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You've waived your entire life to invest in a vacation property, so you deserve to have all of your questions answered. Real Property is just that; it is either land or improved with a single dwelling or multifamily unit (condos). A deed is recorded at the local courthouse and you pay real estate taxes and other holding costs each year. You have the sole right to use the concessions and dispossess it (sell) at any time throughout the year. If you choose to derive some income from the property, then you can lease it or rent it on a vacation rental program. Under those circumstances you will loose the right to occupy at any time; although you still remain in control over the entity unit and can dispossess at will (so long as you are not violating any liens on the property, which include leases and management agreements).
Most people look for a vacation property in an area that they are familiar with and have visited often. Of course, because you are comfortable with the resort and you have a desire to continue returning again and again. So, once you make the decision to purchase a vacation home, you have done at least a small amount of research and are familiar with the price ranges. At most resorts that range would be $ 250,000 (condo unit) to millions (oceanfront or ski in luxury home). You find a realtor who is an expert in the resort area you love and on you go. That realtor will show you many fine properties in the price ranged that you agreed upon. He / she will be able to answer many questions about location, rental income, finance options, and carrying costs.
The first day is overwhelming, so you decide to wait and make another visit and leave instructions to email you as listings come on that meet your criteria. Mr./Ms. Agent happily oblige and keep you on their prospect list, which will alert the MLS to notify you any time there is an addition to inventory or any change that affects your criteria.
Well an overwhelming day needs one thing, a great meal at your favorite restaurant. You head to the restaurant and plop yourself on the bar stool and order up. You guest it, everyone near you is a real estate expert, so you tune them out, just in time for the bartender to mention that he could not help but overhear you and your spouses' conversation about whether or not to purchase a home this trip. What do you know, but Mr. Bartender has a second job as a timeshare salesman (or as I like to refer to them, crime share). His information looks unbelievable; that you could own a vacation home in this lovely resort for 10% -30% less than the cost of the house. You make an appointment to meet up with him in the morning.
I can tell you that if your first action is to sit through a 2 hour sales pitch, you will not only be overloaded, tired, but you will probably purchase a timeshare for the wrong reasons. The most wrong reason is just to simply get out of there. The second mistake is letting the salesman make you think you are purchasing real estate. A timeshare is not real property, but interval ownership. That is that you along with many others own and share in the use of the property. In some cases you may be assigned a certain unit, but you use of it is limited to the week you purchased and you have no control over what goes on that unit with regards to repairs, maintenance and general décor. You have simply bought yourself a vacation week to the same place and time each year. You will soon find out that it is very difficult to exchange weeks and resorts. Now if you are a bit stronger than the average vacationer, you made it past the salesman with a firm "we are not interested." Not so fast; you must follow the yellow brick mold that leads straight to management or the "closer." You may not have realized it yet, but you have now been price conditioned. The $ 500,000 single family home, a block from the beach looks very overpriced compared to a timeshare unit on the beach for $ 20,000. The closer will act very concerned and seem to have a desire to answer any questions you are having. He will have one more option for you, yes, and another slash in the price, sometimes in half to $ 10,000. At that price he will offer to enroll you in a life time membership, allowing you flexible use of his / her company's resorts.
Okay, what a deal, the $ 500,000 property now will only cost you $ 10,000. Well beware, because if you had purchased the timeshare week (s) you would also have maintenance costs, which can be hundreds, sometimes thousands of dollars per year; every year. And more fees if you stay at a resort other than your home resort. Now you see that the membership sounds good. But you are in a corner, because you did not do your homework on memberships.
Grab your spouses hand, hold your head up high and make a bee-line for the door. You know there must be a better way. How can you continue to vacation in your favorite spots, on your timeline and for the best possible price? Although owning the house outright may be a great investment, it does not allow freedom of choice and time. Back to the local bar you go.
This time you are educated and have an understanding of exactly what it is your desire; freedom of time and choice. "Hello, are you visiting?" "Yes," you answer, and continue to make conversation. "Where are you staying," the neighboring stool warmer asks. Your reply immediately gets them going. "Oh, I hope you did not pay more that $ 598 for that week." You just about fall off the stool and reply that you got a great discount through one of those internet travel agencies and you paid $ 1900.00. Now your interest is sparked, "how?" you ask.
He explains that global travel club memberships offer as many as 6000 resorts, worldwide, as well as, cruises, airfare, car rentals and hotels for 50% -80% off the retail price. You need to search out the travel discount clubs that only charge a onetime fee, much which is always much less than that the timeshare offers and find a membership that is good for your life and completely transferable. "How do I join?" Not so fast, not only do they offer a great travel discount program, which you can pay for in as few trips as two, but many also have affiliate programs in which they pay you $ 1,000 contracts to promote the travel club online. Now we know that the travel industry is a 7 trillion dollar industry and growing. It is important to choose a travel club with will established roots, "mine has been around for 22 years and has turned over the marketing to affiliates just 2 years ago; so this is a ground floor opportunity.
"Can I find out anymore, I am very interested?" Of course take my card, go view a short video about the product and the opportunity and then we will chat. After that expert associates and travel club representatives will answer all of your questions. You will not regret joining a travel club and will see the savings on your first trip. You should also check out the affiliate programs; Many teams have affiliates making 6 & 7 figure incomes. My goal this year is rookie level at $ 300,000. Of course that will mean quitting my job, working from home, which will allow me to spend more time with my family and enjoy traveling more with these huge discounts. Oh by the way, the one time fee is that, one time, no monthly or annual maintenance fees.
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