Inscription "Timeshare" in the sand on a tropical island, Maldives.

The Pros and Cons of Timeshares Explained

On a recent survey, more than sixty percent of Americans said they were in dire need of a vacation.

Between work, kids, and generally dealing with life, it’s easy to get stressed out. Taking regular vacations can lift your spirits, help you reset, and keep you from burning out.

Unfortunately, planning a vacation can be an overwhelming task in and of itself. So many decisions have to be made about travel, lodging, food, entertainment, and more! If you’re already maxed out, how do you find the time to plan?

If you’ve never considered the pros and cons of timeshares, now is the time to do so. Purchasing a timeshare gives you access to pre-planned, prepaid vacation space that requires very little planning after your initial purchase. While it may have high costs upfront, the savings on time and stress, in the long run, can make those fees well worth it.

If you’re on the fence about whether or not to purchase a timeshare, it can be hard to know whether the benefits outweigh the costs. We’ve broken down the pros and cons of timeshares here to help you with your decision-making.

Benefits of Timeshares

Timeshare ownership became so popular in the first place because there are a lot of benefits to buying a timeshare.

First, you’re likely to save quite a bit of money over your lifetime if you plan to take regular vacations to the same place year after year. As long as you have the cash saved up for the initial cost of the timeshare, you won’t have to worry about pricey rental costs ever again. Some timeshares even come with discounted travel rates to offset the cost of getting to your vacation destination!

Purchasing a timeshare also makes your vacation planning very easy. You have a guaranteed vacation spot every year for a set amount of time. Knowing this helps you to plan ahead for your vacation, and you won’t have the stress of having to find new accommodations for each vacation.

While you used to be limited to a single vacation home when you purchased a timeshare, that’s no longer the case. When you purchase a timeshare through a company like Hilton Grand vacation points, signal the value of the timeshare you purchased, and you can use those points for many different locations within the vacation portfolio. This gives you the stability of timeshare ownership while still affording you the freedom to choose a new place to take your vacation each year.

Timeshare Drawbacks

Timeshares are not all sunshine and daisies, unfortunately. There are also some drawbacks to timeshare ownership.

Over the years, the timeshare industry has become rife with scams and misinformation. No one wants to spend thousands of dollars on what they think is a timeshare, only to find that they’ve been tricked out of their money! Thankfully, working with a well-established timeshare company should keep you from sinking your money into a scam.

In addition to the upfront costs of the timeshare, you will also be responsible for a portion of the yearly fees on the property for upkeep and maintenance. If you own a deeded timeshare, you’ll also need to pay a proportional amount of the property taxes for the building. While you’ll still save money in the long run, these fees can be an unwelcome surprise if you aren’t prepared for the expense.

Finally, if you ever decide to sell your timeshare, you may have a hard time doing so. The timeshare market has far more sellers than buyers, and selling a timeshare means that you’ll probably lose some money compared to the initial investment. While this may not matter to you if you got a lot of use out of your timeshare, it’s definitely something to consider when making the initial purchase.

Weigh the Pros and Cons of Timeshares

These are just a few of the pros and cons of timeshares. Only you know whether the benefits of purchasing a timeshare outweigh the costs. Trust your gut, and make the decision that is right for you!

Looking for other great ideas on how to plan your next vacation? Check out the other posts in our Travel section; you’re sure to find just what you’re looking for!