Is timeshare ownership for you?
The pros and cons of owning a timeshare
Buying a timeshare is a big commitment, so it’s important to understand all the pros and cons before you sign on the dotted line.
Owning a timeshare can be a fantastic experience. It allows you to enjoy exotic holidays year on year, and gives you the opportunity to experience the perks of owning a holiday home, but at a much lower cost.
However, they are not without their drawbacks, and in an industry plagued with problems such as timeshare scams and unscrupulous sales tactics, purchasing a timeshare is not something that should be entered into lightly.
If you are considering buying a timeshare, it’s important to carefully consider all the pros and cons before you sign on the dotted line.
Perhaps the biggest benefit of timeshare ownership is that it enables you to enjoy a ready-made holiday each year. Organising holidays can be stressful, especially when you’re tasked with finding suitable accommodation and activities for everyone to enjoy, but with your very own timeshare, you can leave all that behind. Returning to the same place regularly will enable you to become familiar with the resort and all the amenities and facilities it has to offer, so the only thing you need to concentrate on is having fun.
Believe it or not, if you’re someone who enjoys going on holiday every year, owning a timeshare can also turn out to be pretty cost-effective – particularly when you take into account the costs of package holidays and hotel bookings. Even with the large up-front purchase cost, a timeshare can still save you money in the longer term – and if you decide to sublet your timeshare, it could even end up making you money!
Lack of variety
Timeshares may allow you to enjoy regular holidays, but if you’re someone who enjoys exploring different holiday destinations, you could quickly find yourself becoming bored of returning to the same resort year on year. Having said that, some of the bigger timeshare resorts now operate points-based systems that enable you to holiday in a variety of resorts – so if you don’t want to be tied to one destination, that might be something worth exploring.
One thing to keep in mind is that signing up to a timeshare is a long-term commitment, so it’s something you need to be sure of. Some contracts can tie you to the property for decades – and even for life in some instances – and many timeshare owners end up saddled with a timeshare that they no longer want. These contracts can be difficult and costly to escape from, so it’s always a good idea enter into the process with your eyes wide open.
We mentioned above that owning a timeshare can be cost effective, however, it’s also important to note that many timeshare contracts also come with hidden or unexpected charges, for items such as maintenance and upkeep, community charges and special assessment fees. In many cases, these charges increase significantly over the course of the timeshare contract, so if you’re not prepared, you could soon find yourself out of pocket.
Timeshare ownership offers both advantages and disadvantages, and only you can decide if it’s right for you. Just be sure to give any decision careful consideration and do your homework before you enter into a contract. That way you can be sure of finding a holiday property where you and your family can enjoy quality time together for many years to come.