We’ve all seen the commercials on late night TV touting timeshares in warm climates. Advertisements make them look really good, and you might think it’s a great thing to purchase. But is it?

First, let’s define what a timeshare is. Basically, you pay into ownership of a shared property, which could be an apartment, condo, or even a home. It comes fully furnished and clean, and you get access to it for at least a week once a year. You can pay for more weeks if you prefer. You own this property with a lot of other people, most of whom you won’t know. Then you get a scheduled time when the property is yours to use.

Timeshares are great if you like going to the same place year after year, because you know you’ll be staying in a nice, familiar place. Since it’s already paid for, the only thing you’d have to purchase is food; sounds pretty good, doesn’t it?

Well, there are good and bad aspects of timeshares. Let’s talk about the bad things first, just to get them out of the way.

Timeshares can be expensive, depending on where they are and how big the place is. Some of them can go as high as $30,000. Sure, you pay for it over time, but you have to extend your agreement out for so many consecutive years; what if you get tired of going to the same place year after year around the same time? Luckily, you can trade your time with someone else who might have a different location, so that might be a win-win, but that could still be a long time to be locked into something.

Timeshares can also be hard to unload if you want to get out of your deal. They’re not the best real estate investments, even in prime vacation spots, for just this reason. That’s why; if you talk to the right people, you’ll see some timeshares at drastically cut rates, as people are willing to do whatever it takes to get out from under them sometimes.

The upsides aren’t all that bad, though. Along with knowing what you’re getting every year, you can exchange your time with someone else. You can deed your property to family members, so if you pay it off, they get it free and clear (well, except for death taxes). And the process for trading with someone else is pretty easy; way less complicated than trying to buy a house.

There are lots of timeshare presentations around the country, and many of them will put you up for free just to listen to one. If you’re serious, make sure you ask specific questions, because all you’ll hear during your presentation is the stuff that’s supposed to entice you. And if you have the money and the yearn to keep going to that prime vacation spot year after year, then a timeshare just might be up your alley.