Timeshare Pros and Cons List
As the world moves closer to economically unstable times, more and more people are looking to invest in timeshares, as a means of diversifying their portfolio. While there are many who see timeshares as a wise investment, there are others who find them to be a foolish waste of valuable resources. The following is a closer investigation of the pros and cons associated with timeshares.
List of Pros of Timeshares
1. Saving Money
Instead of purchasing a luxury condominium that you are going to use for a mere week out of each year, purchasing a timeshare allows you to cut costs and pay for only the time you are using. With many citizens looking for ways to cut costs, without diminishing their enjoyment of their downtime, timeshares will only continue to grow in popularity.
2. Less Upkeep
One of the reasons why a timeshare costs so much less is because the person who uses it is not responsible for the year round upkeep. Conversely, a person who owns a beach house or similar vacation home is on the hook for property taxes, utility bills, maintenance fees and other unexpected expenses that arise as a result of property ownership.
3. Easier Vacation Planning
Lots of families enjoy having the ability to plan their vacations in advance and timeshares allow them to do just that. When signing a timeshare agreement, a family typically agrees to inhabit the living space for a certain period of time each year. Not having to find a new vacation destination year after year and worry about accommodations is worth its weight in gold for many.
List of Cons of Timeshares
1. Resale Value Is Limited
Now that the real estate market has normalized to a certain extent, people are investing in timeshares with the idea of reselling them at a later date. However, it is extremely difficult to predict the market upon purchasing a timeshare and there are tons of small variables that could end up working against you. Most of them are far beyond your ability to control.
2. Contracts Are Restrictive
If you are someone who knows you will not be needing a timeshare for a period longer than one to two years, signing a timeshare contract is a poor decision. The majority of timeshare contracts lock into a binding lease for several years and finding someone who is willing to replace you should you decide to leave can be challenging.
3. Jockeying For Position
While knowing when exactly you can go on vacation may be liberating for some, there are others who work more flexible schedules and may not be able to plan around others. For these people, being forced to schedule their vacation around the whims of others may be more hassle than they are willing to deal with.