Having a regular location that acts as your personal getaway can be a welcome light at the end of the tunnel. To help you decide which type of vacation living works best for you, let’s look at how to know if you should buy a timeshare or vacation home in Riverside.
Purpose and Usage
The first step on this journey is figuring out what you’re looking to get from your vacation experience.
Are you planning to stay there for prolonged periods of time, effectively living there for an entire summer? Is the idea to have a weekend vacation getaway from time to time by yourself or with a small group of family and friends?
Finding what suits your needs starts by determining what those needs may be. Someone doing short stays will get more bang for their buck with a timeshare, whereas another individual staying for weeks or months at a time would be better off with a vacation home in Riverside.
It should come as no surprise that there are often large differences in the upfront costs between a timeshare and a vacation home.
Buying a vacation home in Riverside comes with all of the usual processes as buying any other home, including negotiation, inspections, and additional taxes. On the other hand, a timeshare has a much lower financial barrier to entry and provides opportunities to experience relaxing vacations without the high upkeep.
Create a reasonable budget to help determine your available savings every month. Adding in your existing savings can then quickly give you an idea of the affordability of a property at your desired destination.
When you purchase your own vacation home, you’re left taking care of the property on your own. Timeshares are almost always maintained by a management company, and the fees you pay over time are invested toward cleaning, repairs, and even upgrades.
When choosing a timeshare, do be careful to read through the contract from beginning to end in order to fully understand what is covered by regular maintenance fees.
If you choose to go the vacation home route you do always have the option of hiring your own maintenance company to keep the property in pristine condition whether you are staying there or not.
There’s a lot to be said for owning your own vacation property in a location that helps you feel relaxed.
Choosing where that location may be is key to purchasing a vacation home that you can enjoy in the long term rather than leaving you with buyer’s remorse. Contrast that long investment with the potential for adaptation when buying into a timeshare.
Some timeshare companies will own properties at multiple resorts, and there could be the possibility of transferring your timeshare investment from one resort to another in a completely different locale. This allows you to spice things up a bit and visit another place in order to test the waters and see if it’s a fit for you.
Market Viability and Resale
The resale value of a timeshare can vary quite a bit, but it’s not uncommon to find them being sold second-hand for substantially reduced prices.
Due to the relatively limited timeframe within which they can be used, timeshares don’t demand much of a premium on the open market. A vacation home, however, if well cared for over the years, is historically likely to appreciate.
Of course, the value of a vacation home will depend entirely on the local market and demand.