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Factors to consider before signing a timeshare contract

Timeshare is a unique concept that lets vacationers own a fraction of a property anywhere in the world instead of buying or renting the entire property. You simply pay for the duration of the vacation while exploring your favorite destinations. With timeshare, you can own multiple properties in some of the most exotic vacation destinations around the world. It is the most economical way to own a vacation home. You get to enjoy the entire home for the allotted time, but you pay only for a fraction of it ownership and simply share the available space with the co-owners for the rest of the year.

Here are a few things you must know to make the most out of your timeshare purchase.

Types of timeshare
Fractional ownership is the cheapest and easiest way to enjoy accommodation rights to a vacation property without having to outrightly buy it. But you can also check out timeshare resale offers that let you own the entire property for a lower retail value than the market price. Alternatively, you can own the place for a fixed week each year (like for Christmas or Thanksgiving) or opt for floating week ownerships during a season (say summer or winter). A biennial ownership lets you use the property every alternate year if you’re not a frequent traveler. However, these ownerships don’t generate any income and are merely a cost-effective way to partially own a place.

Charges and fees
The cost of the property is not the only expense, as you will also have to pay for the maintenance and bear the fees and services chargeable for the duration of the ownership. These costs can easily sum up to a couple of hundred dollars and may cut into your vacation budget, so assess the total cost of ownership of the property. Note that these costs vary depending on the type of timeshare, size of the unit, and the location, among other factors.

Point-based ownerships
Popular vacation destinations and resorts also offer a points-based system to let you own a timeshare property if you’re not keen on owning a unit. You can always convert these points to book a suitable unit for a specific period. Plus, you can choose to use all your points at once or split them up and use them to vacation at different destinations at different times of the year.

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