If the idea of renting your vacation home is not appealing, and you cannot see paying for it all yourself, consider these other options.
What exactly is a time share? You are essentially buying a week or two of ownership, or usage, of a particular unit in a resort location annually. These units are usually condominiums that you will be obligated to pay maintenance fees on in addition to the price you pay for the time share. Time share prices are marked up by sales commissions, administrative costs, and profits for the time share development company.
Time shares promise you hassle-free trading of weeks at different resorts. This isn't always accomplished so easily at unpopular resort locations. If you plan on swapping, make sure you buy in a popular area during a popular season.
Before you buy, find out if the property is properly managed. Consider the following:
SUGGESTION: Consider buying a used time share. You may be able to pick one up at a decent price from someone who is willing to lose money just because he or she wants to sell out.
Buying a Vacation Home with Family or Friends
This may seem like the answer to affording the place you really want, but it can also be a nightmare. Things can get sticky anytime you team up with family or friends in situations involving money. Lay out some rules and put them in writing. Consider the following issues before going forward: