Timeshares offer a range of benefits to their owners since it is always good to have a vacation place where you can return year after year. Moreover, individuals can leverage timeshare exchange programs where they can trade vacation weeks nationally or internationally. However, some downsides of this type of ownership, such as high maintenance fees, can make people think about selling a timeshare or giving it back to a resort via a buyback system. This article will try to compare the pros and cons of a timeshare and conclude whether it is worth buying a timeshare.
Is a timeshare worth it?
1. You don’t have to plan a vacation
A timeshare is a vacation experience that suits people who prefer stability and predictability. A timeshare owner typically doesn’t have to worry about a resort reservation as this ownership guarantees a vacation every year. Nonetheless, it doesn’t mean you will stay at the same resort year after year – exchange programs allow you to visit another destination of equal or lesser value without any additional vacation planning.
2. Timeshares offer a wide array of amenities
You are wrong if you think about a timeshare as a small hotel room. Most modern timeshare companies provide their customers with extensive properties equipped with several bedrooms, a swimming pool, a gym, hot tubs, access to beaches, and other amenities. Moreover, timeshare properties often come in higher quality than an average hotel, while it still depends on the timeshare you purchase.
3. Timeshares are mostly cheaper than vacation homes
If you still think a timeshare is worth the money, it might be a more favorable offer than buying a vacation home, and you are likely to save twice as much money and get the same or even better amenities. Not to mention, a timeshare on a resale market can be purchased for next to nothing.
4. A timeshare’s value depreciates over time
This type of property won’t appreciate over time and can even increase in value. Thus, it isn’t wise to think about a timeshare as an investment since it hasn’t the potential to give you any profit. And if you one day decide to sell your unwanted timeshare or rent it out, you will have to compete with thousands of the same timeshare owners on a secondary market. Many individuals are glad to get rid of their timeshares by giving them away not to pay burdensome maintenance fees.
5. Timeshare fees can become unaffordable
If you wonder whether a timeshare is worth buying, it isn’t an excellent way to go once your financial situation is unstable. Apart from the annual or monthly maintenance fees that a timeshare company collects from the owners, developers can also require individuals to pay special assessments for property repairs that aren’t covered by annual fees. Sounds not attractive.