Timeshares have a bad reputation, but the truth is that many people who own them love them. They just need to learn the facts and debunk some of the most common myths about timeshares.
First, it is important to understand that a timeshare is not an investment or an asset, but instead it is a vacation spot. It can be a great way to have a place to go every year, but it’s not an investment in the traditional sense.
They are expensive to own
The average cost of a timeshare is $21,455. This amount covers the purchase price, maintenance fees, special assessment fees and property taxes. It also includes the costs of traveling to a specific resort.
They are hard to get out of
The reason that timeshares are so difficult to get out of is because they’re deeded property. That means you and other owners share a certain week at the resort in exchange for paying yearly dues and maintenance fees.
These fees can increase over time and faster than inflation. This can mean that your ownership will become less valuable as time goes on, and it can be a difficult decision to walk away from.
They are often sold under high pressure and intimidation
Most people who purchase timeshares have gone to a presentation with the intention of making an informed decision, but left feeling more confused than ever before. They are now faced with a burden they did not originally intend to bear and may have even taken out a loan to cover the expense of the timeshare.
They can be very confusing to understand
Most timeshares are marketed under the terms “vacation ownership” or “vacation intervals.” However, these phrases can be misleading. The best vacation clubs now offer a points-based system, which gives you the flexibility to book your own getaway whenever you want.
But these schemes come with their own problems, such as being able to rent your unit and having your favorite week blocked by rules you didn’t see in the fine print. This can lead to debt accumulation, and your timeshare experience can be a lot less fun than you expected.
They aren’t as flexible as they claim to be
Most vacation ownership programs today have strayed far from the old-fashioned model of staying in the same resort and in the same week. The best clubs now have a points-based system where you can trade your vacation points for different weeks at other resorts.
The problem with that is that the best destinations can fill up early, especially in the off-season, which can make it difficult to book your preferred dates. Plus, if your vacation preferences change over the years, you can find yourself stuck in a rut, going to the same resorts over and over again.
The best way to figure out if a timeshare is right for you is to do your own research, ask questions and look at all of the available options. It is also a good idea to take advantage of the help of an expert, like one of our specialists at Fab Timeshare.
