Pros and Cons of Purchasing a Timeshare

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Maybe you’ve seen the commercials or advertisements of happy families playing on the beach right outside their condo in Mexico that they own for part of the year. Doesn’t this sound like a dream? A timeshare is a huge investment that can definitely pay off big time if you’ve done the proper research beforehand. Make sure to weigh in the pros and cons before making this big purchase that could bring your family years of great travel memories.

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Pros

  • Pay for what you use Rather than purchasing a vacation house somewhere that you’re only going to use it for a few weeks per year, a timeshare lets you purchase only the time you want to spend there- so you’re only paying for 2 weeks out of the year, for example.
  • Less hassle You don’t have to worry about all the details about maintaining the property throughout the year, because other owners will be there.
  • Fixed rates When you purchase a timeshare, you’re guaranteed the price you pay will stay the same. But when you book hotels or resorts year after year, you’re constantly searching for the lowest prices because prices inflate.
  • Guaranteed destination This goes along with the last point; when you have a timeshare, you have your destination guaranteed, so you don’t have to scramble to book accommodations or figure out where you’re going to go.

Cons

  • Hidden fees Maintenance fees, taxes and management fees can all crop up, often hidden in the beginning. Talk to other timeshare owners before purchasing to find out what kind of fees they have to pay.
  • Binding contracts You may sign a contract for a timeshare in one location only to find out that you hate it shortly after. This is especially a problem if no one wants to sublet or exchange properties with you. If this happens to you, you’re not alone. Right Choice Transfer can help you sell off your unwanted timeshare, to save you stress and money.
  • Scheduling Although you’re guaranteed a destination with a timeshare, you’re also essentially locked into a given time frame per year. If you can’t travel during that slot, it can be a headache trying to coordinate with other timeshare owners to switch dates, or else you lose the money you invested for that year.
  • Money is tied up You need to have a considerable amount of money to put into something like a timeshare, and this investment is not always the best choice for everyone. Basically, you’re prepaying a substantial amount for vacations you’re going to enjoy later, and this financial commitment can often be more trouble than it’s worth.