Buy a timeshare.
Purchasing a timeshare is equivalent to purchasing part ownership of a vacation property. For example, you might find that your family likes to spend a few weeks out of the year in Orlando, Florida. Hotel costs can add up, and if you visit Orlando often enough, a timeshare can be a great option for your family. It guarantees you a familiar place to stay in a location you like.
Owning a timeshare means that others own part of it as well, so you literally have to "share the time" with them. But timeshare developers generally try to arrange scheduling so that everyone gets a fair share. As a result, purchasing a timeshare can be a great alternative.
Instructions
1. Research timeshare units to see how much they cost and to determine which one you would like to purchase. Timeshares are available around the world, and the cost can range significantly by size and by location. For example, a timeshare unit on Waikiki Beach in Honolulu can cost anywhere from $3,000 to $30,000. A timeshare in Virginia Beach, Virginia, can be upwards of $20,000 or as little as a few hundred dollars if the seller is motivated to turn the property. To see what's available, check the timeshare purchase sites (see Resources).
2. Review the property carefully before making a commitment. Sometimes sellers and property developers will allow potential purchasers to stay in the property for a night or two to try it out. Timeshare properties also come with rental prices, so you can request to rent the property for a few days. Even if the timeshare is purely an investment property for you, take the time to visit it physically to see if you are getting your money's worth. If you don't enjoy staying in it, it's likely that others won't either.
3. Contact other owners of the property to determine if they enjoy their ownership of the property. Be sure to find out if they are satisfied with their current timeshare agreements for the property. If the property is oversold, or if timeshare agreements leave some owners unable to enjoy the property at desirable times, this might not be the best property for you.
4. Sign the timeshare purchase contract. Before signing, be sure to check and see that all closing costs for the property are contained in the purchase contract. You do not want to sign a purchase contract, only to find out that you are still obligated for several thousand dollars more because closing costs were not included.
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