How to Share Timeshare Expenses

Timeshares became popular in the 1970s and today over 7 million people worldwide own timeshares. A timeshare is typically a condominium or resort where people share ownership. You purchase the right to use the property for a set amount of time during the year. Along with the purchase price of the timeshare, there are also maintenance and upkeep fees.

Difficulty: Moderately Easy

Instructions

1. Read the contract on your timeshare very carefully. Make sure the rules allow you to rent out or trade your timeshare if you want to. Also, make sure you have a full understanding of what fees you are responsible for, in addition to the purchase price.

2. Rent out your timeshare. If you cannot go the week you own, rent it out and use the money you make to cover your expenses. This can be especially profitable if you have a timeshare in a desirable vacation spot.

3. Chip in with friends or family members. Split or share the time at the timeshare and then split the expenses. You can even alternate each year, the first year you pay the expenses and the next year, they do. Make sure you are clear about the terms upfront so each party knows what they are responsible for.

Tips & Warnings

• A good way to determine if a timeshare is right for you is to rent it before you buy it. Go spend a week at the location you are considering to make sure it is a place you will want to come back to.
• Be wary of high pressure sales pitches. Timeshares are notorious for inviting you in for a no obligation tour and then badgering you with sales tactics. Go with reputable timeshare companies.