Florida is known for its warm weather, year ’round entertainment and theme parks, and an exciting timeshare or vacation ownership market. If you are looking for accommodations for your next vacation, you have plenty of housing options. So should you consider a timeshare resale? Yes, you should.
Florida’s Economic and Real Estate Market
Florida economy boasts $1 trillion reports U.S. News & World Report. The Florida Chamber of Commerce says that consumer confidence is high and residents do not expect a recession. In 2017, 190,000 jobs were created.
The Sunshine State is experiencing a positive real estate market. In September 2018, https://www.prnewswire.com/news-releases/fla-housing-market-positive-trends PR Newswire reported, “The statewide median sales price for single-family existing homes was $254,290, up 6.0 percent from the previous year, according from data from Florida Realtors Research Department…” Also, the median price for condo-townhome units was $185,000. This price shows almost a 9 percent increase over the previous year.
Defining a Timeshare and Understanding the Cost
According to Nolo, “A timeshare is a way for a number of people to share ownership of a property usually a vacation property such as a condominium unit within a resort area.” The American Resort Development Association said, “1,570 timeshare resorts in the U.S., 205,100 units.” In 2017, more than 40 percent of timeshare owners were first-time buyers.
With a flexible or floating schedule, each owner stays in the unit for a specified time lasting one or two weeks. However, a shared deed lease gives an owner a percentage of real property based on the amount of time purchased. A deed pertains to a specific amount of time per year or time of death. Transfer of property to a third party is limited. A timeshare resale is a contract directly between the owner and the buyer. It omits the developer.
Assessing the Pros & Cons of Timeshares
Advantages include the ability to use the property at your convenience. Monthly payments make ownership affordable. It can also be a tax deductions. A timeshare offers you upscale amenities that feel like home, not a hotel. Full kitchens, three-bedroom floor plans, fire places, and state-of-the-art electronics make timeshare units very popular.
Perks can include storage spaces for equipment. Hot tubs, washers and dryers, cleaning services, and onsite gyms are also available. Discount on local restaurants and transportation help reduce expenses.
However, if you like to travel to various destinations, a timeshare would not be a good option. Timeshares do not increase in value. However, their depreciation makes them a great transaction for resellers and buyers.
Best Locations for Timeshare Resales
Location is a major factor in a timeshare resale. New York, California, and Florida are popular destinations. A disney timeshare resales orlando fl is reasonably priced. The average price is $22,180. Proximity to Lake Buena Vista and Kissimmee and theme parks make a Disney timeshare a top-notch vacation rental.
Timeshares are not for everyone. Consider your short and long-term needs. Stay abreast of economic trends and consult with a real estate professional.