Should I invest in a vacation rental property? Well these are usually timeshares and my experience over the years with timeshares are is that you use them maybe once or twice and after that you get very tired of paying for the dues that are required or the yearly assessments. And I will tell you that there is a very, very limited resale market for timeshares. They’re very difficult to get rid of. Sometimes I tell folks that ask me about it; it’s sort of like having the plague, you can’t get rid of them. Also the value of timeshares or what you pay for timeshares, a very, very high percentage of that purchase price has to go into marketing and that the actual value of the timeshare is not that much and that they have to spend a lot of money to market the timeshares.
Now recently I don’t know if this question that was posed to me was not directed to timeshares but I think that to finish up on timeshares is that think long and hard before you buy a timeshare. And you need to be sure that you want to use it. You can trade them if you are ready to travel and I think that there’s any number of ones now where you get points so you don’t necessarily have a fixed time period. So if you use it I think it’s great but don’t call it an investment because I don’t think you’re gonna get your money out of it. You’ve got to use it or it’s of no use and they’re very difficult to get rid of.
Now I was about to talk about vacation rental properties and that there is a new phenomena or use of property now. In some communities they don’t have any restrictions on single-family homes and you rent them out on a weekly basis. Now in Pasco County they do have a restriction and you have to get particular land use for zoning for a property to be able to use them as a vacation rental property. So if you’re an investor and wanting to buy that type of property, well I think it’s a good investment but you’re running a hotel and it’s high maintenance as far as managing the property. So investing in a vacation time rental, particularly if it’s a timeshare, think long and hard before you do it because once you buy it, you’re not gonna get your money back and it’s very hard to get rid of. So if you have any questions about them you can give me a call. Not that I have too many answers. My phone number is 727-847-2288. Thank you.