The Pros and Cons of a Timeshare

A timeshare is one of the most popular ways to take a vacation. Timeshares have been sold for a number of years now and they are not showing any signs of slowing down. A timeshare involves getting a certain amount of time per year in a condominium that is usually located on a resort. While it does have some advantages over other forms of travel, it is not without its disadvantages.

Pros

  • Vacation budgeting- With a timeshare, you can budget your money for a vacation every year. Having something to fall back on every year, is a great asset. It may result in you taking a more regular vacation and having a balanced life.
  • Simplified planning- Planning a vacation can be stressful. You have to make flight arrangements or plan a route. You have to book hotels. On top of that, you have to decide where to go. Timeshares make it easy to plan your vacation because you know exactly where you are going and how to get there.
  • Owned asset- A timeshare is something that you physically own. You can leave this asset to your children as part of your estate. You will have access to the timeshare every year, for as long as you want and you are not throwing your money away in rent. You actually own a portion of it.
  • Get away from hotels- With a timeshare, most of the time you get to stay in a place that feels more like home. Timeshares are typically condominiums or villas and can be very comfortable with full kitchens and multiple bedrooms. You can buy groceries for the week and then cook your meals instead of spending a fortune eating out.

Cons

  • High pressure sales- This is, perhaps, the most annoying thing about vacation time shares. The timeshare industry sells their units in very unethical and frustrating meetings. They employ extremely high-pressure sales people and they do not take "no" for an answer. If you tell one salesman "no", they will most likely send two or three more at you before you are allowed to leave.
  • Questionable incentives- In order to get you to the sales presentation, they usually throw several incentives at you. They will promise you a "free" vacation to a beautiful resort and tickets to an attraction. However, once you arrive, you learn that there are many processing fees that you did not expect.
  • Wasted money- When you buy a timeshare, you are paying for a vacation, whether you use it or not. If you get too busy to use it, or cannot afford to travel, you are basically throwing money away. You have to use it in order to take advantage of the deal they are offering you. Many people miss their vacation because they cannot buy the airline tickets, bad weather or work commitments so before you commit be sure that you can get away every year.
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