Can you picture yourself spending a week sunning on the beaches in Hawaii or every year? How hard is it to imagine a yearly trip to the happiest place on Earth with your young family in tow? That all sounds lovely, doesn’t it?

These scenarios could become your reality with a timeshare. But, are timeshares a scam? Is there a lot of value in ownership?

Before you decide whether you should buy a timeshare, you need to educate yourself. Keep reading to learn the pros and cons of buying a timeshare.

Pro: Savings Over Time

If the travel bug has bitten you, a timeshare might be the best investment of your life. It’s not hard to spend thousands of dollars a year on hotel stays. With a timeshare, you’re paying for a lifetime of vacations at once but with discounts you’ll enjoy for the rest of your years. 

A timeshare is a lot cheaper than buying a vacation home, too. 

Con: Surprise Fees

Yes, we know we just told you that a timeshare would save you money over time. While that is true, it is also true that there are more fees than the lump sum you pay when you buy your timeshare.

You will be paying maintenance fees every year. These fees go toward paying the resort employees and renovations or upgrades. The average maintenance fee per interval is $1,080. 

Pro: Vacation Flexibility

While some timeshares only allow access to one single property, larger companies often provide access to many other resorts.

If you buy a timeshare with one of these companies, there is almost no limit to where in the world you can go. You could use your timeshare points on a different vacation destination every year. 

Cons: No Appreciation

Before stringent regulations were put into place for timeshare companies, the folks selling them didn’t always have the most ethical sale techniques. Some people were led to believe that their timeshare would appreciate over time and make them money in the long run. 

This is not the case at all. In fact, the resale market for timeshares is huge and they are sold for much less than what the original owners bought them for. 

Pros: Luxurious Accommodations

One of the biggest draws to owning a timeshare is the luxurious accommodations that you’ll receive. Say goodbye to dingy hotels that haven’t been updated since 1976 and hello to private villas and unbeatable amenities. 

Timeshare units often come in one, two, or three-bedroom options. Some even have multiple floors or lofts. They also have full kitchens and big living areas so it feels like your home away from home. 

Cons: Hard to Cancel

Getting out of a timeshare can be a huge headache. It’s not as simple as calling the company and telling them you want out. You have to go through a legal process for contract cancellation. 

Is Buying a Timeshare Right For You?

Now that you know the pros and cons of buying a timeshare you can decide if ownership is right for you. Give yourself plenty of time to weigh the pros and cons before making your decision.

For more practical tips, keep reading our other blogs.