Did you know there are now 1582 timeshare resorts in the US alone? With property prices rising and new legislation in place to protect buyers, timeshares are as popular as ever. But do you know how they work?
If not then we can help explain your options. Read on as we discuss the pros and cons of timeshares that you must know about.
Advantages of a Timeshare
While timeshares often get a bad reputation, they have several advantages. Speak with your timeshare agent about these when considering a purchase.
One of the main advantages is that every year, you will have access to a vacation. You won’t have the hassle of finding accommodation to stay in. Instead, the place will be ready for your arrival, a home away from home.
You will already be familiar with the apartment and surrounding area. This means you can slot into your favorite activities, visiting the top restaurants and favorite bars.
Not everyone can afford a yearly holiday. Even fewer people can afford to buy their holiday property. On both occasions, a timeshare can be a viable cost-effective alternative.
There are numerous types of timeshares, from apartments to villas. Depending on the location and amount of time you get in the property, totaling it up over the long term can beat average local prices.
Real Property Ownership
There is a misconception that you don’t own the property when you enter into a timeshare. If you have a deeded timeshare, you certainly do own a share in it. This can be gifted, inherited, or sold like any other property.
Disadvantages of a Timeshare
Many areas have introduced regulations to make timeshares and their sales much safer. However, timeshares do still have some disadvantages.
Lack of Flexibility
One of the biggest drawbacks is the lack of flexibility. The timeshare will always be in one location, meaning your vacation will be in the same place.
Usually, visiting times are rotated so that your allocated slot will move season. However, if you can not make this then you will have to rent it out or lose the slot for that time.
Hard to Sell
Selling a timeshare is notoriously difficult, if not impossible. You should never go into buying a timeshare looking at it as a form of investment. This timeshare cancellation guide will give you advice on the lengthy process if you do decide to get out of one.
Timeshare properties will need fees to be paid. These could be for upgrades, renovations, insurance, and general maintenance. However, while these are often cited as a disadvantage they are inherent in any property owner.
Navigating the Pros and Cons of Timeshares
Now you know the pros and cons of timeshares, consider if they are for you. Set a budget, decide what you want, and look into resorts. Make sure you get independent advice before contacting agents or sales representatives.
If you found this article helpful, we have many more. From property to investments we can help manage your money in the coming years.