What is the Average Cost of Timeshares
A time share is a great opportunity for any individual or family that can afford to travel every year. When purchasing a timeshare, you will partially own a vacation home for anywhere from a single week up to a number of weeks per year. Timeshares are operated differently depending on what you are looking for; different companies will offer you the opportunity to go to a different location every year or go to the same place. The cost will depend on many factors such as the location of the vacation home and the package you choose.
Factors of Cost
There are many different types of timeshares that range in size and location which will vary greatly on cost. Some timeshares are a room at a resort while others are an entire house but those will not include maintenance fees and other various expenses. Depending on the ranking of the resort, the location of the timeshare, and the demand, you could pay anywhere from $1,000 up to 50,000 just for the initial costs.
After the initial investment in the timeshare, there will also be annual fees that can be anywhere from $400 up to $1,000 per year. On average, a timeshare will initially cost $10,000 plus $600 per year. That cost can fluctuate in either direction based on the length of time per year you have it and the company you go through.
When owning a timeshare, there are many fees that you may have never considered. Just like with owning a home, there are taxed due twice per year which will depend on the value of the timeshare. These taxes will be split between the owners of the location so it won’t cost nearly as much as the taxes for your own home.
There are also many maintenance fees that will be your responsibility along with all the other owners. On average, these general maintenance costs will vary from $300 up to $1,500 per year. There may also be various member fees on top of maintenance costs.
Although there are many extra costs involved in owning a timeshare, there are also many amenities included which make the cost worthwhile. Many timeshare companies will provide you with credits to stay at various resorts throughout the year on top of the week or so at your timeshare. If your timeshare is at a resort, it may include room service, food, spas, and even a gym to work out at.
Many timeshares are large enough to sleep your entire family along with friends, typically up to 10 people. This will allow you to bring others on vacation with you at no extra charge. There is also typically a kitchen, washing machine, dryer, dishwasher, and sometimes even a hot tub!
Ways to Save
Many sources state that owning a timeshare is not a great investment and to consider other options. Timeshares are not for everyone and don’t fit in many people’s budgets so be sure to do your homework. If you do decide to purchase a timeshare, consider purchasing one used off of websites such as eBay or even Craigslist.