According to recent estimates, over 9 million Americans own some sort of shared vacation space. While owning a little slice of heaven can seem enticing, timeshares may not be for everyone. So are timeshares worth it for you?
That all depends on your individual circumstances and the exact deal you negotiate with your timeshare provider. First, you need to understand how timeshares work. Next, you need to know how to buy a timeshare.
Then, you can determine if going the timeshare route is a good option for you. Read on to learn the answer to these questions and more. That way, you can discover once and for all if timeshares are worth it for you.
How Do Timeshares Work?
Timeshares are generally vacation rental units situated in beautiful areas conducive to tourism. Most are condominiums, apartments, or small homes. Each member party of the timeshare pays a portion of its value.
In return, each member party can use the unit for a set number of weeks per year. In essence, you are sharing your vacation rental with other parties to alleviate the burden of ownership. This is also known as fractional ownership.
How to Buy a Timeshare
Most major resorts, such as the Disney Corporation, offer timeshare options for their vacation rentals. Numerous independent timeshare companies also offer timeshares at premier locations across the globe.
Do some research to see what each of these options requires from you when purchasing a share in a vacation rental. Be wary of scams, and always ask yourself “are timeshares legit from these companies?” before making a deal.
Are Timeshares Worth It for My Family?
Now that you know how timeshares work and how you can buy one, you can determine if they are right for you. Consider the following factors when making your final decision.
Amount of Time You Plan on Vacationing
First, you need to ask yourself how often you plan on visiting your timeshare’s location. If it is for more than a few weeks a year, you may be better off with an independent vacation rental or buying a vacation home.
Are There Rotating Locations?
Some timeshare companies offer you different locations you can choose from for your weeks of timeshare usage. This can be a great option for families that want to explore multiple vacation destinations.
If you are wondering: “are Disney timeshares worth it?” consider that Disney may offer this option. For families looking for a fixed location vacation every year, this option may not be worth it.
Ability to Sell or Lease Your Timeshare Space
Being able to back out of a timeshare agreement, sell it, or lease it to a third party can be a major deciding factor for you and your family. You may grow disillusioned with your timeshare or no longer be able to afford it.
If you own a portion of Disney timeshare, you need to know if you can sell your DVC membership before you enter into any agreements. Do adequate research to ensure you don’t get trapped.
Timeshares Aren’t for Everyone
For some families, timeshares can be a golden opportunity for enjoying premier vacation destinations. For others, they can be a money pit that does more financial harm than good. Are timeshares worth it for you?
Use the information in this guide to answer this question. That way, you can determine if you should purchase a timeshare or avoid them altogether. Read other great content here on our website as soon as you can.