The idea of owning a timeshare may conjure images of a gala time you can have on a vacation in some remote location with very attractive terms. However, it is important to read the fine print before signing on the dotted line. Most people rush into the decision of buying a timeshare and regret it later. With timeshares coming in various types like fixed week, floating, right-to-use and points club you’ll be quite confused which one to go for. Whichever you decide upon, just make sure you know the advantages and disadvantages in buying a timeshare.
Unlike any vacation home where it could lie vacant for most part and you still get to pay for it, with a timeshare you pay only for the time you spend at the timeshare. That is probably what makes a frightfully expensive property within the easy reach of many middle-class people looking for spending quality time at a great place during a vacation. You don’t have to break your head about maintenance and repairs, nor about paying for a caretaker.
Another major advantage is that you can have a definite vacation at the destined place, and can be sure of accommodation. Unlike resorts where you have to make sure your reservations are in order, and the flights reach the destination on time.
What’s more is you have the liberty of trading destinations with other timeshare owners in various locations, and it’s like owning multiple timeshares. In case you can’t make it on a particular vacation, you can let out your timeshare and expect decent returns that you can put away for your next vacation.
You can surprise your friends and family, especially that favourite niece or nephew of yours who got married recently. You can gift your timeshare to anyone you please, or you can even put it on the block at a charity auction and feel really good about it for long.
No maintenance is fine, but the annual fees can burn a hole in your pocket. If you were not careful enough to read the agreement fully, you can be in for nasty surprises like arbitrary hike in annual fees. You’ve got to pay up the annual fees whether you use the timeshare or not.
Timeshares are not that easy to sell, and many realize that they are stuck with their timeshares for life. No wonder then that used timeshares are sold at throwaway prices, and if you’ve fallen for one of them, bad luck. Of course, you just might hit a good bargain now and then.
Going for a timeshare in some exotic island or a foreign country comes with its own hassles. You may not be familiar with the local property laws and might end up realizing that you have invested in some worthless property because some countries do not allow foreigners to hold title to any property by law. It is, after all, a lifestyle indulgence and not a healthy investment.