Fancy Vacationing Somewhere Different This Year?
Timeshares may get a lot of bad press for being associated with scams, but in reality the majority of timeshares are genuine (read our blog article ‘Ten Signs it’s a Timeshare Scam’ for advice on how to spot a scam), and make for a fantastic addition to your property portfolio. Timeshares in getaway beach destinations such as Florida, Colorado, and Mexico provide buyers with a relaxing holiday each year without having to worry about the cost of accommodation. A common reason people are put off time shares is the idea of having to vacation in the same place each year, but this needn’t be the case. As a timeshare owner you have the option of arranging a timeshare exchange. Not sure what a timeshare exchange is? Remember the film The Holiday with Cameron Diaz and Kate Winslet? Well, in the film Diaz swaps her luxury LA home with Winslet’s cottage in the English countryside for two weeks over Christmas. This is basically what a timeshare exchange is, except that you will only be exchanging holiday homes; not your actual home.
Finding a Timeshare Exchange
The best thing about a timeshare exchange is that you can arrange one with anyone, anywhere across the world; you are not required to stick to a single country. So if you fancy two weeks in the French Alps, or three on the Spanish coast, there is nothing to stop you from having the holiday of your dreams. The only problem is actually finding a timeshare in your desired destination, and arranging for the swap; this is where it can get slightly tricky.
If your timeshare resort is owned by a company which also owns several other resorts across the world, it is possible they may provide an open exchange system. Speak to the resort company to find out where their other resorts are, and whether it is possible for you to participate in a timeshare swap. Another option is to go through an exchange company. These companies facilitate the exchanging of time shares, matching peoples’ requirement to what other timeshare owners have to offer. All you have to do is sign up for the exchange company and indicate potential places and dates for your holiday.
What can you do if you’ve gotten all you can get from your current timeshare but don’t feel like selling just yet? Go in for a permanent timeshare swap. Permanent timeshare swaps can be used if you want to retain a timeshare holiday home but in an alternative destination, and they work in a similar way to a regular timeshare exchange. There are various online platforms available where you can advertise your own timeshare unit, and browse other units you may be interested in. Though it would be possible to arrange an international permanent timeshare swap, it would be easier, and likely more beneficial in the long run, to swap within the country.
Alternative Ways to Use Your Timeshare
Many people are driven to increasing their mortgages to pay debt off; a process called ‘debt consolidation’. The thinking is that as interest rates on mortgages are low, it is the best way to pay off debts quickly without accumulating loads of interest. This thinking is not entirely correct, as there are lots of potential pitfalls to consider. In short, consolidating your debts in this way is only recommended as a last resort. If you are a timeshare owner, you may wish to consider using your timeshare as a way to boost your financial situation. Renting out your timeshare when you are not using it is a potential route to go down. In this scenario you have the flexibility to dictate your cost and terms of rental, but you will need to check you are abiding by the terms of your contract with the resort company. Alternatively you could sell your timeshare to release the funds as a short-term solution to financial difficulty. Take a look at the ‘Sell Your Timeshare’ section on our website for more information on how to successfully sell.
This blog was written by our guest blogger, Evie Pearce.
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About the author
Evie Pearce is a freelance writer and mother of two. After giving up her career in the hospitality and tourism industry to become a mother, she turned to writing about it instead. A keen traveler, she likes to have her dogs take her for a walk most evenings before pretending her husband is a good cook.