What is a timeshare and what are the pros and cons of timeshares? Let’s begin by defining a timeshare. Atimeshare is a type of property ownership in which you share ownership of a single property with a group of people. You are bound to a specific place and time each year. There is also another type of timeshare ownership that is based on a points system. In this case, you purchase timeshare points that can be exchanged for the use of a variety of destinations and resorts.
So why a timeshare? Well it’s probably because you just got back from vacation and you can’t wait to go back and visit that island again.You had such a great time that you want to go back over and over again. Before you decide to purchase a timeshare, here are a few things you should know. You need to know what the pros and cons prior to considering a timeshare. So here it goes.
There are a few advantages that come with owning a timeshare. First, Many people buy timeshares for the opportunity to exchange or trade units with other owners, allowing each one to experience a different place in the world every couple of years. Second, you only pay for a timeshare during the time that you are using it. Because you are sharing the cost with others, there is much less financial strain. Third, annual maintenance fees insure your timeshare and resort upkeep and any repairs that it may need. Your fees also pay for on-sight management and insurance so there is always someone looking after the property. Lastly, a timeshare is a guaranteed vacation. A timeshare is a vacation destination that is guaranteed to be there one week a year.
On the flip side, there are some disadvantages of owning a timeshare. First, rescheduling your vacations may be hard to do. Owners keep their weeks,and may be reluctant to swap weeks with you. Second, the concept of timesharing is based on prepayment of your vacation. For some, it is hard to give up money for a vacation you won’t experience until months later. Third, you are contractually obligated to pay maintenance fees for as long as you own it. Maintenance fees cover the grounds and housekeeping services, utilities, insurance, on-site management, keeping facilities and appliances up and running etc. Lastly, always check if the timeshare belongs to an Owner’s Club or Association. If not, you may be dealing with a scam or hoax. Research the resort and management company to be aware of any outstanding complaints.
So there you have it. Now its up to you. I hope that this short article will help you decide if timeshare resorts are for you.