Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

Are Timeshares Worth It?

3 min read
Loung chairs and pool outside house

Ready to talk to an expert?

“Would you like free massages/tickets to a show/a television set/a night at our hotel? All you have to do is listen to this 90-minute presentation and take a quick tour of our fabulous resort!”

We’ve all heard it before: the timeshare pitch. But timeshares can’t be all bad, right? After all, people must be buying them or the salespeople wouldn’t keep doing these pitches.

Weigh the pros and cons

If you’re considering a timeshare purchase, take the time to weigh the pros and cons. Never purchase a timeshare during a high-pressure sales situation.

You can often get much better deals by buying a timeshare from an owner who wants to offload one than you will from purchasing retail. When you find a timeshare you’re considering, go ahead and sit through that sales pitch—you’ll get a great tour of the building and the amenities, and possibly some free gifts—but go online to find a current owner looking to sell. It’s the best of both worlds!

Timeshares may be worth it if you’ve absolutely fallen in love with a location, or if you have family or friends who live in that area. Many timeshares are tied to a specific property, so it could be a good option if you and your family travel to the same destination on a regular basis.

Some timeshares are more flexible than others, allowing you to trade timeslots or stay at other properties. You’ll want to know if this is an option before you buy.

If you love to explore, look for a flex system or points system, where you can spend your points on timeshares in different locations.

It should save you money

Ideally, having a timeshare means you’re saving money each vacation. But it’s a use it or lose it situation. If you never make it to your timeshare destination, you’ve essentially wasted your money.

It’s also worth first checking out the costs to rent an equivalent property for the length of time you’d be going on vacation. If it costs less to rent than it does to pay for a timeshare, you’re better off renting. Don’t forget about upkeep and major repairs; timeshare owners generally have to split these costs.

Before you make any purchase, conduct a title search on the property and look into the developer and management company that will be handling the timeshare. Warning flags include complaints that the management company doesn’t properly handle payments, or more dramatically, that buildings have gone into foreclosure.

Ready to talk to an expert?

Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Best Bank to Open a Checking Account Are you looking to open a checking account but are having trouble finding the right bank? You shouldn’t have to settle for a bank that doesn’t meet all of your needs. First Bank focuses on the needs of all of our customers, and we strive to be the best bank for you. Open a checking account with us, and our team of experts will help you choose the option that works best for your financial needs. Checking Account Options at First Bank Whether you need a personal checking account or an account for your business, First Bank is the best bank to open a checking account. With multiple options and plenty of benefits, we make your banking experience easier and your financial goals more attainable. Personal Banking We offer three types of personal checking accounts that range from basic to premium. The Everywhere Checking account is our most basic account and features benefits such as access to free online and mobile banking and credit cards with rewards. With the Everywhere Plus account you receive all of the benefits of Everywhere Checking, plus the chance to earn interest at a minimal balance requirement. Our Everywhere Premium account gives you all the basics of Everywhere Plus, but includes perks like no First Bank transaction fees on out-of-network ATM withdrawals. We also have two account options designed with college students and seniors in mind. Our Campus Checking account provides students under the age of 25 with no monthly maintenance fees as long as certain requirements are met. Seniors who use direct deposit may qualify for no monthly maintenance fees and other benefits with our Senior Checking account. Banking for Businesses Whether you are a seasoned business owner or just starting out, we have checking account options designed with your needs in mind. Find a Local Branch Near You Our easy and convenient banking options make First Bank the best bank to open a checking account. Click here to find a local branch near you.  Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in 3 min read
Image for tile. First Bank partners with Habitat for Humanity to promote housing affordability There’s no place like home for the holidays. The benefits of homeownership reach far beyond the financial investment and earned equity. Owning a home means long-term security and stability for individuals, families, and economies to thrive. This holiday season, we’re reflecting on our Power of Good commitment to Housing Affordability and our partnership with Habitat for Humanity. “Greater tax generation, creation of jobs, opportunities for economic development, increased job retention and productivity, and the ability to address inequality — all are among the economic benefits of increased access to quality, affordable housing.” – Habitat for Humanity   What does housing-affordability mean? While many factors impact what affordable means to each buyer, housing policymakers generally use the 30% rule that states no more than 30% of your income should be spent on housing. In areas where the average home prices and rental rates exceed the 30% rule for the average citizen’s income, housing is deemed unaffordable and residents are considered to be housing cost-burdened. Nationwide, U.S. Census Bureau data shows that 40% of renters meet the definition of cost-burdened. Additionally, an October 2023 report from Redfin suggests that homebuyers must now earn a $115,000 annual salary to afford the median-priced U.S. home – that’s up more than 50% since the start of the COVID-19 pandemic. Housing affordability snapshot on the Carolinas As population growth continues to rise across North and South Carolina, it’s proving difficult to keep up with the increase in demand for housing. Many experts point to the combination of limited supply and growing demand for the sharp rise in housing costs. Cost-burdened households in North Carolina represent 45% of renters and 19% of homeowners while in South Carolina those numbers are 50% and 25% respectively.   What are the impacts of cost-burdened households? Households that spend more than 30% of their budget on housing oftentimes experience a snowball effect on other areas of their budget. Many housing cost-burdened households experience food insecurity and are forced to make difficult decisions like choosing between paying a bill or seeking medical care. This also makes it difficult to save for emergencies in the future, and places more reliance on credit card spending. When these difficult circumstances at an individual level become compounded, the entire community’s wellbeing becomes marginalized. First Bank’s commitment to affordable housing As a First Bank client, you’ve made the decision to invest in your community. Our designation as a community bank means that we will always prioritize investing in the communities where we do business. Unlike banks who operate nationally or globally, First Bank is committed to the Carolinas. Banking with First Bank allows you to keep your hard-earned money within your community – where it can do the most good for your neighbors. Our First Bank Power of Good corporate citizenship program has made the following investments in affordable housing: 6 min read
First Bank logo
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.