1Understanding Timeshares

A timeshare is a type of property ownership that provides each owner who has a vested financial interest in the property with an allotted amount of time to use it every year. Timeshares are generally located in highly popular tourist spots all over the world; from popular locations for skiing and other winter activities to beaches and theme parks!

2The Pros

There are many positive aspects to owning a timeshare, it is important to understand all of them so that you can use them to help you balance your decision.

• Worry-Free Vacations

  Many hotels, especially those located in popular vacation hotspots, have a tendency to be full to capacity or even overbook during peak vacation season. Owning a timeshare can help you to avoid the nightmare of arriving at your destination after a long flight with your family only to find that your hotel plans have fallen through. For your timeshare week you will always have somewhere to stay!



• Keeping Costs Lower

  By knowing exactly which days of the year that you will be taking your vacation you will be able to take advantage of the savings that can be had when you book flights in advance.



• Own Your Vacation

  When you share ownership in your timeshare you own more than accommodation for a specific number of days in the year, you effectively own your vacation. The weeks that your timeshare covers provides you with a set date and a set place to take your annual family vacation. This will help to reduce any confusion or potential arguments within the family as you try to determine the location for your next family get-away. Knowing the exact week that your timeshare will belong to you will also help you to schedule the time off with your manager at work before anyone else snatches up those days!



• The Comforts Of Home

  With the bulk of timeshares being comprised of apartments, condos and houses, families are able to enjoy their vacation and time away from home while still enjoying many of the comforts of home. Comforts like a full kitchen which will allow you to prepare your own meals and save a fair amount of money that would otherwise have been spent eating at a restaurant. Privacy is another key perk of a timeshare that can be especially useful if your family has children who want nothing more than to kick back, relax, and do what children do – in a fairly noisy manner!



• Forging Lasting Friendships

  One of the incredible benefits to owning a timeshare, especially one that is on a resort or in close proximity to other timeshare homes is the potential for forming lasting friendships with the other families who take advantage of their timeshare at the same time of the year as you do. For families with young children it can provide your children with friends and playmates that they can spend time with ever year; this may also help to stave away boredom on days where the weather turns less-than-perfect!



• Trading Timeshares

  An excellent perk to owning a timeshare is the ability to trade your timeshare slot with another timeshare owner; this can either allow you to move your vacation time around if it suits both parties – or it can even allow you to vacation in a completely new vacation location. Most timeshare ownership communities contain a database of other timeshares within their system; take advantage of this to find an available timeshare in another travel hotspot that you have an interest in. A trade could be just what you are looking for to provide variety in your vacation!

3The Cons

As with everything, if it appears too good to be true then it very likely is; it is vital that you fully understand any potential cons related to your timeshare in order to ensure that you do not regret your decision after money has been handed over and contracts have been signed.

• Yearly Fees And Other Expenses

  One of the major downsides to owning a timeshare is that there is an annual fee due on your timeshare, regardless of if you utilize your timeshare every year. If your family simply will not be able to take the time to spend your vacation time at your timeshare’s location then you may want to consider trading the week with another family or renting that week to another family member or a friend who may be interested in it. Doing this may help you to recoup some of the annual timeshare maintenance fees.
  
  It is vital that you carefully read your timeshare contract so that you can be fully aware of all fees and expenses that you are responsible for in addition to your upfront timeshare expense; the annual maintenance fees are often tied to inflation so it is possible that your $200 annual fee due today could be as high as $1000 in a few years!



• No Equity

  It is important that those who are interested in purchasing a timeshare understand there is little to no equity to be gained from your timeshare investment. If, at some point in time, you opt to sell your timeshare in a property you are unlikely to recoup your initial investment costs. It is also very unlikely that you will make any profit or reap the benefits of earned equity in the property. While you do have part ownership of your timeshare property, you should consider it to be closer to renting than owning – simply because of the lack of equity earned.



• Undesirable Areas

  If your timeshare is to be located in a foreign country or even a location that you won’t be able to visit much prior to making your decision you should do extensive research to ensure that your timeshare is to be located in an area that is safe, tourist and family-friendly, and does not appear to be on a steady decline. Owning a timeshare in an undesirable area is an all too real possibility without careful and extensive research.



• Nosy Neighbors

  While most people who own a timeshare will have a similar social-economical background as you do, it is still possible to run into timeshare neighbors who you simply do not get along with. This can create tension and also contribute towards your entire family simply not enjoying your vacation time together. There is no way to prevent this type of situation; however, it is definitely a con to timeshare ownership!

4Careful Research

To ensure that your timeshare experience is the rich and rewarding family vacation that you are looking for, it is vital that you take the time to do careful and thorough research in order to ensure that your family’s vacation hotspot is one that will bring you great joy and relaxation every single year. With the recent global economic crisis there has been a sharp increase in the number of people defaulting on their timeshares so it is incredibly important that you take the steps to ensure that your allotted budget for your timeshare will not be severely impacted should there be a change in your personal financial situation.