Tuesday, February 17, 2009

Pros & Cons of Timshare Ownership

In the coming months with the economy being in the situation that it is, there will be a good many "bargains" on timeshares.

This article is as good a summation as any on the pros and cons of timeshare ownership.

Imo, there are a lot of different factor with timeshares and you need to decide which is the right one for you and your family. My dh and I have consdered it a few times ourselves, but in the end, always decided against it. The times of the year during which he can take his vacation are very limited and we would be really locked into just a few weeks.

"Long-term savings over hotels?"
This is fine as long as you do not have a problem vacationing in the same destination most, if not, all of the time.

"Ability to exchange?"
I may be in the minority in this opinion, but time and time again I have seen timeshare owners complain about their INABILITY to exchange their timeshares. Sometimes it is for different weeks and sometimes, inability to exchange at other resorts in other locations.

"Maintenance fees and special assessments"
Maintenance fees may be set when you make your purchase, however with there being so many variables in the costs which ultimately determine the fee, there are no guarantees that the maintenance fee for your timeshare will stay within your budget. Then there are changes in management companies, which in themselves, have "upset more than one apple cart". Again, this is unforeseen and somtimes not really a factor that you, solely as a timeshare owner, have the ability of controlling. What happens when your resort requires updating or renovating? If there are not enough reserves witheld through your maintenance fees, there will be a special assessment. I do not know about you, but our budget cannot stand too many surprises. Would it would have to be on the top of our priority list to always have monies always available should a special assessment arise?