Are you considering whether or not to buy a timeshare? Perhaps you have one specific vacation spot that you go to every year. If so, you might think it makes more sense to invest in a timeshare for you and your family.
While buying a timeshare can be an incredible option, there are certainly a lot of different pros and cons to weigh out before you do so. It’s all about making sure you’re falling into the right situation.
If you’re wondering “should I buy a timeshare?”, then be sure to see below for the benefits and disadvantages of doing so. Use this guide as you consider whether or not to invest.
Pro: A Place to Go Each Year
A frequent getaway is good for your health. In fact, studies have shown that employees who take vacations are often more motivated efficient at their jobs. Everyone deserves some time to get away from the hustle and bustle of thier everyday lives.
However, many people opt not to go on vacation for two reasons: the planning and the cost. People don’t want to add to the stress of planning the details of their vacation while trying to juggle their career and personal life.
If you were to invest in a timeshare, then that would never be an issue for you. You’d already know where you’re going to stay, what’s around your timeshare to do, and you’ll at least have an idea of where you’ll spend a majority of your time.
You can plan as many vacations as your job will allow thanks to the fact that you own a timeshare. The only thing you have to work around is the schedule of the other parties that have invested in your timeshare.
Con: You Aren’t Just Paying the Mortgage
There’s a common misconception about investing in a timeshare. People often think that investing in one only requires them to pay for part of the mortgage of the timeshare.
But there are many other expenses that you’ll be required to split everyone else that’s invested in that property such as cleaning fees, contracts, property taxes, utilities, remodels, etc.
Those that don’t anticipate those costs ahead of time are in for a world of hurt. It can lead to financial strain on you and your family’s livelihood. If you don’t pay them then the developer of your timeshare can give you the boot.
If you’ve already invested in a timeshare and find yourself in a sticky situation, hiring a timeshare attorney can help you get out of the mess you’re in.
Pro: They’re a Blast for Groups
Typically speaking, timeshares properties have several bedrooms and bathrooms, making them perfect for groups to vacation together. If you have a large family or friends that you want to bring along, then the timeshare makes it easier to do that.
You can also use your network of friends to pitch your timeshare to, thus helping you and the other timeshare investors gain some financial relief.
If you live too far away from your family to see them on a regular basis, then vacationing with them each year can be a great way to keep them close. You’re guaranteed a week or two each year to enjoy their company and catch up on life.
Those family vacations are much easier to coordinate if a timeshare is involved. You already know where everyone will be staying, rather than trying to perfectly match-up dates, rates, and locations among several rentals.
Con: You’re Entitled to Stay There
If you’re going to invest in timeshare, you have to make sure that you’re really passionate about the place that your timeshare is located in. Why? Because you’re essentially tying yourself to vacation at that same spot each and every year.
One major drawback of investing in a timeshare is that you have far less flexibility to travel and have vacations at other places. You already have a significant amount of money tied into the timeshare as is, making other vacations hard to afford.
If you’re the type of person that wants to travel to a new location every year for vacation, then investing in a timeshare isn’t the best idea. Timeshares make more sense for those that have vacationed at the same spot for 10 years or more, with no end in sight.
Pro: Flexible Dates for Vacation
Have you ever become frustrated with trying to find dates to vacation that a) work with your work schedule and b) won’t blow the top off of your budget for the year? If so, you know how tedious it can be to find the right fit.
Buying a timeshare gives you more flexibility, offering virtually any week of the year for you to choose from. The only other thing you have to consider is the desired rental dates of other investors in your timeshare.
If you want to take a weekend away to your timeshare, you can! If you want to vacation for back-to-back weeks, you’re free to do so! If you want two separate vacations in one year, you can do that as well. Owning a timeshare gives you the opportunity to do so!
Should I Buy a Timeshare? Let the Pros and Cons Be Your Guide!
Now that you’ve seen the pros and cons of investing in a timeshare, you can answer your question of “should I buy a timeshare?”.
Be sure to weigh out both the advantages and disadvantages to see whether it makes sense for you and your family.
Also, make sure to browse our website for more articles on buying timeshares, as well as many other helpful topics!
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