On the surface, timeshares look great and you’ll often be faced with a charismatic salesperson who will convince you to seal the deal, but investing in a timeshare is actually a really damaging choice for your future.
There are now lots of people that are stuck with timeshare contracts that they no longer desire yet can’t get out of, so before you make a misguided choice, here are 3 reasons to not invest in a timeshare this year.
You won’t generate an income
Contrary to the widespread belief, you actually won’t make any sort of income with a timeshare. Because you don’t actually own any part of the property when you buy into a timeshare, even in the unlikely event that it increases in value, you won’t benefit from it.
We spoke to Timeshare Consumer Association who said: “Timeshares are an expense rather than a form of income so, instead of increasing your finances, they will drain them.”
“Throughout your time of having a timeshare, as well as the initial cost, you will have to pay large maintenance fees which you will gain no return on as you cannot rent out your timeshare property.”
They’re extraordinarily difficult to sell
Timeshare properties are notoriously difficult to sell on or even give away. Many people find themselves unhappy with their timeshare agreement and can’t bear to carry it on, but selling a timeshare is incredibly tricky simply because the market is saturated. There are more people trying to sell timeshares than there are trying to buy them and this has been the case for years.
If you did manage to find a buyer for your timeshare contract, it would be almost unheard of that you would make back the sum of your initial fee. In fact, it’s not uncommon to hear of cases where people give away their timeshares free of charge to organisations such as Donate My Timeshare.
There are lots of better alternatives
With so many holiday alternatives to buying into a timeshare which are more beneficial for you, it is a wonder why people still consider timeshares at all.
One great alternative to getting involved with a timeshare is to buy your own holiday home where you get all of the benefits of timeshares (like having your privacy and your own kitchen) but you have the option to rent it out to other holidaymakers to make a bit of money. You’ll also be able to decorate and modify it however you please which you’re unable to do with timeshares.
If you can’t afford to buy a holiday home but still want your home comforts when you’re on holiday, companies like Airbnb, who provide you with homes to rent out when you’re away, will be a real winner for you.
Renting out someone else’s house will give you a glimpse into the culture of the area and you will still be able to make use of the comforts and amenities that you’re used to at home.