Over a year of working hard, everyone deserves to be able to get away and enjoy some time in the sun and sand. However, going on vacation can be expensive, and more and more Americans struggle to afford a trip away from their homes.
However, there are alternatives that can make this goal a little easier to accomplish. For example, looking into a timeshare might offer an opportunity to get away from it all consistently in a much more affordable manner.
Of course, there are pros and cons of timeshares that will be needed to be considered before committing to this kind of plan. What do you need to know about owning a timeshare? Read on and we’ll walk you through the basics you’ll want to be familiar with before signing on any kind of dotted line.
Pros of Owning a Timeshare
We’re feeling somewhat optimistic today, so let’s start with the positive side of the equation regarding owning a timeshare.
Many Americans of all sorts of different backgrounds wonder – are timeshares worth it? – and in many ways, the benefits they provide can be hard to beat.
Long-Lasting Savings
One of the major reasons to consider a timeshare is it is a great way to save money on your vacations. Let’s face it: no matter where you decide to go in the world, a vacation can be expensive.
Hotels and resorts around the world are increasingly expensive. Even financing a few nights away can take a huge chunk of cash from your bank account. Lodging is often the most expensive part of a vacation, especially if you want to stay in a place where you can truly unwind and relax.
A timeshare purchase can help make the financial reality of going on vacation a little easier. Yes, there is an initial investment that you’ll need to make in order to call a timeshare your own.
However, once you’ve made this kind of purchase, you’re set for a lifetime of savings. You can think of it as purchasing all of your future vacations ahead of time, in bulk, and at a huge discount.
You’ll no longer have to worry about expensive resort costs and can simply enjoy your space and your time away each time you decide to leave town. It can make even the idea of going on vacation feel more attractive because your mind won’t be filled with all the lodging costs.
You’ll want to take some time and calculate how much you can actually save by investing in a timeshare. How many vacations will you need to go on before you break even and start saving?
Having a real sense of this number can help you see the advantage of a timeshare purchase.
Timeshares Offer a Better Living Situation
Another reason why many families decide to go with a timeshare purchase? It often provides a more luxurious and enjoyable living arrangement. Hotels, even nice ones, don’t always offer the best accommodations.
You’ll maybe get two beds per room and a desk, and not much else. If you’re lucky, maybe the hotel will have included a mini-fridge.
A timeshare is more like a proper apartment or bungalow. You can invest in a one, two, or even three-bedroom unit that feels more like a proper home. Some timeshares even have multiple floors.
They are much more spacious and generally have more amenities as well. Many timeshares feature full kitchens and more spacious living room areas. Some include washers/dryers.
When you invest in a timeshare, you get a lot more comfort and opportunity to enjoy during your time away. That’s not to even mention all the amenities that will be included with the resort where you purchase your timeshare.
Food options, pools, hot tubs, gyms, entertainment, and more will all likely be right outside your door. You’ll be getting to enjoy all the amenities at a steep discount.
Modern Timeshare Flexibility
As timeshares have increased in popularity, resorts and providers have worked hard to attract more and more customers to their particular destinations.
Many timeshare providers will now be able to ‘trade’ rooms with other owners who have properties at different resorts. Doing this kind of trade allows you to see different locations all around the world.
You’ll still get to do this exact kind of traveling at the low timeshare price that you are accustomed to. In this way, even if you love to travel and see new places, a timeshare could allow you to do so at a much cheaper price.
Cons of Timeshare Ownership
When it comes to the pros and cons of owning a timeshare, there is a lot to love. However, that doesn’t mean it’s all positive things.
There are a few cons to owning a timeshare that you’ll need to seriously consider if you’re thinking of going through with this sort of investment.
Lack of Flexibility
This point is somewhat the inverse of the last positive point we made. Historically, timeshares didn’t offer any kind of flexibility. This was often seen as a downside of the timeshare arrangement.
It meant simply that you would need to go to the exact same place to go on a vacation each time you decided that you wanted to get away. For those that loved consistency and predictability, this was great, but for those looking for variety, it was a real downside.
As we mentioned, when timeshare resorts opened up the possibility of trading, it opened up many possibilities. However, ensuring you could find a new place to travel to isn’t always easy.
It can take a lot of work to find another timeshare owner to trade with. You’ll need to do a lot of work coordinating with a stranger, which can be difficult and make your trip a bit more stressful.
You’ll also still be somewhat limited to where you can go in the world. You’ll only be able to do a trade with a family that owns a timeshare at the same resort company. That means you’ll be limited to where your resort has other locations.
If there’s somewhere in the world you’d like to visit but your resort company doesn’t have a location-based there? You’ll be out of luck completely.
In this sense, timeshares can still limit your travel options considerably. As always, you’ll also be limited when it comes to which weeks you can take control of your room.
Timeshares Do Not Appreciate
When many people first start looking into timeshares, they make the mistake of thinking of this investment in the same way they might look into other pieces of property.
They would consider the purchase an investment that could later be sold at a higher price. However, timeshares simply do not work like other types of real estate investments. The price of these units does not appreciate over time but rather falls.
When the time comes to sell your timeshare online, you’ll likely get a sale price that is less than what you initially bought it for. You’ll need to view the property strictly through the lens of a discount on vacations.
If you’re hoping to see it as any sort of another type of investment, there’s a good chance you’re going to be disappointed.
Can Be Difficult to Sell
For this reason, it can be difficult to get a timeshare off of your hands once you decide you no longer want to own it.
There’s no particular reason to ever give up a timeshare, but some families eventually grow out of wanting to visit the resort they’ve been headed to for many years.
There are a lot of rules and laws from the resort when it comes to timeshare resale. The resort often has an option to prevent the sale or purchase the space back from you at a much lower price.
Even if they let you go through with selling it to another family, you might be hard-pressed to find a buyer who will come at you with a good price.
Understanding Pros and Cons of Timeshares
If you’re curious about your potential vacation options, you’ll certainly want to look into getting a timeshare. While there are many pros and cons of timeshares, they are often a unique investment opportunity for many vacation-minded families.
Looking through the above information can help you see both sides of the coin. With this perspective, you should be able to decide if they’re the right kind of investment for you.
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