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Timeshares have a pretty mixed reputation. But what are the real pros and cons of buying one? Read on to find out.
Pros
Let’s start with the pros because even though timeshares get a bad name, there are lots of advantages to them. For a start, they offer a certain level of certainty and predictability. Some may see this as a bad thing, but if you like to go to the same location year after year, you have a guaranteed holiday. You also only pay for what you use. Whereas, if you had full ownership of a holiday home, you’d have to pay for the property and its maintenance even when you’re not actually using it.
If you get bored of the security and consistency of your timeshare, there are options out there. You don’t need to be stuck with it forever. Yes, selling a timeshare can be tough, but a lot of people find it easy to swap their timeshare for a different one. This allows you to see somewhere new while still having the security you had before. You could also let your friends and family members use your timeshare to get the most for your money.
You could even make a bit of money from your timeshare if you’re not able to get out to the destination and use it for a period of time. Some timeshare contracts don’t allow you to rent out the timeshare, but some do. If yours does, make sure you make the most of this opportunity because you could be able to make a little cash on the side.
Cons
One of the good things about timeshares is that you don’t have to carry out work and maintenance on the property yourself. But this also comes with its own downside. You will have to pay quite large sums of money in annual fees. This money goes towards the upkeep and maintenance of the property throughout the year, and everyone with a timeshare must contribute. This can be really frustrating when the fees seem to be going up and up every year. And if you don’t pay, your contract can be cancelled.
As I mentioned above, selling timeshares can be really difficult and frustrating. It can often seem like there’s no way out for people who want to sell theirs. You also have to be careful of timeshare reselling schemes that aim to defraud people. If you want to get out of your timeshare, you should contact a timeshare cancellation company. They’ll be able to do the hard work so that you don’t have to.
Buying timeshares usually means buying in a foreign country, and this is something that poses its own problems. In some countries, protection for consumers isn’t the same as it might be back at home. Many places have little or no real protections in place for people buying timeshares. This could be a big problem for you later on. So, make sure you do your research before buying a timeshare in another country.
