What if you had the perfect home away from home waiting for you?
That’s the promise for those who invest in a timeshare. However, many wonder if it’s really worth it and what all goes into the process of investing.
Keep reading to discover more about how this works and what the pros and cons are!
Who Should Invest in a Timeshare?
Before diving into the pros and cons, it’s important to discover who would best benefit from owning a timeshare. Not every person or couple will get the same amount of use from it.
First of all, you must be happy regularly vacationing in the same place. If you like to go somewhere different every year, a timeshare is a bad idea.
Second, you should definitely have extra disposable income. In most cases, you literally own a timeshare and will be paying for it for many, many years unless you can sell it.
Finally, those with large families get the most benefit. This is because the timeshare can be shared and passed down so different family members can use it over the years.
Keep reading to discover more about the pros and cons of timeshares!
Everyone knows that booking a hotel or condo for a vacation can be stressful. You never know what place will have availability, and there’s always a chance a new place ends up disappointing you.
Meanwhile, the biggest strength of a timeshare is the predictability. Every year, you know exactly what you are getting and exactly when it is available.
This lets you adjust your schedule around your vacation while also ensuring you have no unpleasant surprises. And this peace of mind is as good as starting your vacation early!
Con: Long-Term Commitment
The obvious downside of a timeshare is that it’s a long-term commitment. The typical minimum for a timeshare is ten years, and some go as high as fifty years.
This means you must be comfortable committing to paying extra for this timeshare for decades (unless you are willing and able to sell it). And you must be happy to vacation in the same area year after year.
Many people are very happy to make such a commitment, especially if they do an annual vacation to the same spot. However, those who don’t want their vacations or wallets locked down may want to stay away!
Pro: Good Deals Are Available
Good news for those looking at timeshares is that many deals are available. It’s possible to buy a timeshare off of someone and get a much better deal than they paid.
And people are trying to sell their timeshares at locations all around the world. It’s basically a buyer’s market for those who are interested, and there’s never been a better time to get a great deal.
Getting a good deal translates to thousands of dollars of savings over the years versus traditional vacation costs!
Con: Needs to Be Researched
One of the biggest drawbacks of a timeshare is that there is a lot of fraud and scam within this industry. If you’re not careful, you pay what you think is an upfront fee and then never see the scammers again.
You can avoid scammers by making sure you thoroughly research both the timeshare and the seller. And you don’t have to investigate all by yourself, either.
At My Timeshare Attorney, they specialize in helping you find trustworthy timeshares. Whether it’s investigating something you found or finding something for you, they’ve got you covered!
Pro: More Space and Comfort
Another nice advantage when you invest in a timeshare is that you get extra space and comfort. This makes for a much better experience than simply grabbing a hotel.
An example of this is that many hotel rooms do not include a kitchen area while many timeshares do. This gives you added convenience and also helps you save money on meals when you travel.
And many timeshares have multiple rooms in them while many hotels do not. This helps you keep your vacation party together while still giving everyone the privacy they may want.
Overall, a timeshare is simply a more comfortable place to stay than a hotel.
Con: Lower Resell Value
Earlier, we mentioned the advantage of a crowded timeshare market. This is what allows you to invest in a timeshare at a lower price than you may have thought.
However, the crowded market will work against you eventually. Many timeshare owners eventually try to sell their timeshare.
It’s almost impossible for you to sell your timeshare for the amount that you paid into it. This is because the crowded market makes it difficult for your own listing to stand out.
Make sure you go into your timeshare investment with your eyes open. Your investment will actually depreciate in value rather than growing!
Should You Go For It?
This brings us back to the big question. Is it worth trying to invest in a timeshare?
The answer, of course, is “it depends.” Your specific level of income and vacation needs informs whether this is a good choice or not.
If you are on a tighter income from month to month, a timeshare is likely not worth the extra expense. And if you like spontaneous vacations to new locations, the fixed timeshare location is not good for your needs.
However, those who enjoy annual vacations to the same location have very little to lose with a timeshare. They may save money versus booking hotels every year. And the bigger your family, the more you’ll get out of a timeshare.
The Bottom Line
If you’re reading this, then you have an interest in exploring the world. Traveling the globe and experiencing new things is what makes you happiest.
Here at Pligg, we’ve got you covered. We have a blog full of advice for travelers like yourself while offering eBooks and other media that let you learn more about the world around you.
To see how we can make your life better, come check out our tips to travel the world on a budget today!