Can’t Qualify for a Vacation Home Mortgage? Buy a Timeshare Instead

The ‘credit crunch’ is leaving many would-be home buyers high and dry. By the thousands, lenders have been turning away borrowers with great credit, rendering them unable to purchase a vacation home. For those borrowers who don’t like taking ‘no’ for an answer, many would-be home buyers are now taking a look at timeshares as an alternative to purchasing a full-ownership vacation home or condo. The reasoning behind it all lies not only in simple economics, but also in practicality and common sense: 1) Would-be vacation home buyers are purchasing timeshares at a fraction of what it would cost to own an entire vacation home. There is often no mortgage, and monies aren’t tied up in one huge investment. This frees up more capital to diversify investment portfolios. 2) Timeshares allow consumers to custom-fit their ownership. If a family vacations for one week, they purchase one week, yielding one week of residency per year. If a family vacations for two weeks, they buy 2 weeks, etc. 3) Those who own vacation homes often must defray their expenses by making their retreats available to others as a vacation rental. The long-distance worries include vacancies, repairs, damages, and the list goes on. Timeshare Ownership doesn’t involve daily management of the property – when owners are in residency, their only ‘job’ is to relax and enjoy. 4) Annual timeshare maintenance costs are diminutive in comparison to vacation home ownership. 5) Almost all timeshare residences offer more luxury and amenities than that of a vacation home. They are ‘turn-key’, and come completely furnished, right down to the silverware, sheets, linens, and towels. 6) Although almost all timeshares are often located in world-class vacation destinations, timeshare owners can experience other timeshare resorts around the world by way of exchanging their weeks to other destinations. There are all kinds of exchange companies, such as Interval International (I.I.), Resort Condominiums International (R.C.I.). Have you been turned down for a vacation home loan? Thank your lucky stars and buy a timeshare.