Are Timeshares Worth It? The Awesome and the Ugly

Did you know that a little more than 7 percent of Americans owned a timeshare in 2018? In other words, over nine million people are enjoying the benefits of timeshares.

Maybe you’d like to take some timeshare vacations too but aren’t sure if it’s a good idea. After all, timeshares are notorious for being scams.

Are timeshares worth it? Is it a huge commitment, or are you able to cancel it if you change your mind? We’re here to answer those questions.

What Is a Timeshare?

Before we review the pros and cons of a timeshare, let’s define what it actually is. In short, a timeshare is a property that you and many other people own. You are each designated a certain amount of time to use the property per year.

Earlier on, people had about one week to take their timeshare vacations. More recently, timeshares have adapted to be more flexible. Some have a point system that allows you to be more choosy about your vacation days.

For other systems, you can enjoy timeshare benefits for four weeks or three months.

Benefits of Timeshares

On the surface, the benefits of timeshares are obvious. You are designated a time for your timeshare vacations. You only pay a portion of maintenance and upkeep for the place because it’s split with many other people.

Other timeshare benefits include a predictable cost. You pay what you owe for the year. Otherwise, you’ll have to figure out if you have the budget for a one-off vacation. Timeshares require less planning.

Aren’t sure if you’ll take your timeshare vacations every year? Just rent it out to someone else. This way, the yearly maintenance fee pays for itself.

Drawbacks of Timeshares

There’s a reason timeshares have a bad reputation. Some sales tactics have many people unaware of how much they’re actually spending.

While they offer stability and predictability every year, there are some drawbacks of timeshares you should know about. For example, you’re probably paying more for the property than it’s worth. Then it starts depreciating.

Let’s say a developer is charging dozens of people an upfront cost of $20,000 for a condo. This does not include annual fees that likely go up every year.

Pretty soon, the developer is making over a million dollars on a property that’s worth about $200,000. Because of depreciation and the rising annual maintenance fees, it will become hard for you to see.

Is this starting to sound like a money pit? It’s easier to sign up for a timeshare than it is to opt-out, but it’s still possible. A company like Sapphire Cancelatoin can help you escape your timeshare.

Visit them at sapphiretimesharecancellation.com to learn how.