Getting the Best from Timeshares

October 28, 2008 · Posted in Personal Finance 

Timeshares is a plan that popped up many years ago to enable people to vacation for more affordable rates, as well as a variety of other reasons. When the idea was first put into practice, it was quite popular. The premise of a timeshare is that several individuals or families make a monthly payment that grants them the use of the condo, home, or apartment for at least one week during the year. The weeks had to be coordinated so that each co-owner had a fair amount of time to spend at the timeshare. Most people used this as a way to plan a vacation each year.

As people gradually began to discover how limiting these timeshares could be for all the money they were paying during the year, they became a bit less popular. However, many of the co-owners found a way to make it worth the money. By putting some plans into motion, they found that timeshares were actually a good thing for them.

If you take part in a timeshare, the first thing you will have done is book the week that you want to use it. This has good points and bad points. While you have the advantage of knowing when your vacation is each year, there is no room for changing the dates. You are pretty much locked into that week. However, you also know that you will not be spending extra money to stay there for the week. You are already used to making the monthly payment, so this doesn’t dent your budget.

Plan your food shopping ahead of time right down to making daily menus. In this way, you will not be wasting any food, or put in the position of either leaving it for the next family or taking it home with you. While you will probably want to dine out a few times, it isn’t something that has to be done every day. Take along a good supply of bottled water, soda, tea and coffee. These items tend to cost more in tourist areas.

One way you can make extra money from your timeshare is by renting it out for your week. Many people co –own more than one timeshare for just that purpose. While they are vacationing in one of their timeshares, they can be renting out the other ones. This pays for their vacation, and allows them extra money to spend or save for other things. Some timeshares don’t allow this, though, so you should check ahead of time to see what the policy on this is.

Timeshares may not be as popular as they used to be, but many people still find them to be money saving investments. This is because they have learned how to make the most of them. There is no reason that you can’t do this as well.


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