Are you dreaming of fancy vacations every year without spending a fortune? A timeshare (also called vacation ownership) might sound perfect. It lets you buy a share of a resort so you can stay in nice condos in great locations. But like any big money decision, timeshares have good points and bad points. In this post, we’ll look at both the benefits and the problems so you can decide if a timeshare is right for you.
Family Time
The Benefits of Owning a Timeshare
- Guaranteed Vacations
- When you own a timeshare, you get a vacation every year—for life! You can stay in big, beautiful condos or villas (600–2,400 square feet) in places you might not be able to afford otherwise. It’s like having your own spot in paradise waiting for you.
- High-Quality Stays
- Timeshare resorts are luxurious. They have big rooms, great locations, and lots of amenities (pools, restaurants, activities, etc.). You stay in a spacious condo instead of a tiny hotel room, and you usually pay much less than if you booked the same place on your own.
- Feels Like a Home Away From Home
- Timeshare units come with kitchens, washers and dryers, and everything you need. Just pack your clothes and go! You can visit the same place every year or try somewhere new.
- Long-Term Savings (If You Use It a Lot)
- Buying a second home in every dream location would cost millions. A timeshare lets you stay in luxury resorts all over the world for much less money. Today most timeshares use a points system. You get new points every year—like vacation money you can spend however you want.
- Flexibility with Exchange Programs
- You can trade your week or points for a different resort through companies like RCI or Interval International. There are thousands of resorts to choose from. (Tip: Staying within your own brand usually gives the best quality and easiest bookings.)
The Drawbacks of Owning a Timeshare
- High Costs
- Timeshares are expensive. You might pay $25,000–$50,000 upfront, plus yearly maintenance fees (often $1,000–$3,000 or more). Those fees usually go up every year because of inflation. Over 20–30 years, the total cost can be $100,000–$200,000 or higher. Always do the math before you buy.
- Limited Flexibility
- Popular weeks (Christmas, summer, etc.) can be hard to book. Many owners have to call exactly when booking opens—sometimes a year in advance—or they miss out. Learning the system well helps a lot, but it still takes planning.
- Very Hard to Sell
- Most timeshares lose almost all their value. People sell them on eBay for $1 or give them away for free. Many “resale” companies are scams that take your money and do nothing.
- You Don’t Really “Own” Property Like a House
- You’re usually buying points or the right to use a resort—not a real deed to land. Timeshares almost never go up in value the way a house can.
- Forever Commitment (Perpetuity)
- Most timeshare contracts last forever and pass to your kids when you die. You (or your family) have to pay maintenance fees forever, even if you stop using it. Some newer contracts have an end date, but most old ones do not.
- Scams When Trying to Get Out
- Companies promise to “cancel” your timeshare if you pay them thousands of dollars upfront. Many of these companies are scams. The safest choice is usually to keep paying or work directly with the resort.
Is a Timeshare Right for You?
A timeshare can be great if:
- You take a nice vacation almost every year
- You love staying in big, fancy condos
- You’re okay with planning ahead
But it’s probably NOT a good idea if:
- You don’t vacation every year
- You hate long-term contracts
- You might want to sell it later
Take your time. Talk to current owners. Do the math. Never let a salesperson pressure you—the deals will still be there tomorrow.
Happy (and smart) traveling!