If you are the type who goes on regular vacations who cannot be bothered looking for resorts or hotels, timeshare ownership will do you good. We all know that looking for a vacation destination can be stressful unless you have a travel agent who will do the work for you. You have to review several brochures, compare prices, check the availability and read reviews before you can pick one. If you’re unlucky, you’ll end up with a lousy resort despite the work you have put in.
A timeshare ownership saves you from the stress. You are assured of a top-notch location and your booking is safe. All you have to do is pack your back, leave and enjoy. This is pretty much how the timeshare companies sell you an ownership. If you can afford the prize, who wouldn’t want a stress-free vacation that you can have regularly? Another upside to timeshare ownership is it costs much less than owning a vacation home. You don’t have to worry paying for and attending to the property’s upkeep.
Before you take the plunge and sign the dotted line, here are some considerations to owning a timeshare. Read through them because timeshare may not be for you.
Considerations to Owning a Timeshare
- You may get stuck to one company – Some timeshares may keep you to a single resort year after year. This can be tiresome unless the resort keeps on upgrading their facilities or adding attractions. Going to a specific resort every year may be appealing to some though. It saves them from unfavourable surprises when they already know what’s waiting for them.
- You may end up not using it – There are some owners who bought their timeshare because they wanted it. They are not regular vacation goers yet. Owning a timeshare might finally push them to take regular breaks. Or, they feel it would be nice to have one should they take a vacation. The reality is, they don’t need a timeshare because going on a holiday is something they don’t consider to be a need.
- Timeshares cost a lot – The upfront cost of a timeshare is a considerable amount. On top of it, there are annual fees to be considered.
- The value of a timeshare does not go up – You would think that like other real estate investments, the value of a timeshare appreciates. Sadly, they do not. The value of the property may go up, but it doesn’t affect the timeshare owner. They did not buy the property, but the time to use it.
- Timeshares are not income generating – Real estate investments allow you to earn income. If you rent out your home, your tenants pay you rent. This does not apply with timeshare.
If owning a timeshare does not benefit you, you do not need to suffer and hold on to it. Keeping it despite non-use is going to cost you more money in the long run because of the annual fees it requires. Do yourself a favour and exit timeshare now. There are ways you can give up your timeshare properly.