Should you Purchase Timeshare with a Partner?

A vacation allows you to reinvigorate and get your mind right. It is necessary after a long work week and taking care of your family. Some families enjoy traveling with friends and other loved ones. Read on to find out if you should purchase timeshare with a partner.

Get a Annual Vacation

Many people do not take an annual vacation trip. They may have difficulty deciding on a location or do not have the money. Timeshare allows you to take a high quality vacation every year.

It allows for more than one person to share ownership of a property. The type of property is usually a condominium within a resort area. It works by allowing you to purchase the condo for a certain timeframe. The timeshare property is usually divided into one to two week periods.

Determine the Type of Timeshare

The two types of timeshare are deeded and non-deeded. A deeded timeshare is similar to buying a house. You have a deed that is recorded in the county of the property. However, you only have access to the property a certain time of the year. If you have a deed to the property, then you can sell, rent or will the timeshare to someone else.

A non-deeded timeshare is similar to entering a rental agreement. You do not own the property. However, you can get a club membership, license or lease for the property. The agreement can be for a few years or permanent.

Understand the Cancellation Policy

It can seem like a good idea at first to buy the property with a friend. However, people can change their minds for different reasons. If you are going to purchase a property, then you should know the timeshare cancellation policy. Every state has a rescission period. It gives the buyer a certain timeframe to cancel the purchase and get a full refund.

You still have options if the grace period has expired. These options include renting out the property or donating it. If you are planning to go the same place, then you can save money by buying timeshare.