The pros and cons of owning a timeshare
A timeshare is either an affordable way to enjoy a luxury vacation, or it’s an absolute money pit and the worst investment ever. As you can see, opinions on timeshares are pretty mixed, it all depends on who you ask. If you’re thinking of getting into one yourself, here are the pros and cons to help you make an informed decision.
Con: You Get All The Expenses Of Home Ownership
In a deeded timeshare, where you actually own 1/52 of a property, you’re responsible for 1/52 of property taxes, insurance, and repairs. Considering that many timeshares are in hurricane-prone areas, this has the potential to be quite costly. Some estimate $1,000 annually in additional expenses.
Pro: You Get To Stay In A Nice Place
Hotels have beds, a bathroom, a television, and possibly a refrigerator packed into a small space. Timeshares are often suites, condos, or houses, and they don’t skimp on amenities. You’ll have more room in a timeshare and the accommodations are usually fancier. Why not vacation in better accommodations?
Con: There Are Restrictions
The terms of each timeshare vary, but they all have restrictions. Travelers have to agree on what week they’ll use the timeshare. When you own a timeshare, you have to vacation in that place or in select places that are included in your timeshare. These restrictions can put a damper on a vacation.
Pro: You Save Money
Each timeshare arrangement is different, but in most instances, timeshares save you money over the years. Especially when you factor in the costs of rising inflation, timeshares allow you to get a stable cost for annual vacations. Of course, timeshares don’t save money if you don’t use them.
Con: A Timeshare Is Not Actually An Investment
Timeshares are not investments. Although you can pass your 1/52 share of a property to benefactors when you die, you will never get more from the purchase than what you paid for it. Timeshares are often resold for a fraction of what was paid. Timeshares only make vacations cheaper.