A timeshare is a property, usually condominium apartments, owned by several people who schedule their use throughout the year. These properties are usually found in desirable tourist destinations. There are cases when timeshare owners “swap” timeshares, so they go to other locations.
It is common to hear complaints about owning a timeshare, but it is advantageous if you are the right market for it. If you are the type who values regular vacations and do not mind going to the same destination, you will surely find owning a timeshare advantageous.
- Timeshare provides a much better accommodation than hotels do. Timeshares can be spacious units that have fully-equipped kitchens, dining room, living room and several bedrooms. Some can provide hot tubs, fireplace and entertainment centres. It really feels like being “home” when you’re on vacation. You can even have home-cooked meals every time and this is great if you’re on a certain diet. It’s budget-friendly, too.
- There are timeshares that provide amenities like the use of swimming pools, fitness centres, tennis courts and health and beauty services. Some even have tie-ups with offsite recreation or outdoor adventures. Choose a timeshare that is close to the attractions you want to enjoy, and you’ll surely have a fun holiday.
- Owning a timeshare can help you save money. You can book future vacation accommodations at today’s cost. You can also share it with families and friends. If you want to generate income, you can rent out your timeshare space. Timeshare owners can choose when and where to travel, the length of their stay and the type of accommodation they want. They belong to a group that can swap their units, thereby explore other destinations.
Admittedly, there are downsides to owning a timeshare. Maintenance fees go up annually whether or not you use the property. They are also very hard to sell. If you’re lucky enough to sell yours, you will most likely take a loss. In the end, losing money in sales can be good because you no longer have to pay the annual fees. There are also rare occasions when the property is poorly managed.
There might also come a time when you can no longer use your timeshare. Changes in personal circumstances happen. Children grow up and their interests change. They go to college and move out of the family home. Family holiday may no longer be a priority. Declining health can also be a reason why a timeshare owner no longer goes on vacation.
At the end of the day, you have to weigh the pros and cons of keeping your timeshare. If you can still make use of it, it would be wise to keep it. Remember that you can pass it on to future generations. If, on the other hand, keeping the timeshare is no longer practical, you can exit timeshare now or whenever you want. There are proper ways to do it and you can even hire an exit company to help you.