Timeshares remain popular with many people. In fact, timeshare sales totaled almost $5 billion in 2020 alone. That surprises many people, as the world was in the midst of a global pandemic. Imagine how much sales are in a normal year.
However, owning a timeshare comes with some drawbacks. This purchase requires a substantial investment, and some people wish to know their cancel timeshare options. What pros and cons come with owning a vacation rental known as a timeshare?
Many people put off taking vacations. They may want to avoid the hassle of booking accommodations or refuse to take time off from work for rest and relaxation. When they invest in a timeshare, they already know where they will go and where they will stay. They are familiar with the destination and what it offers, so taking this time off is something they can look forward to.
The Comforts of Home
Unlike many hotel rooms, a timeshare frequently offers all-inclusive accommodations. The family will have lodging that is the size of some homes in the country, as the average square footage of a timeshare today is over 1,000 feet. These units contain multiple bedrooms, in most cases, and a kitchen. People staying in a timeshare find they have almost everything they need on hand, which makes packing easier. They spend more time planning what they will see and do and less time on logistics.
One reason many people like timeshares is they don’t have to maintain the vacation property. All maintenance is included in the annual fee. Improvements are also included in the fee, so the timeshare owner knows what they can expect to pay.
An owner might choose to sell their timeshare at a discount. People who know where to look for these timeshare offerings may secure an excellent deal on a timeshare they love in a preferred location. They don’t have to deal with the hard sell while benefiting from this vacation option.
Watch Out for Scams
However, scams remain common in the timeshare industry, so any person looking to purchase a timeshare must know what to watch out for. Only purchase from reputable companies to ensure the timeshare being sold truly exists. Men and women looking to sell a timeshare also need to be careful. Certain companies claim to have buyers waiting for timeshares. When the seller pays the company a fee to handle the sale, the company takes the money and vanishes.
One problem many people say they have with timeshares is they are hit with undisclosed fees. Maintenance fees may be higher than the owner was led to believe. They might also be forced to pay a special assessment. These assessments come when the property must undergo upgrades or repairs that the owners’ annual dues won’t cover. If owners cannot pay the higher dues, the property might decline.
Timeshares Don’t Appreciate
If a person chooses to buy vacation property outright, they typically count on the property increasing in value. That’s not the case with a timeshare. The timeshare’s value won’t increase and may actually decline when the time comes to sell. A person must consider this when determining whether a timeshare meets their needs.
Lack of Flexibility
People often cannot find a timeshare in their desired location when they want to go on vacation. They are unavailable during their regular vacation week and trying to work around this is challenging. The timeshare might end up going unused even as the owner pays their annual dues.
Before purchasing a timeshare, a person must understand the benefits and drawbacks of doing so. With this information, they can make a decision that is right for their unique needs. For some people, a timeshare is ideal. Other men and women, however, will find they need to consider different options. There’s no one answer that works for all.