Pros and Cons of Timeshares

Buying a timeshare certainly has its share of pros and cons, and chief among them is money. There are arguments both ways as to the value of timeshares. A timeshare is when you pre-pay for vacations at a particular resort or locale, and then you are guaranteed a specific time period for your vacation each year. It also can include more than one week in certain situations. But what are the pros and cons of timeshares?

Pros – For one, you always know when and where your vacation will be. You do not have to worry about reservations, or your favorite place getting booked up. This certainty is wonderful if you regularly vacation in the same place every single year, and you will often save money under these circumstances.

Another great benefit of a timeshare is the fact that it is already furnished with those things that you will need. This includes appliances, towels, lamps, furniture, and so on. Most timeshares already are fully furnished and stocked with everything you need of this nature.

Upkeep is another attractive option for timeshare owners. You pay a maintenance fee for the timeshare that takes care of the timeshare which collectively pays for any repairs, security, and other needs the property may need. Compared to owning a property, this amount of money is quite negligible in comparison.

As a money maker, timeshares can be quite profitable if you are careful and know what you are doing. Many people invest in a timeshare for the sole purpose of renting it out. This is profitable if you are doing it in the right way, but you must be careful in your dealings.

Cons – Many of the same things that are pros can also be cons if you are not careful. The potential downfalls of the timeshare market are varied, and can be devastating to someone that does not understand how they work.

One of the biggest issues are maintenance fees. At times, they can rise or fall depending upon the repairs and problems that may arise within a timeshare. For example, if the heating system goes out, and the maintenance fees do not cover it as they stand, then the fees will rise. You have to be prepared for these unexpected occasions.

The other major drawback for a timeshare are the many cons working the market. You should always research the company that you are dealing with extensively before purchasing a timeshare. The last thing you want is to get stuck in a financial black hole from your timeshare purchase. There are a number of scams on the market.

If you do not properly network with others, a timeshare is very limiting on your vacation options. Timeshares can be traded or exchanged in certain cases, but you would need to have people to do this with. For this reason, it is good to get to know others in the timeshare market so that you have some options for flexibility.

Finally, the biggest con of timeshares is the money commitment. While this is negligible if you are a regular visitor to a particular location, it can be significant if you are not. Timeshares are really for people that are going to return to the same vacation spot year after year at the same time. This scenario is sure to keep you happy with your timeshare. If you, however, like to shake things up every so often, then timeshares are far to constricting.

Timeshares are really what you make of them. The pros and cons of timeshares are completely up to you in most cases. It is a matter of looking at all the details, and deciding if there are more pros than cons before you make the purchase. Research is the key.

by Rodney Southern