Should You Invest in a Timeshare Property in Hawaii?

Lawyer explaining how timeshare worksTimeshare lawyers should help you in reviewing contracts for any property in Hawaii, even if you think that investing in one seems a cost-efficient way to spend a vacation there.

In the first quarter of 2018, timeshare properties have been popular more than hotels based on occupancy, according to a Hawaii Tourism Authority (HTA) report. Timeshares recorded a 92% occupancy rate as opposed to 82.9% for hotels.

Legal Counsel

A professional advice from a lawyer helps you dodge sketchy deals. Timeshares aren’t only popular in Hawaii, but also nationwide. This inadvertently provided scammers with a chance to swindle money from you, by swaying you into believing that your financial investment would grow over time.

In reality, a timeshare owner may only receive a profit of up to 10% when they put it on the resale market. That’s not saying that a timeshare isn’t a viable investment, although you should see it as a way to save on costs for a vacation instead of something that can be a passive source of income.

Buying Tips

Most people only end up thinking about buying a timeshare during their vacation, and salespeople use this scenario to their advantage. Some long-time owners advise interested people to avoid attending presentations. Otherwise, you’ll find it hard to refuse the hard-sell tactics of salespeople, especially when you’re not yet sold on the idea.

If you’ve done your research yet remain undecided, you can simply rent a property from a current timeshare owner. You can also save on purchase costs when you buy from an existing owner who no longer wishes to pay for their annual maintenance fees.

You won’t have the chance to buy the best timeshare deal during a vacation, as the most attractive ones require at least nine months of planning and negotiations before signing a contract. Most contracts are legally binding, which is why it’s important to consult a lawyer if the terms and conditions are fair and reasonable.