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Your vacation plans likely ended once the pandemic began this year. If you're one of the many people wishing they could get out of town, you're not alone. It's frustrating to put off a trip because you want to feel safe while you travel. The unpleasant reality of staying in a hotel with hundreds of strangers is now making people consider investing in a timeshare.
Many pros and cons are involved in owning a timeshare. Here are a few things you should know if you think buying one could be in your future. It's a major investment, so make sure you're confident about your decision before the new year begins.
Many people want to move on from the pandemic in 2021, but it will still be a primary concern for some time. The Centers for Disease Control and Prevention (CDC) announced that COVID-19 spreads through respiratory droplets that you can inhale within 6 feet of a person. This issue makes vacationing difficult at best.
Hotels will book you in a room recently visited by strangers and congregate guests in the front lobby. It increases your risk of coming into close contact with potentially infected people, but a timeshare would prevent that.
Whether you sign a fixed or floating lease, you know who stayed there before you and when they left. You can let the property air out between visits and clean it as you see fit. You'll also have the complete privacy of a condo or vacation house. There won't be cleaning staff, buffet areas or check-in lines to worry about.
Getting a timeshare in 2021 will depend on your financial situation. The U.S. labor market lost 22.2 million jobs due to COVID-19, leaving many to drain their savings or foreclose on their homes. It takes time to recover from such major financial losses. You might need to replenish your emergency savings, pay months' worth of bills or reestablish your retirement savings account.
Timeshares provide a lifetime opportunity for yearly vacations, but they can come with a hefty price tag. Even people who look for something small pay $21,455 on average upfront, which doesn't guarantee you immediate access.
Will you have that money next year, or will you spend that time recovering financially? Work with your budget to figure out how long you need to save to accumulate a down payment or pay off a new loan. You should also consider if you could keep up with your timeshare loan next year if there's another economic collapse. The pandemic isn't over yet, so anything's a possibility.
People who already owned timeshares when 2020 began may have had to sell them due to financial difficulties or their lack of travel. You could find more options for your 2021 timeshare if you give them more time to hit the market.
Instead of finding only a few homes or condos available at the beach, you might discover timeshares in vacation spots all over the country. You're bound to get a better deal with more properties up for sale.
Imagine you find a timeshare you love for a great price. You intend to use it frequently during 2021, but what if your plans don't work out? Timeshare owners often post their property up for rent during their reserved dates. The possibility of making your money back depends on the rules outlined in your lease.
It also depends on people traveling on vacation. As the pandemic continues into 2021, you can't rely on a steady stream of tourists. The U.S. used to transport 1 million daily passengers through air travel, but those numbers are barely back up to 750,000 each day. It could take a while for people to travel like they used to, so consider that you may not be able to rent your timeshare if you can't use it next year.
There's no rush to jump into owning a timeshare. Take your time before you make your decision so you can consider all the pros and cons. 2021 could be the year you finally buy the vacation home you've dreamed about for years. It could also be the time you need to spring back from the pandemic fallout.
Weigh your options and consider the future to decide if it's time for you to start shopping for a timeshare.Back to overview
We are Jacob and Taylor. Travel is our passion and we love sharing our experiences here at The Travelling Souk. Our hope is that you would be inspired by this little blog to try something new, embrace an adventure, and live life to the fullest.