A timeshare is one such investment that attracts hundreds of American every year, especially the ones who love to go on an annual holiday trip. People who doubt investing in a vacation property get the best solution through timeshare. It is a deal where multiple people pay for a resort property they all own and use on a shared basis. The only condition is that each owner gets a limited time once every year on that same property.
Although the deal sounds interesting, many people still wish to cancel their timeshare after purchasing it. They instantly regret the decision once they realize the drawbacks it brings along. However, deciding to cancel your contract isn’t enough. You need the help of a certified and experienced timeshare agency to exit your deal legally. Thus, even though it is a great investment, you still need to consider both sides of the coin before making a final decision.
If you are also confused about whether to buy a timeshare property or not, here are a few pointers that can help you understand if this deal is worth your money.
Advantages
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A fixed annual vacation
The best thing about owning a timeshare is getting a pre-planned vacation every year. It is one of the toughest decisions to choose a vacation destination that everyone agrees upon. However, when you have a timeshare, you don’t have to worry about the location or the time to plan it out.
A timeshare gives you a specific time to visit your chosen location. Since it is your desired destination, you won’t hesitate to plan your holidays there once a year. So, it is a great deal for people who cannot finalize trip plans.
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An economical investment
There’s no doubt that you have to spend money on a timeshare; however, it is an investment. In the longer run, you actually save money that you spend on holiday bookings. The upfront and maintenance fee you pay for the timeshare property is ultimately less than what you would pay if you plan a trip at the same destination otherwise.
Every year, hotels and resorts of famous holiday destinations increase their prices according to their popularity. However, you don’t have to worry about fluctuating lodging prices when you own a property there. After a few years, you would see that the total amount you paid for the timeshare property is quite less.
Disadvantages
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Inflexible vacation plans
One of the biggest drawbacks of a timeshare is that you don’t get enough flexibility. People gladly purchase a timeshare, thinking it allows a fixed annual vacation. However, the fixed is typical, which means you don’t get to plan your vacation as and when you like.
When you invest in a timeshare, you co-own the property. This allows you to enjoy your time at the place only during your allotted time. As a result, your power to plan your vacation according to your desires is limited. Moreover, you can only go to the same destination, which becomes monotonous after some time.
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Don’t resell easily
Timeshare investments are good for personal use, but they fail when you come to reselling the property. The number of buyers is comparatively low than the number of people reselling their timeshare purchase. Thus, it gets very difficult to resell,
People often lose money while reselling their part of the timeshare. However, consulting a timeshare agency is a good option if you wish to make a wise decision on reselling. Many companies offer specialized services for timeshare resale.
Conclusion
Many people prefer spending their annual holidays at a fixed destination. Timeshare property is the best investment for them. However, if you like to explore different parts of the world and on your own terms, you might want to reconsider owning a timeshare.
Think wisely before putting your hard-earned money in a timeshare. Because once you enter, it is a bit difficult to get out of it. But if you still get stuck and want to exit the contract, a timeshare agency can make it easier for you. Thus, it all depends on your needs and situation.
