Is a Timeshare Worth the Money? What Are the Benefits and Drawbacks of Timeshares?
The Truth about Timeshares If you have ever been "teased" with a free vacation and signed up, chances are you have attended a timeshare presentation.
These presentations can turn into high-pressure sales pitches that can be difficult to turn down.
It's a good idea to learn as much about timeshares before you take part in a presentation so you can make a well-informed decision.
What is a timeshare? The average person is not able to simply purchase a vacation home.
With a timeshare, you are able to purchase "a share" of a vacation condo or villa for a specific amount of time (usually one week a year).
Sounds good.
But are there any drawbacks? Some Hidden Fees According to the American Resort Development Association (RDA), "the timeshare industry reported an average annual maintenance fee of $646 per interval in 2008".
In addition to your timeshare mortgage, and yearly dues, you may also be paying administration fees and closing fees.
What may have seemed like a good deal on the front end, can be grossly inflated when you add in all the additional costs.
Timeshare Benefits If you like visiting the same location each year, or a specific chain of resorts (i.
e.
Disney, Marriot, Crown Resorts), a timeshare might be perfect for you.
However, if you want better pricing than you can receive with a timeshare purchase, or more flexibility, consider an alternative to timeshare ownership.
Timeshare Alternatives When considering an alternative to purchasing a timeshare, there are a couple of options.
Families can set a budget for a vacation and save for it throughout the year.
If you are able to put $100 aside each month, you should be able to take a decent vacation each summer.
Another option would be to enroll in a vacation club, or travel club.
These clubs are able to offer thousands of timeshare rentals to you at wholesale prices.
So many timeshare properties go vacant each week throughout the year, that a "wholesale exchange" has developed in which travel clubs are able to pick up 4 and 5 star timeshare properties for pennies on the dollar.
A good travel club will have a low enrollment fee of under $1,000, and they should be able to offer you substantial savings every week of the year.
Stay away from any travel club that has yearly dues, up-charges or black out dates.
Typically, a week stay at a 1-2 bedroom condo on the beach can cost you well under 500.
00 a week, often much less.
As a travel club member, you should have complete flexibility over your travel dates, and be able to stay anywhere in the world for discounted pricing of 50-80% off.
These presentations can turn into high-pressure sales pitches that can be difficult to turn down.
It's a good idea to learn as much about timeshares before you take part in a presentation so you can make a well-informed decision.
What is a timeshare? The average person is not able to simply purchase a vacation home.
With a timeshare, you are able to purchase "a share" of a vacation condo or villa for a specific amount of time (usually one week a year).
Sounds good.
But are there any drawbacks? Some Hidden Fees According to the American Resort Development Association (RDA), "the timeshare industry reported an average annual maintenance fee of $646 per interval in 2008".
In addition to your timeshare mortgage, and yearly dues, you may also be paying administration fees and closing fees.
What may have seemed like a good deal on the front end, can be grossly inflated when you add in all the additional costs.
Timeshare Benefits If you like visiting the same location each year, or a specific chain of resorts (i.
e.
Disney, Marriot, Crown Resorts), a timeshare might be perfect for you.
However, if you want better pricing than you can receive with a timeshare purchase, or more flexibility, consider an alternative to timeshare ownership.
Timeshare Alternatives When considering an alternative to purchasing a timeshare, there are a couple of options.
Families can set a budget for a vacation and save for it throughout the year.
If you are able to put $100 aside each month, you should be able to take a decent vacation each summer.
Another option would be to enroll in a vacation club, or travel club.
These clubs are able to offer thousands of timeshare rentals to you at wholesale prices.
So many timeshare properties go vacant each week throughout the year, that a "wholesale exchange" has developed in which travel clubs are able to pick up 4 and 5 star timeshare properties for pennies on the dollar.
A good travel club will have a low enrollment fee of under $1,000, and they should be able to offer you substantial savings every week of the year.
Stay away from any travel club that has yearly dues, up-charges or black out dates.
Typically, a week stay at a 1-2 bedroom condo on the beach can cost you well under 500.
00 a week, often much less.
As a travel club member, you should have complete flexibility over your travel dates, and be able to stay anywhere in the world for discounted pricing of 50-80% off.
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