the world's smartest travel social network
Despite the fact that the industry having a bad reputation in some quarters, many people are still signing up to timeshares as they’re led to believe that they’re a worthwhile holiday option.
However, this is simply not the case and a large portion of these misguided holidaymakers find themselves with a money sponge which they can’t shake off.
In case you’re thinking of signing up to a timeshare contract, we’re going to take a look at whether or not they’re still a good summer holiday option.
Your Needs May Change
Part of the appeal of a timeshare is predictability: buyers are guaranteed a week year after year in the same accommodation in a destination which they probably love visiting.
However, people’s needs can change, and often many canfind themselves stuck in a timeshare contract which was perfect for them when they were younger but no longer matches their needs.
Being unable to exit your timeshare contract at a ski resort when you’ve suffered a knee injury or have young children isn’t an ideal situation, but it’s the harsh reality for some short-sighted holidaymakers.
They’re Not an Investment
Many people fall into timeshares in an attempt to make an investment on a holiday home, but they are misguided.
On this, we spoke to Timeshare Consumer Association, whose representative said:,“Timeshares are a lot like cars in the way that they depreciate in value as soon as you drive away from the dealership. Timeshares lose their value as soon as they’re used and, even if they did rise in value, their contract owners wouldn’t benefit from it in any way.”
“People don’t own their timeshare properties so they can’t rent them out and, with the hefty maintenance fees, timeshares are more of a drain on finances than an investment.”
They’re Difficult to Sell
If you find that you’re unhappy with your timeshare contract, you can choose to sell it but that is often easier said than done. Selling a timeshare is such a challenge because the market is saturated: there are many more people looking to sell than to buy and this has been the case for a while.
Even if you do manage to sell your timeshare contract, it would be highly unlikely that you would recover your payments; some people have even donated their timeshares to organisations like Donate My Timeshare just to get rid of them.
There Are Better Alternatives
There are now so many more beneficial options available to holidaymakers which make timeshares seem redundant as the perks of timeshares are now readily available through other means.
Buying a holiday home is a great alternative to a timeshare contract because it will be completely yours, meaning that you will be able to decorate it and modify it however you please.
The home comforts which fall hand in hand with timeshares can be achieved by booking to stay in other people’s homes all over the world through websites like Airbnb, allowing you to feel at ease wherever you go. This is also the perfect way to gain more insight into the culture of your destination.