• March
    20
    2019
  • 3 min read

Timeshare Pros and Cons

timeshare pros and cons

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Learn about timeshare pros and cons before you buy.

The timeshare industry paints a beautiful picture of vacation ownership, but what are the real timeshare pros and cons?

Pros

“Guaranteed” Vacations

If you buy a fixed-week deeded or Right to Use (RTU) timeshare, then you have a yearly vacation to count on for the length of your contract. Well, unless a natural disaster hits. Or you fall behind on your maintenance fees.

“Free” Vacations

The prospect of free vacations is alluring. However, those vacations are only “free” after you pay the initial fee. Plus, with maintenance fees to pay every year, your “free” vacation might end up costing just as much as a non-timeshare vacation. In fact, Consumer Reports calculates that timeshares only become a good deal after 13 years on average.

Cons

If you look at our timeshare pros and cons, you’ll notice the cons list is much longer. Although there are people out there who love their timeshares, many, many others are unhappy. Sure, people have fun at timeshares every day, but they could have the same fun without owning a timeshare. Here are our top timeshare cons.

High Buy-In Costs

The average timeshare costs $22,180. And if you finance that cost, go ahead and add interest charges to that. The high cost to get started is a major problem with timeshares.

Maintenance Fees

On top of the initial cost of a timeshare, all owners pay annual maintenance fees. These fees cover the basic maintenance, housekeeping, and upkeep. They average around $1000 right now and go up every year. It’s easy to see why owners would be charged for housekeeping and landscaping, but these fees are mandatory whether you use your timeshare or not. And if you miss your payments, you won’t be able to access your timeshare. Over time, many owners have difficulty with maintenance fees. In fact, maintenance fees are one of the top timeshare exit reasons.

Not An Investment

Although timeshare sales reps may tell you otherwise, timeshares are not investments. They don’t increase in value over time. They don’t offer any tax or other financial benefits. And in many cases, they turn out to be a liability.

Long-Term Contracts

Timeshare contracts last anywhere from 20 years to forever. Although a timeshare might suit your lifestyle today, tomorrow may be a different story. Changing financial circumstances might make it difficult or impossible to make your payments. Or health concerns may put vacations on the back-burner.

It’s Hard To Get Out

Perhaps the biggest timeshare con is how hard it is to get out. The timeshare resale market is full of people desperate to get rid of their timeshares. And timeshare companies are fighting to make it even harder to sell. Plus, it’s very difficult to exit a timeshare contract once you’re in. However, it’s not impossible. At Primo Management Group, we help people exit their unwanted timeshares every day. So, contact us to see how we can help you get out.

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