If you are considering purchasing a timeshare or wondering what a timeshare is, you might be considering the pros and cons of owning. Depending on who you ask, you’ll hear all sides of what timeshare ownership is all about. You have most likely come across dozens of articles on why you should buy a timeshare, why you shouldn’t or why one brand is better than the other. We’ll give you a complete low-down on all of the pros and cons of timeshares. Even the things no one ever talks about.
The Pros and Cons of Owning a Timeshare
Depending on who you ask, there are many pros and cons of timeshare. Many owners love their timeshares, but due to misinformation, not everyone can weigh out the benefits or cons of vacation ownership. Before you purchase a timeshare, it’s important to do your own research and decide on what makes timeshare worth it for you, or why it might not be. Some of the reasons people purchase a timeshare is to enjoy the luxurious, spacious villas on vacations, as well as guaranteeing their vacation time every year. However, all owners or future buyers need to consider their timeshare maintenance fees every year and that they are required.
|Pros of Timeshare||Cons of Timeshare|
|Luxurious accommodations||Annual fees & dues|
|Vacation exchange||Upfront cost|
If you’re a frequent traveler, there is no question that timeshare ownership comes with savings over a lifetime. Think about it: you might spend thousands of dollars every year on hotel rooms for you and the whole family. If you don’t believe us, our Savings Comparison Calculator is featured on every timeshare for sale.
With a timeshare, you are paying for the lifetime of vacations in bulk, and at a hefty discount upwards of thousands of dollars. While some people are put off by the high price tag to pay up-front, the savings should definitely be considered in the timeshare pros and cons.
Hotel rooms commonly feature one queen-size bed, a sleeper sofa, and maybe a mini-fridge in the room. If you’re traveling with family, it becomes a mess of who is on what floor and what room number they’re in. With timeshare resorts, units come in one, two, or three-bedroom units. Some even have multiple floors or “lock-off” features. The added privacy is just one luxurious feature that timeshare owners love.
Timeshares also include full kitchens and spacious living areas, so you can take a piece of home with you while you’re on vacation. The resorts themselves are packed with amenities that are unparalleled. Multiple pools, jetted hot tubs, spas, activity centers, and on-site restaurants take vacations to the next level.
You Really Own Your Timeshare
A common misconception about timeshare is that you don’t own it completely. Because owners “share” their units with other families that own a piece, it might seem like you really don’t own anything. When you buy a timeshare, you receive a real deed with your name on it, the week, and unit you own. You can sell it later if you choose, gift it to your family or friends, rent it out, etc. It’s your choice!
In most timeshare pros and cons articles, there’s a common “con” that timeshare isn’t flexible. When timeshare was in its beginnings, owners had a Fixed Week they could travel to every year, at the same resort and at the same time. Upon its invention in 1974, RCI began the revolution of vacation exchange. Timeshare owners can now use their resort’s affiliated exchange program, like RCI or Interval International, to go almost anywhere in the world. We’d say vacation exchange is definitely a “pro” in our list of timeshare pros and cons.
Flexible Timeshares? They Do Exist!
A common misconception about timeshare, as stated previously, is that owners are stuck going to the same resort, same unit, at the same time every year. While this used to be the case, the industry has completely revolutionized. Now, buying a timeshare gives you a world of flexible vacations. Vacation ownership brands like Hilton Grand Vacations Club, Disney Vacation Club or Club Wyndham offer points-based programs. With points, owners are given their annual allotment every year. Use your points like currency to make reservations at resorts within your brand’s portfolio, or bank/borrow them for ultimate flexibility. Points are definitely considered a pro on our list of timeshare pros and cons.
If you don’t own a timeshare, you may go years without even really thinking about a vacation. For some people, it’s just not on their mind to take time off work and getaway. It can be stressful to plan, find hotels, get the family together, etc. With a timeshare, owners can guarantee exquisite vacations every year. Less planning and more memories. Go back to your favorite places, or take an adventurous trip abroad. Either way, you can guarantee an incredible vacation annually.
Myths About Timeshares
Unfortunately, the timeshare industry has seen its fair share of bad players. We cover timeshare news often that warns owners or timeshare sellers about the latest scams in the industry. Although fraud can be prevalent at times, timeshare itself is not a scam. Owners pay for luxury vacations for a lifetime, and this promise is delivered. In fact, 85% of timeshare owners love their overall ownership experience. That’s certainly not a timeshare myth.
Timeshare Maintenance Fees
Like owning a car or house, a timeshare must be maintained. Without annual maintenance fees, your resort can’t pay employees, make renovations or upgrades, and can’t account for damages. While timeshare maintenance fees might be annoying, they are necessary. They do fit on the list of timeshare pros and cons and they are a necessary item to account for.
Timeshares Are Not An Investment
This one goes back to myths about timeshares. Before regulations were put in place by the government and the American Resort Development Association (ARDA), people selling timeshare didn’t have the best ethical practices. Sometimes people were led to believe that their timeshare would be an investment and make them money. This is not the case. Timeshares do not appreciate. In fact, timeshares for sale on the resale market are sold for much less than their original purchase price. If you are interested in buying a timeshare, keep in mind that their main purpose is to promise incredible vacations.
In Conclusion: Is Timeshare a Good Idea?
Timeshares are a good idea if you love to travel regularly and plan on using your ownership to its fullest abilities. You should also get to know the way your timeshare works, whether it’s a points-based timeshare or perhaps a floating week. Luckily, there are so many different types of timeshares out there that will work for you. However, if you won’t be using your ownership every year, or think a timeshare is a good financial investment, then it may not be a good idea for you.