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?
It’s a timeshare and it is basically a scam for most people. Basically you’re buying time to stay at the place that you can technically use at any time year round as long as you book it in advance. The problem is that all of the days that most people go on vacations (spring break, summer, holidays, etc) will already be booked by the 500 other people who also bought the same thing. So really the only times you will actually be able to use the place are when no one else wants to be there.
If you have the ability and desire to drop everything and vacation there on a random week whenever it happens to be available then it can still be a good deal for you, but most people have obligations like work, school, or family that limits when they can just drop everything and leave to spend time at their timeshare.
should also be noted that it can often be super hard to get out of a time share contract