timeshare is a great investment for a family that doesn’t want or can’t afford to purchase a vacation home. It’s a great way to have memories, host friends, and invite family for a getaway. If you’re thinking of your timeshare as a way to get a return on your investments, you might be disappointed.
The timeshare market isn’t a market that will appreciate in value. Timeshares are a great way to have a “home away from home” and to relax. They provide plenty of value to your life, just very little of it is measurable financial income.
If you buy into a great network, you’ll be able to be part of a timeshare exchange that allows you to go to different places, all for the same price.
2. Balance Your Budget
Timeshare maintenance fees can be a turnoff to some timeshare owners. In just the last 10 years, the average fee has doubled to around $1,000. On top of that, if you take advantage of a timeshare exchange, you might pay an additional fee.
If you’re paying $20,000 for your vacation time every year, you might not see any returns for a decade or more. Unless you really love your timeshare, this could be a little more than a drag.
If you buy from a developer, you’ll pay more than it could cost you to rent a hotel for the week. Buying secondhand from another owner could be more cost effective than buying a brand new contract.
An entire secondhand timeshare market exists online where you can buy a timeshare for next to nothing from someone who is trying to get rid of one. If someone feels buried under the costs of their timeshare investment, they’ll be glad to sign the responsibility over to you for free.
Hire a real estate agent to ensure that you ask all of the right questions before you write a check. You will likely have a certain kind of property in mind, so be clear with your agent so that they can point you in the right direction.
3. Love Your House And What Surrounds It
If you want to get the most out of your timeshare investment, you need to love the destination itself. Even a beautifully designed luxury building can be useless if you don’t have anything to do during the day. You need to ensure that your timeshare is located in an area that you like to spend time in.
Before you invest, make sure you spend a few days in the area where you plan to get your timeshare. Find a few places you enjoy eating, relaxing, and shopping. When you leave, you should feel like there’s more to see if you’re planning on spending a week or two there every year.
You should fall in love with the property as well. If you’re in a large complex, take a walk around the courtyard and meet some of the people living there. Make a few connections so that when you arrive for your vacation, you’ll have some people to show you around.
4. Rent Out Your Timeshare
While owning a timeshare can be appealing, you could be paying a lot of money for space you don’t get to use that often. If you’ve booked out a week and realize you won’t be able to make it, consider renting it out.
With the rise of Airbnb and other short-term rental websites, you should be able to easily recoup your costs. Have some friends or neighbors nearby who can help you out in case of any emergencies.
Check with local regulations and your own contract to ensure you’re not violating anything that you’ve signed. You might be able to make some extra money on the side if you decide you’ll be vacationing somewhere else this year. You could also make this process easier on yourself by announcing your rental to friends, neighbors, family, and colleagues.
Renting out to someone who you already know comes with fewer headaches than renting it out to a stranger.
5. Buy Outright If Possible
If you want to make money with your vacation space and can’t find the perfect timeshare investment, perhaps you should consider buying a property.
While this is more like opening up your own timeshare company, renting it out short-term will be based more on your own rules. If you make enough money, you might be able to hire someone locally to take care of the space while you’re away.
Many foreign countries now report that much of the new investment in real estate comes from people who are buying vacation properties.
A Timeshare Investment Is An Investment In Yourself
You work hard all year round so that you can enjoy your time off. Finding the perfect timeshare situation goes hand in hand with getting the most out of it. If you can find a place that feels like a second home, you might start finding ways to work remotely and extend your stay.
If you’re looking for other ways to get the most from a timeshare, contact us for more tips.