According to statistics published by Globewire, the U.S. timeshare industry should reach a value of $28.9 billion within the next five years. It’s a rapidly growing industry that contributes billions to the economy every year.
Many timeshare owners enjoy their annual vacations visiting the same resort every year or via exchanges to other properties. Others have never managed to justify the amount of money they spent on buying timeshare properties.
Like most things, timeshare property ownership has its pros and cons. Keep reading to discover them all.
Timeshare Property Ownership Benefits
According to the American Resort Development Association, 87% of timeshare owners are happy with their vacation products.
That’s because of the timeshare benefits these families enjoy by making the best use of their vacation time. These include:
Savings on Vacation Accommodation
It’s much cheaper to vacation in timeshare properties than it is to rent accommodation at a hotel of an equivalent standard. You’ll also get access to a host of free benefits when you stay in your timeshare unit, such as:
- The use of resort amenities
- Entertainment programs
Many of these resorts occupy prime positions in popular vacation spots. It’s often difficult to find accommodation in these areas.
A timeshare gives you easy access to these popular destinations and helps you avoid the chaos and expense of booking accommodation at the last minute.
Variety and Flexibility
As a timeshare owner, you have the opportunity to sign up with Resort Condominiums International. This organization allows timeshare owners to switch places on their next vacation.
As a member of RCI, you can exchange your timeshare week for any one of the 4,000 RCI resorts across the globe.
When you sign up with RCI, you give them the right to use your week. In return, they allocate you several points you can use to exchange for other resorts with a corresponding value.
You can travel whenever there’s availability at your chosen resort, and all you need to pay is a small exchange fee.
RCI resorts also offer an abundance of room sizes and configurations to choose from. Apartment sizes vary from furnished studio apartments to large four-bedroom bungalows.
When you book fully equipped timeshare accommodation, you can save a lot of money on food by whipping up your meals in your self-catering kitchen instead of dining out.
You will also enjoy freedom from set meal times and you won’t have to dress for dinner either.
When you visit the same vacation destination every year, you know exactly what to expect on arrival. If you opt for an exchange, you know you’ll be staying in accommodation with a similar rating to the one you own.
Drawbacks of Owning a Timeshare
For years, timeshares have received widespread criticism from owners and property experts alike. That’s because they do have certain negatives associated with them.
Timeshares are Expensive
Owning a timeshare is a costly undertaking, akin to owning a second home.
You’ll pay a large sum upfront to purchase the right to use the property. Plus, you’re expected to pay annual fees for the rest of your life.
You must take a long, hard look at your current as well as future budget before you buy a timeshare product.
It’s Hard to Say No to a Timeshare Salesperson
The trouble is that timeshare developers employ skilled, highly persuasive sales personnel to convince you that a timeshare is the best option for you.
These high-pressure tactics often catch you unaware, and before you know it, you’ve already committed to an expensive and lengthy arrangement.
A Timeshare is For Life, and Then Some
Many timeshare agreements never expire. So you’re stuck with your timeshare for life and beyond.
When you pass away, your next of kin will inherit your timeshare and find themselves saddled with a lifetime of unwanted expenses.
Timeshare Is a Poor Investment
When you invest in a property, you can often look forward to selling it at a profit a few years down the line, or making money from renters for years to come. For this reason, many people buy a timeshare thinking it’s an investment.
The bad news is that you’ll never get your money back when you sell a timeshare, and you’ll never recover your costs by renting out your weeks. Resale prices are extremely low, and there are thousands of other weeks on the market already.
Even sought-after timeshares like Marriott and Disney resorts sell for a fraction of what you’ll pay for them from the developer.
It’s Difficult to Get Out of a Timeshare Contract
If you can’t afford to pay for your timeshare anymore or feel you’ve been duped into ownership, canceling the contract can be a difficult and long-winded procedure.
If you’ve reached the stage where your family’s left home and you no longer get to use your timeshare as much, or you’ve inherited an unwanted timeshare property, you have only two options.
You can try to rent your week to another party to cover some of the costs or sell your timeshare for a pittance on the resale market.
Escaping the Clutches of an Unwanted Timeshare
The process of getting out of a timeshare agreement is often fraught with loopholes and difficulties. Plus, you’ll continue to accrue costs associated with ownership throughout the process.
We can help you legally transfer a timeshare property out of your name. Don’t go through the stress and expense of owning an unwanted timeshare any longer, get in touch for more information and assistance.