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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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[–] AbidingOhmsLaw@lemmy.ml 11 points 3 months ago (1 children)

Sounds like a time share. You would own a percentage of the apartment with a bunch of other people, You would have to book the time you wanted to use the apartment and you would be limited to the number of weeks you could book as the other people would be there when your not. Also lots and lots of rules!

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

Is owning timeshare similar to owning stock in vacation/hotel company? Can I get profit out of it ?

[–] AbidingOhmsLaw@lemmy.ml 11 points 3 months ago* (last edited 3 months ago)

usually not, you have to be the person who stays there, you can’t sublet. And you still have to pay your percentage weather you use your time or not.

[–] Bitrot@lemmy.sdf.org 8 points 3 months ago

No. You will not profit. You will have a very difficult time getting out of it and lose money.

Timeshares are a scam. They often do “earn a free night” presentations for people who don’t know any better.

[–] barsquid@lemmy.world 3 points 3 months ago

You will 100% not profit from a timeshare.