If you’re looking into buying a timeshare as a way to have a place to return to each year for your summer holiday, you may want to consider whether it’s the best option available to you and think carefully about the reasons why you’re considering a timeshare in the first place.
Timeshares (or fractional ownerships) were very popular a few decades ago when it was relatively straightforward to exchange your weeks for other destinations and when you could land yourself bargain holidays. However, both timeshares themselves and the holiday landscape have changed considerably since that time and it may no longer be the best or cheapest option.
Read on to find out what you may want to think about and a few different holiday options you might not have considered trying.
Why buy a timeshare?
The main reasons why people buy a timeshare is because the idea of returning to the same place every year sounds attractive or because they are expecting to be able to easily exchange their week for other resorts.
While it can still sometimes work out, if you do decide to buy a timeshare be really careful that you do plenty of research and ideally buy from a reseller as you will pay less than 1/10th of the price of the resort.
We would never recommend buying a timeshare from new or buying it to sell on in the future as you will find it very difficult, if not impossible, to do so. A timeshare should never be thought of as an investment. For more advice on buying a timeshare check out this buying guide from the Timeshare Consumer Association who are independent advisers.
What other options should you consider?
These days, many people who once enjoyed the perks of a timeshare are finding that in fact, once they’ve paid for the airfare to get to the resort, they could have just booked an all-inclusive package holiday instead and saved a bunch of money!
In recent years, package holidays have experienced something of a renaissance and are more popular again, attracting holidaymakers due to how easy it is to book and the fact that once you arrive at your resort you don’t need to worry about extra costs if you’ve gone all-inclusive.
Holiday home Ownership
If you were considering a timeshare as a way of returning to a favorite destination, or even more so if you were considering one as a form of investment, then buying property abroad may be a more sensible option.
Although buying property is a commitment, so too is a timeshare, and the difference is that with your own property you have complete control over not only what you do with the space, but also when you can visit and how often.
You also have the opportunity to rent out your property to other holidaymakers when you’re not using it yourself, which presents the opportunity to make a little extra income and help to cover the initial costs of buying.
We hope this has given you some food for thought when it comes to whether or not a timeshare is right for you. Above all else, if you’re thinking about a timeshare, the most important thing is to do plenty of research first and ensure you are not getting ripped off or scammed.