There was a time when your options for accommodations when traveling was limited to a hotel, hostel or campground. Then, timeshares became a thing and you could buy shares of a condo or even a house and have a place to stay that felt more like a home than a hotel.
Then the internet happened and suddenly there were far more options with services like Airbnb where you can now stay cheaply in somebody’s home. For many it is the best budget option to stay in places from Sacramento to Stockholm.
This has timeshares falling out of favor since there are so many options these days. If you have a timeshare you may be wondering if it is worth it to keep. Or, maybe you are considering your options for having a place to stay during your vacation each year and wonder if it is worth it to buy in.
In this article, we will go over what you need to know about timeshares so you can make your own decision if they are worth it or not.
They can be restrictive
Starting with one of the biggest negatives that most people have with timeshares is how restrictive they can be. They are fine if you have the same time off every year but if you need to be flexible then they can be difficult to deal with.
If you find yourself not using the timeshare as much as you would like since you can’t be flexible then it can start costing you more than it is worth. And, often you are locked in for years, or even decades when you buy in. If you want to get out of Wyndham timeshare then you have to use a service to do so as it is not easy to do on your own.
A good alternative to a second home
One of the biggest benefits is that it can be a great alternative to owning a vacation home. When you buy a second home to use as a vacation, you are locked into that one place forever. Your vacations are always going to be to the same place.
Not only that, but you likely spent as much on that home as you would a primary residence. Your primary residence is used year round so worth the cost. But, paying a mortgage, taxes, insurance and all the other expenses a house requires for a place that you only use for a couple of weeks a year doesn’t seem worth it.
They can be expensive
Although you aren’t directly paying for maintenance on a property, you sort of are. Fees are a part of the timeshare experience. As the properties age, those fees generally start to go up.
Financing a timeshare is also expensive. Paying for a loan on a timeshare is far more expensive than a traditional mortgage. This can add up to quite a bit over the course of the time that you own it.