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Can anybody explain why someone sell me an apartment in resort ? (lemmy.world)

submitted 3 months ago* (last edited 3 months ago) by hahattpro@lemmy.world to c/asklemmy@lemmy.ml

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It seems sketchy as hell.

They sell an apartment, that apartment in resort. The price is about typical normal apartment.

They said that I own that apartment, and can visit the resort few days a year, enjoying staying at that apartment. Just book your day and they handled the rest. I still not fully wrapped my head about this concept yet, but why not stay there forever but "book" ?

My aunt said this seems good deal. But I feel something fishy.

Is it a good investment compared to normal apartment in residence building ?

Can someone tell me more details on this type of real estate?

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[–] hahattpro@lemmy.world 15 points 3 months ago (2 children)

Wow, thanks.

So, timeshare is kind of pay all of your vacation (rent) cost for the room in 50-100year ?

Wow, those saleman turn them into real estate and say it is real estate that you can resell for profit.

[–] theit8514@lemmy.world 16 points 3 months ago (1 children)

In the US they are usually governed as real estate legally. You can resell it, but most people aren't interested in paying the maintenance fees. You'll find all sorts of timeshares out there being resold for 1$ because they just don't want to pay the maintenance fee anymore.

[–] hahattpro@lemmy.world 4 points 3 months ago (1 children)

So, it is too difficult to "discard" a timeshare so people give it away for free ?

[–] MagicShel@programming.dev 8 points 3 months ago

That is a huge downside. There's an entire industry that has cropped up around getting out of timeshares.

[–] scrubbles@poptalk.scrubbles.tech 14 points 3 months ago

Nope, there's whole industries out there that are built around helping people escape their timeshares. To make it resellable .. there have to be other people who want to buy it...