Timeshares first surfaced in the 1960s and they’re still a popular vacation option today. About 9.6 million people already own timeshare around the world, and more are signing up every day.
Millions of these people are happy with their purchase and swear it’s the best money they ever spent. Many others are highly dissatisfied and disillusioned with their timeshares
So, are timeshares a good deal, or should you rather steer clear?
What Is a Timeshare?
Timeshare is a type of shared vacation ownership, where you share the right to occupy a vacation apartment with dozens of other people.
You each get a turn, usually one week a year, to vacation at this property, and you share the costs of maintaining and administering it.
Over the years, this basic timeshare model’s expanded for increased flexibility.
Ways to Own a Timeshare
There are three different ways you can make use of your timeshare ownership.
When you own a fixed week of a timeshare, you occupy the same week and apartment every year for eternity.
Flexi week ownership entitles you to occupy an apartment for a week at any time during a particular season of the year.
Points ownership means you buy points to the value of a certain week which you can then exchange for a week of the same value at various resorts. Disney Vacation Club is an example of a points scheme.
You sign a contract and pay for your timeshare according to the type of ownership you choose. How to get rid of Vidanta Timeshare? Hire a trusted, highly-rated timeshare exit company like Linx Legal.
Types of Timeshare Contracts
There are two main ways to own a timeshare. These are:
- Shared deeded contracts where the owners share a title deed for the apartment
- Shared lease ownership where the resort keeps the title deed and your ownership eventually expires
The Pros and Cons of Owning Timeshares
It’s important to note that owning a timeshare is akin to owning a holiday home, except you don’t have to manage it’s upkeep yourself and you have limited occupation.
The main benefits of timeshare are:
- A familiar destination every year
- Great flexibility in the case of points ownership
- Resort-like facilities and good amenities
- Guaranteed occupation every year
Some of the drawbacks associated with timeshare include high escalating costs, boredom with the same resort every year, and the inability to cancel easily if you can no longer afford it.
According to Lonestar Transfer, it is possible to cancel a timeshare contract, although it’s a lengthy and complicated procedure.
Some owners may get some financial relief from renting out their weeks to third parties, but there’s no guarantee of this.
Other Vacation Options
If you’re uncertain about the affordability of a timeshare, it’s best not to get involved. Timeshare salesmen are very persuasive but it’s important to remember that timeshares aren’t for everyone.
You need considerable financial stability to pay for this type of vacation ownership over its lifetime. It’s also a very long term commitment which you’ll eventually pass down to your children.
If you’re not sure, rather browse through our travel blogs for travel suggestions that won’t stay with you for a lifetime and beyond.
