To invest in a timeshare or not. That is the question.
While some people find that timeshares are ideal for their lifestyle, others find them to be a burden. That’s why you need to understand the pros and cons of timeshares before investing in one.
Let’s explore the reasons you should and shouldn’t purchase a timeshare.
Why You Should Invest in a Timeshare
When it comes to timeshare pros and cons, the list of advantages is extensive. From motivating you to getting away to owning a sliver of paradise, there are numerous reasons to purchase a timeshare.
A Reason to Getaway
First and foremost, investing in a timeshare property gives you a reason to vacation.
Studies have found that 55% of Americans don’t use all of their paid vacation days. With busy work schedules, it’s easy to forget to utilize your time-off. But owning a timeshare motivates you to schedule a vacation.
Lap of Luxury
Hotel resorts are expensive, and most rooms don’t include kitchens. A few nights in a hotel and dining at the resort facilities adds up. Many people can’t afford it.
But with a timeshare, you get to own a livable unit in paradise. Timeshares include multiple bathrooms, full-working kitchens, and spacious living areas. Many timeshares also have hot tubs, pools, and fitness centers.
It’s All Yours
Timeshares allow ordinary people to own a property in paradise. For your designated time slot, the property is all yours. You can rent it, sell it, or use the space however you desire.
Why You Shouldn’t Invest in a Timeshare
Before buying a timeshare, know what you’re getting into. Many people do not comprehend how timeshares work and the costs associated with them. Misinformation causes stress and cancellations.
As a rule of thumb, consult with a timeshare lawyer before signing anything. Legal experts help you understand your contract and determine whether the investment is a good idea. Learn more about timeshare lawyers and the services they provide before agreeing to a timeshare lease.
The Fees Can Add Up
Timeshare costs prevent people from affording their dream.
Timeshares include regular maintenance fees that increase over the years. Owners must pay for upkeep whether they enjoy the timeshare or not. In 2018, the average maintenance fees ranged from $640 to over $1,290.
Scheduling May Be Out of Your Control
Depending on the type of timeshare, you may not have control over when you get to visit your property. This can be a major drawback for owners with busy schedules. Many find it hard to take off work at specific times of the year, thus preventing them from enjoying their space.
Foreign Policies Can Impact Vacation Time
Keep in mind that timeshares located in other countries may have limited availability based on factors outside of your control.
For example, many islands shut down their airports due to the COVID-19 pandemic, which prevented people from visiting their properties.
Understand that while you may own a timeshare in another country, you are still a foreign visitor and may be restricted in what you can do.
The Pros and Cons of Timeshares and More News
Owning a timeshare has its perks, but it also has its drawbacks. Know what you’re getting into before signing a contract for a timeshare lease.
Now that you know the pros and cons of timeshares, what other informational articles are you looking for? From small businesses reopening to foreign conflicts, we’ve got the news updates you need.