Are Timeshares Worth It? ~ KATS Kreative Life

There are all kinds of timeshares. Some are very specific about where you stay and how long you have to stay. The older style timeshares were sold as 1 week every year or every other year at a specific resort. Every company has their own way of laying out a different system. Some of the newer companies figured out that not everyone can take a full week off every year for vacation.

The company we bought into has a point system. We purchased points that can be used at a lot of different resorts however we want to use them. The minimum nights required for each resort can vary depending on the location and time of year, but it is usually a 2-3 night minimum. Each location requires a certain point amount per day which depends on the day of the week the stay begins.

Pros

We love the resorts and we have taken a lot of very fun and memorable vacations since we made our purchase. That is why we bought into the timeshare idea in the first place. We have 3 kids and we wanted to take vacations with them without all being stuck in a small hotel room. At the resorts we have our own bedrooms and bathrooms, a living room, kitchen, and a washer/dryer combo. They are basically the equivalent of a fully furnished apartment.

This makes our vacations so much more enjoyable as we are all able to have our own space and aren’t tripping over each other all the time. We save money by cooking some of our meals at the resort, especially breakfast and usually at least a few other meals. I love being able to wash our clothes while we are on vacation so I don’t have a pile of dirty laundry once we return home. We are able to repack our clean clothes and just put them away once we arrive home.

The resorts all have swimming pools, work-out areas, and activity centers. Some have water parks, miniature golf, tennis courts, and basketball courts that only require us to show an activity pass or wear an armband. There are other activities available at or near some resorts for an additional charge such as golf courses, art classes, exercise classes, bowling alleys, marinas, etc…

Cons

Timeshares can be expensive, and there are a lot of extra fees that you don’t always realize at first. Not only do I pay a monthly payment for the points, there are also maintenance fees, housekeeping fees, transfer fees, etc… While we can take a very nice vacation for very little out of pocket money at the time, we pay for that vacation every month all year long.

While our point system is somewhat flexible, some of the others are very specific. Sometimes as specific as a certain week of the year at a specific resort, and if you can’t go on vacation that week, then you just lose it despite having paid for it. Our points are good for the use year and if not used during that time period, then they expire if not transferred or donated. If we transfer them into another system then we have to pay a fee to use them, so we have allowed some to expire when we were not able to use them.

Last minute vacations are not usually possible, the resorts book up early so you must plan your vacations up to a year ahead. Most people do not know when they are able to take a vacation that far ahead. My husband has to wait until the first of the year to put in vacation and it is determined by seniority. By the time he has been told whether he received the vacation time he requested, it is too late to get reservations at the top resorts.

Alternatives

There are lots of options to avoid hotel stays that I wasn’t aware of when we purchased our timeshare. The companies that own the timeshares, rent a portion of the units out online or through travel agencies. Some timeshare owners also rent out their points or weeks when they cannot use all that they own. Anyone can rent these units and stay at these resorts without a commitment.

There have been rental houses at beaches and tourist areas for a long time, but now there are all kinds of options available through the internet. You can find a place to stay almost anywhere these days with all the new options out there. There are places available from single rooms to entire houses to accommodate all sizes of families and friends.

Conclusion

I do not think that timeshares are a great investment. While we do enjoy our vacations and the wonderful accommodations, we could still take those vacations by setting that same money aside each month instead of paying for the timeshare.

On the other hand, we always know what to expect at our resorts since they are somewhat uniform across the entire company. We enjoy being able to just check in and out and not have to worry about things not being as expected. If there are any problems, all we have to do is call the desk and they will send someone to correct it. Once our points are paid for, we will be able to continue taking vacations that we might not be able to afford otherwise once we are retired.

So there are both positives and negatives in owning a timeshare. While it is not the best investment, it is also not the worst if you like to take a lot of vacations. It is a very personal decision that may be different for each family. The best advise I can give is for you to do your homework and make sure you know up front what the cost will be overall. Weigh the pros and cons so that you can make the best decision for your family.

Do you own a timeshare? Hate them, love them? Leave a comment and let me know.

For more on vacations, take a look at Spring Break Without the Crowds and Creative Family Vacations.