Did you know that people who own timeshares are able to own a property without needing to worry about costs related to cleaning and repairs?
There are many benefits to having a vacation property to call your own. But there are also many risks involved that you should know about before choosing to purchase one.
We’ve written a guide to help you understand the pros and cons of buying a vacation home. If you’ve been wondering “are timeshares worth it?”, keep reading if you are interested in finding out more.
Timeshares are Not a Financial Investment
Even though the average price of a timeshare has risen in recent years, this does not mean that the timeshare you’re thinking about buying will bring you a return on your investment.
Lots of unethical businesspeople make claims that the timeshares they are selling will continue to become more valuable. But it is hard to know whether or not this is the case.
This is why you should use caution when investing in a timeshare. Don’t purchase a vacation destination for the sole purpose of getting a return on your investment.
It is possible that the property you purchase will decrease in value instead of increase in value.
Buying a Timeshare: Don’t Do It When You Are On Vacation
People who sell timeshares are skilled at selling properties. If you are not able to resist their offers, it is possible that they will take advantage of you.
This is why you should never purchase a timeshare when you are on vacation. You need to have the right mindset to do this.
You should be ready to thoroughly read through the contract’s details, and assess what unexpected costs you might face such as rising yearly maintenance costs.
Instead of buying a timeshare that you are interested in right away, make sure to rent from a current timeshare owner to find out how much you like the property. But don’t sign a contract while you are still on vacation.
Why It Is Worth It to Own a Timeshare
Before you sign a contract to buy a timeshare, there are several important things that you should pay attention to such as how often you travel, where you prefer to go on vacation, and who you like to travel with.
After you answer these questions you can start to weigh the pros and cons of purchasing a timeshare. Here are some of the top benefits of owning a timeshare.
Priority to Book Whenever You Want
If you are a frequent traveler, you’ll probably enjoy the simplicity of priority booking.
Most timeshares let owners book their homes many months in advance. This means that it will be easy for you to book the property during high-demand times of the year such as Christmas and New Year.
The Top Vacation Clubs
Timeshares are much different than they used to be thirty years ago. Many of them now feature vacation club types of offerings.
Many of the world’s top brands such as Hilton and Hyatt give their members unique vacation club memberships.
If you become a valued member, you might earn extra vacations, free car rentals, and tickets to popular shows and concerts.
A Great Family Vacation Option
It will be easy to plan vacations with your family if you have a timeshare. All you’ll need to do is book your preferred dates and make your travel arrangements.
By purchasing a timeshare you will secure a vacation spot for you and your family for many years to come.
You might also be able to add a vacation exchange membership if you are interested in visiting new resorts every time you take a vacation.
Many of the world’s top companies will let members stay at different timeshares within their network without needing to pay extra costs.
Why You Might Not Want to Own a Timeshare
Lots of people say that it is not worth it to purchase a timeshare directly from a resort. Here are some of the reasons you should think twice before buying a timeshare.
You Might Purchase a Timeshare You Cannot Afford
Most timeshare sales agents will want to tell you about their premium offers before telling you about the less expensive options. This is why you should do plenty of research before signing a contract.
Find out if there are other options available. And consider crunching some numbers to find out if the timeshare you are thinking about buying will cost less than you usually spend on annual vacations.
A Timeshare’s Value Might Not Appreciate
Many timeshares will not hold their value. And it can be rare for them to increase in value.
When you try to sell your timeshare, you will need to compete with others who are offering their timeshares at very low prices. This is because there are currently millions of timeshares for sale on the secondary market.
This is why you should know the best timeshare cancellation companies to work with once you want to sell your timeshare.
Are Timeshares Worth It?
If you have been asking the question “are timeshares worth it?”, it is important to understand the top pros and cons of purchasing a timeshare.
Even though you’ll have the opportunity to book whenever you want, it is important to keep in mind that your timeshare might not increase in value.
Do you want to learn more about real estate investments? If so, make sure to check out the Business section of our blog.