Why Timeshares are a Bad Idea

20 Oct

Timeshare have been received with mixed feelings. Timeshares have major problems which can't be ignored. First of all, it might seem like the buying price is low but there is also maintenance fee you may not be told about. Some people pay as high as one thousand dollars for timeshare maintenance or even more. This fee is to be paid whether you use that timeshare or not. 

When you think about this in the long run, you will realize it is money you could have saved. You would be happier putting the money somewhere it will earn you interest. Also, one thousand dollars will even be enough for you to pay for a hotel during a vacation and even have a surplus. The contracts are usually indefinite which means you won't get out easily. You will be taking a huge risk financially if you decide to commit to payment of maintenance fee for as long as you are alive.   When the issue of people not having the time to go for vacation as raised, the timeshare companies introduced points but they give a very bad conversion rate such that you are better off taking the vacation. Timeshares tie you to a particular vacation location and you won't be happy going to the same point over and over again. This is not worth it when you give it some thought. Additionally, there is a specific time you should book your vacation to use the timeshare  and if you miss out then you have to wait until the next year, so it is better to exit timeshares.  It would have been better if your choice of when to use the property was flexible. Emergencies can come up during the time your vacation was supposed to be at which means you should not be punished for something you could not have foreseen or controlled. Timeshares cannot be considered as investment opportunities because the returns are a big joke. The only people who benefit from such an arrangement are the resort owners and the salespeople.  Just like a new car starts depreciating in value the moment you drive it home, so will the timeshare units. The people who are buying the initial timeshare units will also cover incentives, sales presentations and also giveaways in the process. The possibility of giving in when you are being sold timeshare  during a vacation is high because you are only focusing on the fun and your financial analysis skills might have been thrown out of the window. Read timeshare cancellations for better understanding on this topic.

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