There are advantages and disadvantages in buying timeshare. However, many people are of the opinion that to buy timeshare is not a good idea. Consumer education is very essential for those who are interested to buy timeshare. One should not buy timeshare in haste. It is very important to understand clearly the pros and cons of timeshare. The advantages of timeshare are –
- ownership of a property at a resort
- substantial saving of money while staying in hotel
- comfortable accommodation with all amenities
- exchange is permitted
- flexibility in choosing the place and time of your holidays
- every year you have a guaranteed vacation
- when compared to vacation home maintenance fees for timeshare is less
What are the disadvantages of timeshare?
- many timeshares are scams
- maintenance fees are increased every year
- committed to pay every year a hefty amount as maintenance fees
- very difficult to terminate the contract and get the refund
- timeshare will not appreciate
- reselling timeshare is not easy
- limited flexibility
Differences between Hotel and Timeshare accommodation
Many people who go on a vacation with family opt for hotel accommodation. However, most of them are not satisfied with the amenities provided in the hotel rooms. Many people complain that prices of hotel rooms are exorbitant. Also, rooms may not be available at the hotel of their choice and they are compelled to stay in another hotel. Most of the hotel rooms lack living room, dining, kitchen and laundry amenities.
But, most of the timeshare units are apartments or condos that have two bedrooms and two bathrooms. The living room will have a sleeper sofa. Timeshare units provide sufficient number of rooms for families. Moreover, timeshare units are equipped with kitchen utensils, silverware, dishes and various other amenities.
Vacation Home Vs Timeshare
One has to pay for the vacation home when it is vacant also whereas you have to pay for timeshare only for the time you stay there. When compared to timeshare, upfront costs of vacation homes are more. The maintenance fees of time share is shared by all timeshare owners and as a result the annual maintenance cost will be less. Those who buy vacation homes have to pay for decorations, furnishing and appliances. Timeshares are already furnished and are provided with all kitchen appliances, utensils and ensure a home-like accommodation. Timeshare provides more location flexibility. Timeshare provides access to various resorts facilities like gym, swimming pool, spa, tennis-court, childcare, golf, restaurant and bar.
Are Timeshare plans really flexible?
Though the timeshare management companies say that their plans are very flexible, many timeshare owners feel that there is not much flexibility. While planning for a vacation, we expect the freedom to decide where to go and when to go. Most of the times, the timeshare unit may not be available on the dates we prefer since many timeshare owners might have opted for the same date. The availability of rooms will be on first-come, first-served basis. So, timeshare owners have to plan their vacation much in advance to avail the facility.
Money will be tied up
The contract insists timeshare owners to pay maintenance fees every year so long as they own the timeshare. The money invested in timeshare will not be available when there is a financial emergency. Also, timeshare is not an investment that gives returns. Unlike real-estate investment, timeshare investment will not appreciate and in fact it depreciates in value. In some cases you may want to cancel a timeshare one provider who helps with this is https://timesharecancelservices.com/
Can a timeshare owner exit the contract?
A timeshare owner can cancel his/her timeshare purchase within the “recission period” that may vary between 3 days and 15 days. After the recission period it is very difficult to get the timeshare contract terminated though it is legally possible. Those who want to cancel their timeshare contract after the recission period may hire the services of a timeshare cancellation company. One has to choose the best and the most reliable timeshare cancellation company to get the contract terminated immediately and get full refund of money that was paid at the time of purchase of the timeshare.