Planning vacations requires time, energy, and a bit of stress to ensure everything goes according to plan. Timeshares let you enjoy holidays to your favorite destination with little planning, with over 1,500 timeshare resorts to consider in the United States. They offer excellent convenience, but it’s fair to wonder are timeshares worth it in the end.
Timeshare salespeople will tell you excitedly that you want to take advantage of a timeshare investment opportunity. Still, a timeshare may be the wrong investment for your family’s vacation needs. It’s vital to consider the pros and cons of such an investment before signing a timeshare contract and completing a deal.
Luckily, you’ve found the perfect resource to learn about timeshares and decide if they fit your future vacations. Continue reading to learn about the benefits and risks of timeshares today!
Benefits of Timeshares
There are several benefits to consider when exploring timeshares for future family vacations. Travel is stressful for 92 percent of people in the United States, and timeshares can push much of that stress away. It’s best to view timeshares as extended vacations that require less planning and anxiety rather than long-term investments.
If you’re on the fence about spending money on a timeshare property, its benefits will lead you down the proper path. Here’s a closer look at the pros to expect when signing a timeshare contract.
Timeshares make people happy because they don’t need to spend hours agonizing over where to visit for the next vacation. The plans are already established; you must book your flight and arrange a ride from the airport. A timeshare is an excellent purchase for family vacations if you enjoy stability and routine.
You can also exchange your home resort to try out a different option within the network for a change of scenery. Ask the timeshare company about this option before signing anything.
No Property Maintenance
One of the drawbacks of investing in a vacation property is the need for expensive maintenance. Most vacation homeowners spend weeks or months living in the structure. You can avoid shelling out thousands of dollars on maintenance by choosing a timeshare resort to stay at.
Your timeshare’s maintenance is taken care of with your annual maintenance fees. You won’t need to do any work yourself. The resort will handle everything so you can enjoy relaxation and peace.
Vacation homes and condos are also quite expensive to purchase and own. Most people need help financing these purchases and will only spend a little time at them. Timeshares offer the opportunity to spend time each year in your favorite destination without spending hundreds of thousands of dollars.
Most timeshare owners pay less than $10,000 for their timeshare property. It’s much cheaper than purchasing a vacation condo outright. Still, it’s helpful to look at the cost of ownership over your contract’s lifetime when looking at your timeshare’s actual price.
Timeshare properties also have a thriving secondhand market. Secondhand timeshares allow you to stay in your favorite destination at a bargain rate. Most used timeshares sell at a small fraction of the original cost.
The primary reason owners want a timeshare exit is to avoid paying the annual maintenance fees. If you can handle those payments, you can purchase a timeshare for as little as $100.
Ask if the current owner needs to catch up on maintenance fees to determine if it’s a fair deal. It’s vital when determining are timeshares worth it.
Most timeshares also provide plenty of room during your stay, making them an excellent option when bringing friends and family on the trip. You’ll enjoy separate and private bedrooms, multiple bathrooms, a kitchen, and laundry options for your clothing during your stay.
You can also count on luxurious amenities like pools, hot tubs, and beach access to add value to your stay. If you value those things and experiences, a timeshare could be worth it for your family.
Cons of Timeshares
The benefits of timeshare ownership are impressive, but there are several risks you’ll face with this purchase. Understanding that risk will help you better understand if timeshares are worth it for your family and financial situation. Here’s a deeper dive into the risks of your timeshare contract.
The people selling timeshares don’t care if you can’t afford the payments for your new property. They’ll sell you all the benefits and avoid mentioning the risks to ensure you sign the contract.
Ask for the contract’s fine print before signing anything to avoid writing a timeshare exit letter. You can also hire experts to help with timeshare cancellation.
Financing Is Pricey
Purchasing a timeshare is exciting, but the costs increase if you need to finance the purchase. You’re not purchasing property, so lenders won’t provide a mortgage for your investment. Lenders that offer financing will want some form of collateral if the deal goes south.
You’ll also lose out on the tax credits and deductions of property ownership since you don’t own anything. It’s a significant risk you must account for.
It’s also common for timeshares to depreciate as time passes. You could put thousands of dollars into the property and attempt to cancel a timeshare worth $100 years later. Purchasing a timeshare brings many risks to your financial portfolio.
The depreciation makes timeshares much harder to cancel or eliminate than other purchases. Learn the ins and outs of how to cancel a timeshare before signing any documents.
Now You Can Decide Are Timeshares Worth It
When buying a timeshare, research and understanding what you’re getting into is vital. Only you can determine are timeshares worth it given your vacation needs and budget.
Understand that your purchase will depreciate, and timeshares are difficult to cancel. Finding financing from lenders is an uphill battle, meaning you’ll need to use collateral to purchase. Still, it’s a stress-free way to travel to your favorite destination.
Are you ready to add more excitement and adventure to your life? Check out more of our Lifestyle blog content to find inspiration and ideas to take your life to new heights!