As you might already be aware of my family’s favorite accommodation style is vacation rentals. They allow us all of the privacy that we like while still offering the amenities of hotels such as cleaning and cooking. And most cases pools and health clubs as well. They are always a priority for me when I start looking for a place to stay when we travel.Learn about some of the most important pros and cons of getting a timeshare for your family. Is it the right move for you?
That got me thinking, what about getting a timeshare?
They seem to work in a similar way. So I started to research. I still haven’t decided anything but I have found tons of useful information on it, so here are the pros and cons that I have been able to learn about so far.
Photo by: Selamat Made
Pros and Cons of Buying a Timeshare
What is a timeshare?
This is a particular form of ownership where there is one property and a lot of people that have the rights to use it as their own at a set moment in time. Normally each party has a set time frame when they are allowed to use the property to avoid problems. In some other cases they work on a reservations type of way.
Pros of Timeshares
1. If you like having a plan knowing when you will be able to use it, having a guaranteed vacation destination is definitely plus.
2. Once you get to know the other owners you may be able to trade times and locations with them. This gives the opportunity of visiting other places without having to spend more money.
And you can use the exchange services of RC I and II to easily exchange your timeshare for more than 4,000 different resorts around the world.
3. You may be able to rent out your portion of time if you can’t use it. Just make sure your contract allows it.
Cons of Timeshares
1. While you don’t need to worry about maintenance, you will need to worry about the annual fees and your lack of control over their annual increases. So be aware of the Timeshare Value before you get one.
2. Buying a timeshare in a foreign country presents special challenges. In Mexico, for example, foreigners are not allowed to hold the direct title to property within 30 miles of the coast and 60 miles of international borders. They are limited to “right to use” timeshares.
3. If you are like me and love exploring as many countries as possible during the year. It might not be the best choice. Going back to one destination is something we only do to visit my parents in the US.
Bonus: If I ever want to sell my timeshare I can simply go to my co owners to see if they know of someone, making it an easier process.
I hope all of this information is useful if you are considering a timeshare for your family. As always let me know if you have any other pros and cons for everyone to consider.