A timeshare is commonly considered a luxury property since a timeshare owner is obligated to pay high maintenance, membership fees, and other taxes. Furthermore, owners of this property are allowed to visit luxury apartments and resorts every year. Multiple individuals found their timeshares an excellent opportunity to spend a long-awaited vacation. But as with any property, timeshares also feature some downsides that are the main reasons people want to get rid of timeshare ownership. This article will introduce you to the timeshare ownership pros and cons you need to know.

What is timeshare ownership?

A timeshare is associated with a shared ownership model of vacation real estate. In this model, several purchasers own allotments to use the same kind of property, usually for one week. A principle of a timeshare can be applied to a diversity of properties – starting from resorts to campgrounds and apartments. 

In other words, timeshares allow owners to buy rights for occupying a unit of particular real estate for a determined period. It is a specific form of fractional ownership. In addition, timeshares can use either a fixed-week, a floating-week, or a point-based system.

Benefits of timeshare ownership

 

1. Guaranteed vacation destination

If you like predictability and don’t want the hassle of holiday planning year after year, then timeshare ownership is your best bet. If you purchased a timeshare, you receive a great motivation to spend a vacation with your beloved ones annually. Moreover, you get a guaranteed vacation if your timeshare features a fixed-week system.

 

2. Stay flexible 

Multiple out-to-date timeshares offer clients a point-based system that allows being more flexible since the number of points determines access to the resorts. Purchasing a timeshare doesn’t always mean you get access to a single property.

 

3. You pay for what you use

Unlike the vacation homes that stand by vacant part of the year, timeshares require you to pay for the property you use. This way, using costly property appears more affordable within timeshare ownership.

Downsides of timeshare ownership

 

1. Timeshares don’t appreciate

Even though most timeshares are deeded real estate, it isn’t wise to think about this property as a money-making investment. Timeshares tend to depreciate over time significantly, so consider your timeshare as a simple purchase, like a car or a house.

 

2. Timeshares are hard to sell

If you want to get rid of a timeshare that is no longer wanted for you, you might deal with a sale process, but it is usually a complicated task. You aren’t likely to return the exact cost you have paid for a property initially during a sale since timeshare depreciates over time. 

Furthermore, numerous potential buyers want to buy new timeshares, making it harder for resellers to get rid of a property. Many timeshare owners are glad to give a property for free because they are no longer obligated to pay required maintenance and other fees.