Like any worthwhile investment, when it comes to buying a timeshare there are pros and cons that need to be considered before handing over your money. In general, people are divided between seeing timeshare as a too good to be true venture and a positive vacation solution that saves them money in the long run. Below are some of the pros and cons of timeshare that should be taken into consideration before you buy:
Financial
Pro: One of the main pros related to purchasing a timeshare is that after only a few years of taking advantage of your timeshare you actually make up your original investment and begin to save yourself money on future vacations. Add to that the rate of inflation and you realize that you have secured your future vacation rentals at yesterday’s prices.
Con: If you were to become ill or unable to take vacations regularly, you might not see the true financial benefits of your timeshare until much later. You need to use your timeshare to feel the full rewards of your investment.
Size
Pro: Timeshare units are renowned for being much larger accommodations in comparison to hotel rooms of a similar price and also have kitchen facilities and living areas that mean families can fit comfortably, taking full advantage of the unit and saving money on eating out.
Con: You might not always want to travel with your family and a smaller unit, such as a hotel room would be sufficient. However, if you are a member of a vacation club, you can swap your units for points, and therefore something smaller. (See more about Vacation Clubs)
Location
Pro: Owning a timeshare means you get to take regular vacations in the top destinations. Timeshare operators choose the locations for their resorts after careful research and the well-established companies are experts in providing all the services you could want on your vacation.
Con: If you buy a fixed week in a specific location, you will vacation in that same place every year. While for many this is not a disadvantage in and of itself, those that wish to swap their weeks for another location can do so using a vacation club.
Timeshare fraud has been around since the timeshare idea was created, but they increase during poor economy. When times are difficult, timeshare owners are stuck with properties they can´t travel to or even afford. Desperate to recoup some money to pay for bills, they can easily become victims to scams artists pretending to be their timeshare salvation who will take upfront fees -as much as five number figures in some cases- but fail to fulfill their promise.