What Is and How Does Timeshare Work?
We discovered a housing regime that we have not yet discussed: timeshare. It works on the basis of an agreement by which each co-owner makes use of a property during a certain time.
It is the option chosen for those who want ‘something more’ than a rental apartment, but also do not want to opt for a 100% hotel regime: in other words, it is like having a small apart-hotel than being ‘owner’ for a while Determined, over several years. It is slightly more expensive than a current rental and cheaper than what you would pay in a X-star establishment, although – as always – you know that each owner puts the prices that he deems appropriate.
The most common is that timeshare is exercised in the case of holiday residences: in other words, this procedure allows you to have a flat on the beach or on the mountain and that you take turns with other owners to occupy it for weeks, two weeks , Months ?? Those details depend on your agreement, which of course must be in writing.
The first thing you should know if you consider this option, is your maximum budget to face this investment. It is difficult task to get an idea of the expenses that you will have in the next years, you can help you with online tools like Fintonic that will organize your expenses by categories automatically (supermarket, sports, children ??) and will help you to have controlled your fixed expenses Annually, the progression of your estate and your debt, the state of your securities accounts and, therefore, the remainder that you have real to face the purchase.
Why is not the first term accurate? Because what we exercise on that shared housing is a right of use, not property: we are not their owners literally. The law considers that the word ‘timeshare’ may be misleading.
According to the law, it is not possible to “buy” a “timeshare” home, although this is the expression used in these cases. In any case, we advise that before embarking on an operation to share housing under that scheme, study your rights and obligations well. In these types of agreements the usual thing is that you need legal advice.
First, ask for the papers
If you finally decide to sign up for this type of formula, you will acquire the right to use a specific tourist accommodation, for a few days a year, over a certain number of years.
How do we translate this? What you get is ‘buy’ – for example – fifteen days of annual vacation for ten years in an apartment complex on your favorite beach.
However, you should not be confused: that apartment on the coast or in the middle of the forest that you will enjoy for X days next summer is a type of tourist accommodation. The original owner of the property, so to speak, has to have in order a series of licenses to offer you the enjoyment of that house: the one that empowers you to exercise the tourist activity, another that allows access to common areas, habitability certificate …
In other words: do not trust the good words and ask to be taught all the documentation that must have that accommodation. You should also have several insurance policies – at least one civil liability, one that covers damages to third parties and another one of fires – and make it very clear how the supplies and their corresponding receipts (electricity, water, gas) are managed. Most of the expenses are grouped in the maintenance fee, which is what is paid per year to enjoy that space.