Is a Timeshare Right for You?

by Ann Hayward 02/21/2021

If you love vacationing at the same place every year you may consider investing in a timeshare property. This can often help control vacation costs and planning time. However, owning a timeshare home may not be not the right choice for everyone. It is important to understand that a timeshare is not like other real estate because you do not own the property yourself. Carefully consider what that means before signing a timeshare contract.

Should You Invest in a Timeshare?

Timeshare properties are homes that are co-owned. Similar to condominiums, the units usually have several rooms that allow more than one family to share the space at the same time. Each owner has the right to use the home for scheduled periods each year. If you are considering a timeshare investment, here are the advantages and disadvantages associated with owning such property.

Advantages

You have a vacation home every year: If you own a timeshare property, you save some vacation planning time each year. You won’t have to deal with booking hotel arrangements or spend time determining a destination.
Scheduled time: If you vacation during the same timeframe every year, this is a great option because you won’t have to worry about having good accommodations available to you when you want to use them.
Cost-efficient: When you calculate how much you spend on hotel bookings whenever you go on vacation, you may realize it is more cost-efficient to buy a timeshare property.

Disadvantages

Your vacation is restricted: Owning a timeshare property makes it difficult for you to vacation whenever and wherever you’d like. If you like to visit new destinations or vary your vacation weeks each year, a timeshare may not be the best fit.
Additional expense: If you opt to exchange the timing or destination of your timeshare stay, you may meet with considerable fees during the process. You may also be billed for routine maintenance, utilities, taxes, and other fees related to the timeshare complex itself.
Difficult to sell: It is often difficult to sell a timeshare if you decide you do not want it anymore. You might end up selling at a loss as timeshare value tends to depreciate over time.

Before investing in a timeshare home, weigh your cons against your pros to determine if it is the right decision for you. You might find it just as cost-effective to purchase a vacation home in your favorite location that you own outright. In some cases, you could even rent it out to other vacationers when you’re not using it to help pay for the mortgage. Contact your real estate agent for professional advice on buying the right vacation home for your situation.

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Buying A Vacation Home

Save Money On Vacation

Buying A Investment Property

Home Ownership

About the Author

Ann Hayward

Born in Philadelphia and raised in the suburbs, Ann Hayward got her Pennsylvania real estate license at age 18 even before going to college. This second-generation real estate professional followed in the footsteps of her father and two uncles, inheriting their passion for the business. Licensed in DC, Maryland and Virginia, Ann is accomplished in her career, with numerous designations including SFR, SRES, PSA, WHC, and multiunit Housing Development Finance Professional (HDFP) from the National Development Council. She specializes in Prince Georges and Montgomery Counties, Northern Virginia and Washington, DC, all jurisdictions where Ann has lived and knows very well. In addition to her professional expertise, she owns and manages personal investment property, understands and has been involved in the renovation/remodeling process, and has great resources which she shares with clients. When you hire Ann to represent you, she will make your buying or selling experience an enjoyable, rewarding one. Her compassion, sensitivity to her clients’ needs, eye for detail, and ability to see the big picture when guiding you through a purchase or sale are unique assets that will ensure your success. A diverse and relevant background also gives Ann a distinct edge. For 30 years, she worked in fast-paced, high-pressure television and theatrical production, attaining the highest achievement – DGA membership as a Director, and as an award-winning staff and freelance writer. Her keen audio visual skills and design sense benefit sellers in marketing their properties, and are invaluable in helping buyers see the potential of space. A true renaissance woman, Ann was also an income tax professional and office manager for H&R Block, so she thoroughly understands the tax and financial implications of acquiring and selling real estate. Her superior organizational skills are further evidenced as owner of a downsizing/professional organizing business, Managed For You, which allows her to connect with everyone from millennials to boomers and seniors, whether for small space planning or assisting with major decluttering and transitioning. Ann holds an AB in American History from Simmons College, Boston, plus attended Robert Wagner Graduate School of Public Administration where she was a candidate for Doctorate. She additionally studied Film Direction at the American Film Institute in LA, and was a Stanford University post-graduate Professional Journalism Fellow. Personally, Ann is an avid if not very good golfer, and the co-founder of a nonprofit 501c3 organization offering educational guidance, tutoring and counseling for youngsters from elementary school through college admission. She sits on the board of trustees of a nonprofit educational film production corporation as well. (202) 494-6252 [email protected]