Whenever you make a big purchase, it’s important to weigh out the pros and cons. From cars, to homes, and yes, even timeshares, this is a critical step when you decide to own something. 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. If filtering through all this info about timeshare ownership feels a bit overwhelming, don’t worry, we’re here to help! We’ll give you a complete low-down on all of the pros and cons of timeshares. Including some things no one ever talks about.
- The Pros and Cons of Owning a Timeshare
- Long-Term Savings
- Luxurious Accommodations
- You Really Own Your Timeshare
- Vacation Exchange
- Flexible Timeshares? They Do Exist!
- Vacation Guarantee
- Myths About Timeshares
- Are Timeshare Maintenance Fees Pros or Cons?
- Timeshares Are Not An Investment
- Still on the Fence About the Pros and Cons of Timeshares?
- Summing Up the Timeshare Pros and Cons No One Talks About
- Buy or Rent a Timeshare With Timeshares Only
The Pros and Cons of Owning a Timeshare
Depending on who you ask, there are many pros and cons of timeshare. Many timeshare owners love their vacation ownership, but due to misinformation, not everyone can weigh out the benefits or cons of owning a timeshare. Before you purchase one, 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 guarantee their vacation time every year. However, all owners or future buyers need to consider the purchase price as well as their maintenance fees every year.
An Overview of Timeshare Pros and Cons
|Pros of Timeshare
|Cons of Timeshare
|Annual fees & dues
If you’re a frequent traveler, there is no question that vacation 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.
With vacation ownership, 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.
How to Manage the Upfront Cost
If the upfront cost of buying a timeshare directly from a timeshare company seems a bit daunting, it may make more financial sense to buy one on the secondary market. Many owners buy their timeshares resale because the average sales price is typically lower. You’ll still need to keep up with annual fees, but this does help manage one of the biggest timeshare cons: high upfront costs.
The average hotel room commonly features 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 have unparalleled amenities. Most resorts boast multiple pools, jetted hot tubs, spas, tennis courts, activity centers, as well as on-site restaurants that take vacations to the next level. As a result, a timeshare vacation comes with extra luxury to match the price. Hotel rooms just can’t compete with what makes timeshares worth the extra money.
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 the unit you own. You can sell it later if you choose, gift it to your family or friends, rent it out, etc. So it’s your choice!
In most timeshare pros and cons articles, there’s a common “con” that they aren’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. Owners can now use their resort’s affiliated exchange program, like RCI or Interval International, to go almost anywhere in the world. In conclusion, 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, Marriott 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. So, 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 get away. It can be stressful to plan, find hotels, get the family together, etc. Owners can guarantee exquisite vacations every year. So, less planning and more memories. Not to mention, you can go back to your favorite places, or take an adventurous trip abroad. So ultimately, 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 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 myth.
Learn more: 4 Common Timeshare Resale Scams to Avoid
Are Timeshare Maintenance Fees Pros or Cons?
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 maintenance fees might be annoying, they are necessary. So 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 timeshares 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 its main purpose is to promise incredible vacations.
Still on the Fence About the Pros and Cons of Timeshares?
If you’re still on the fence about owning a timeshare, there is a way to try before you buy: timeshare rentals. When you rent a timeshare property, you’ll be able to enjoy all the benefits of staying at a timeshare resort with none of the commitment. So you’ll get to relax at timeshare units across the country without having to keep track of annual maintenance fees. This option is a great way to enjoy some vacation time in luxury while getting a sense of what vacation ownership is like. Whether you find you enjoy having a vacation home or decide buying a timeshare isn’t for you, if you rent a timeshare you’ll still enjoy a fantastic vacation. What’s not to love?
Summing Up the Timeshare Pros and Cons No One Talks About
Are you the kind of person who loves to travel regularly? Do you plan on using your ownership to its fullest abilities? If the answer to all of these questions is yes, buying a timeshare unit is likely right for you. You should also get to know the way your timeshare works, whether it’s a points-based or floating week timeshare. Luckily, there are so many different types of timeshares you can buy that will work for you.
Buy or Rent a Timeshare With Timeshares Only
At Timeshares Only, our marketplace has listings for many timeshares from top timeshare companies like Wyndham, Marriott, and Hilton Grand Vacations Club. So if you’re looking for a specific timeshare developer, we likely have some options from them. We also have plenty of timeshare rentals if you’re not quite ready to make a timeshare purchase. Plus, as a proud member of the American Resort Development Association, we follow a strict set of guidelines that helps keep everyone in the industry safe, and we’ve been in the timeshare business for over 20 years. If you have any questions about purchasing a timeshare, the timeshare resale market, or other parts of the industry, please give us a call at 1-800-610-2734, or email us at [email protected]. We’re always happy to help!