A timeshare is a popular idea for a lot of reasons. You get a place to vacation for a couple weeks out of the year, but you don’t have to deal with the hassle of oh-so-fun things that always seem to happen to vacation homeowners, like busted pipes, break-ins, and landscaping. Sounds like a pretty good trade-off, but is it?
Advantages
Upkeep
One of the biggest advantages to timeshares is not having to pay for the upkeep on a place where you don’t live year-round. No mortgage, no worrying about having to hire a maid to clean your vacation home prior to you actually using it, no worrying about a hurricane wiping out your home. It’s not your problem, and it’s included in the timeshare.
You’re only paying for when you use it
Another great advantage that a timeshare has is that you pay when you use it. While you may have to use it or pay a fee each year, it is cheaper than paying a mortgage in a high-cost location and if your life situation changes, it is usually fairly simple to cancel, as compared to trying to sell a home and recoup your expenses. That’s the opposite of fun and relaxing. The beauty of a timeshare is you pay for the time you’re there, and that’s it.
Economical
A timeshare can be particularly economical for large families, or groups of friends that enjoy vacationing together. Rather than paying for many hotel rooms, or purchasing a huge vacation home that’s only used for two weeks out of an entire year, a timeshare offers a lot of benefits. It also makes it easy for groups to plan their vacations in the future, since everyone knows where they’re going, the dates when they need to ask for vacation days from work, and all everyone has to do is show up. Anyone who has ever traveled with a group, be they family or friends, knows how hard it is to coordinate schedules, and a timeshare helps alleviate this problem.
Disadvantages
Extra Fees
With a timeshare, it’s true that you don’t have to worry about paying someone for landscaping or pool maintenance, and you don’t have to pay a mortgage or taxes. However, you do have to pay maintenance fees, and those can really add up to a chunk of change. Of course, like everything in the world, these fees rise every year. What once seemed like a great deal might seem less so when faced with the maintenance bill for your timeshare.
Availability
While timeshares are usually available year-round, odds are everyone wants to use them at the same time. This is particularly bad if your timeshare is in a location that is weather-specific, like timeshares at beaches that are not warm year-round, or if you have kids and can only vacation during the summer. A timeshare won’t seem like such a great idea anymore if, say, your Myrtle Beach timeshare only has availability during the month of February.
You can get stuck visiting the same places
Some people enjoy visiting the same destination every year. It’s a comforting feeling; you know exactly what you’re getting, and it becomes a tradition. However, many people like to visit someplace new, and going to the exact same timeshare in the exact same vacation destination can get kind of old after awhile. Some timeshares will let you trade timeshares with owners in other destinations, but there’s no guarantee, and the most popular places fill quickly.
Whether or not a timeshare is a good idea for you is really dependent on your lifestyle, how often you plan to use it, and your financial stability. If you are interested in getting a timeshare, check with different companies to find one that works best with your unique situation, and make sure you have a thorough understanding of all of the costs before you sign up.
Photo Credit: Relaxing on the beach by Virtual Photography Studio/flickr
Sheldon Mathers is a loan consultant and a content contributor for online insurance companies. He suggests that you compare unsecured loans with secured loans for the best rates and terms available for your circumstances.
