Why A Timeshare Does Not Make A Great Idea For Travel Buffs
Timeshare is a unique real estate initiative that lets you buy fractional ownership in a vacation destination. Simply speaking, you own a luxury real estate property for a week every year. You can pick your slot and land in your second home to relax and enjoy the benefits of ownership. The idea of owning a share in an exotic resort sounds exciting to a travel buff, but it is only one side of the picture. If you dig deeper, you will probably want to steer clear of the decision. Let us explain why it doesn’t make a great idea for people who love to travel.
Big money for a small annual vacation
The average cost of a timeshare runs in thousands of dollars. You can easily burn a hole in your savings with upfront cost only, let alone the recurring expenses down the line. Compare it with the price of hotel accommodation or a vacation home, and you are in for a shock. Even worse, you pay for a year but get ownership for only one week annually. Surely, the option does not make sense for a money-savvy traveler.
Hefty maintenance fees
Besides the initial investment for buying a timeshare, you have to incur a hefty maintenance fee every year. The worst part is that it can increase more than you imagine, and you cannot do anything once you sign a contract. Moreover, you have to pay the annual charges even if you do not use the property in a specific year. You will probably realize that booking a hotel every year is a better option.
Exit is challenging
A timeshare is forever, and it even passes on as an inheritance to your legal heirs. The idea of owning a property for perpetuity isn’t as good as it sounds because exiting from the contract is a challenge. The best way to do it is by collaborating with one of the leading timeshare exit companies in your area. Only professionals can show you the way out and save your children from inheriting a property they do not want.
Lack of flexibility
If you are a travel buff, you will probably not want to visit the same destination year after year. But timeshare ownership deprives you of choices as you cannot opt for an alternative destination or stay at another place. Besides staying stuck with the same vacation forever, you have less flexibility regarding timing. It is often difficult to get a slot of your choice because there is stiff competition between timeshare owners.
Not relevant in pandemic times
Timeshare ownership is not relevant in pandemic times because the travel industry is not the same. The new normal means you may not get to travel at all due to restrictions. The idea of testing and quarantine guidelines may dissuade you from flying to some destinations. The situation is likely to stay for the foreseeable future. Investing in long-term travel plans like timeshare is not the wisest thing to do.
Smart travelers realize the truth of timeshare properties. Not surprisingly, their popularity is witnessing a dip for valid reasons. It is the right time to consider getting rid of a timeshare if you already own it.