Timeshares have received so much press, both good and bad, in recent years that it can be difficult to find the facts. There are some nice advantages, as well as some real drawbacks, to buying a timeshare. You can find both the pros and the cons below.
Timeshare Pros
Vacation savings is one of the biggest advantages that timeshares offer. Over the long term, the timeshare owner will save money on hotel and condominium rentals. This is primarily due to the fact that vacation accommodations tend to rise in price each year, while the price you paid for the timeshare does not change.
Larger and more home-like accommodations is another timeshare pro. Most hotel rooms offer just a small room, and rarely have a fully equipped kitchen, laundry facilities, or extra bedrooms. Timeshares typically have all of these features, as well as having a much larger living space. Timeshares are much more like home, and are better suited to large groups.
Property ownership is a big pro for timeshares. With a timeshare purchase, you are buying instead of renting. Owning a timeshare provides you with a tangible reward for the investment of your vacation dollars, and gives you something that can be sold later if it no longer meets your needs.
Timeshare Cons
Lack of flexibility is a big drawback to buying a timeshare. When you purchase a timeshare, the selection of vacation spots that you’ll get is often quite restricted. Even though some timeshares allow exchanges with other properties, choice is limited. With a timeshare,you will not be able to have the flexibility that comes with having every accommodation option in the world as potential choices.
Since timeshares do not appreciate in value, they are not always a wise investment. Those seeking to make money on property will generally do much better with traditional properties since it is not uncommon for timeshares to lose value over the years.
One of the big cons of timeshare ownership is the yearly fees. These fees are apart from your purchase price and are normally due on a once-yearly basis. The fees can range from about $500 up to thousands of dollars, and include such things as housekeeping services, utilities, insurance, and on-site management.
Timeshares may be an ideal choice for some people, and completely wrong for others. Do your research and make certain a timeshare is right for you prior to purchase, and you will be sure to be happy with your choice.