Over the last decade, there has been much discussion about owning a time share. Depending on who is asked, the opinions vary from good to very bad. Is it a good investment? How many other people normally share one? Are there many costs associated with it? Knowing the pros and cons of buying a time share can help anyone thinking about participating in one make an informed decision about a purchase.
A time share is joint ownership of a vacation property by two or more people. These people take turns living at the property for certain fixed periods of time. It's a place that someone can buy to be able to take a vacation every year, but since the property is shared by many people, the cost is less.
There are several pros to investing in and owning a time share. Instead of paying a hotel bill every year, you pay one upfront cost and then can use the property every year. It is a guaranteed vacation to be taken at the same time every year. It's able to be rented out for a profit if you can't make your vacation week.
Perhaps one of the greatest features of a time share is the exchange program. Most timeshare operators have a program that will allow you to exchange your time share for another so you are not stuck going to the same place every year.
Time shares do have their share of cons as well. They are notoriously hard to sell off if you want to get out. They do not appreciate like other property. Even though you don't have to do any of the upkeep, most time shares will have annual maintenance fees attached to them. Your timeshare operator may have a limit on how often and when you can exchange or rent your property, so the property will sit empty if you can't make your week.
If you are thinking about purchasing a time share, there are some things to look for. Look into purchasing a resale unit, as opposed to one that is new. Since the time share is hard to sell, often times owners will deeply discount the selling price. Also remember to ask about maintenance and management fees. Get all fees up front so you know what you are getting into. Also, don't get pushed into a deal that doesn't work for your family.
Time shares are definitely for a certain type of traveler. If you have a large family, a time share might be perfect for you. The cost on food and hotel savings will be astronomical. Also, if you have the type of job where you have problems scheduling vacation, a time share may allow you to take care of that, as you will go the same week each year. If you like the freedom of traveling or having no children, a time share may be a waste of money. Look at your lifestyle, and make the decision on what works best for your lifestyle.
