Why do people get into timeshares?
We’ve all heard of timeshares being a risky space of investment and how difficult it can be to exit them. However, several people continue to put in their money for these properties giving this industry more life than ever. Not only do a majority of these buyers not view timeshares as a scam, but they also find themselves in a position to be able to financially support their decision. So, how reasonable is their decision if buying this lavish property really? And, what is it that pushes them to make the final call?
- Multiple vacations: The biggest factor that attracts buyers to invest their money into these properties is the idea of having a lifetime of vacations. With an annual fee, you have all-day, everyday access to your private resort that gives you all the luxuries. Sound exciting, yet? It also saves you the cost and hassle of finding a new hotel every time you want to travel making it a hassle-free holiday. A fact that most people don’t consider is that these multiple vacations might not be as practical in real life as they appear in theory.
- Come one, come all: If you’re one to travel with the big, fat family, timeshares come across as very suitable and cost-effective options. They provide enough space for large families to live and enjoy their vacations comfortably. It allows them to get better privacy with dedicated rooms and kitchens for better meals as opposed to figuring out takeaways and getting stuck in small hotel rooms. These timeshares also look attractive if the buyer wants to take trips with large groups of friends often as everyone can enjoy being in the same space. Aside from space, facilities like multiple functioning bathrooms, high-speed Wi-Fi, laundry rooms, etc allow for more comfort than hotels too.
- Travel the world: Timeshares are easily a winning option for anyone who enjoys vacationing from time to time. While some people might not have the luxury to do so, it is possible for others to take multiple vacations in a year. If timeshare owners have exhausted all the fun options available at their property, networks like Resort Condominiums International (RCI) and Interval International allow them to sign up for their services. The idea of ‘vacation exchange’ is facilitated by these networks as they allow timeshare owners to deposit their ‘timeshare points’ or even ‘fixed weeks’. They can then exchange these points for any resort across the globe giving the owners a chance to become globetrotters and travel anywhere in the world with the same level of luxury. That said, it takes a while to really look at all the features your resort offers you and go through the process of vacation exchange – something which isn’t looked at much at the start of the process.
- Additional income: While timeshares are generally viewed as the perfect fix for several vacations, they can also be used to cover up their annual dues. If your contract and developer allows, you can find a different way to cover up for your months/years of not being able to visit the resort. This would ideally mean renting out the timeshare to others for a year to cover up the maintenance dues of that year. However, in most cases, this process is rather tedious, and finding a tenant is difficult. This is something that isn’t revealed to prospective buyers as they make the purchase making it look like a beneficial deal for the years to come.
