Time shares: The pros and cons

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• Plenty of space … often, more than two hotel rooms.

• Equipped kitchens let you eat meals in the unit … no more tantrums when the hotel restaurant doesn't have Cheerios.

• Hotel rooms are prepaid for years to come.

Familiarity; you can go back to the same place, year after year.

• No hassles of maintaining or renting out a second home.

• You can swap for units in other destinations.

• Skip a year and you can trade some units for hotel stays, airline tickets, cruises and other travel perks.

• Some time-shares are linked to resorts, where you have guest privileges

CONS

• You make your own bed
 
• You can't call room service; usually, there's no restaurant on premises

• Trading your unit for one you want elsewhere can be unpredictable … even impossible … unless you plan far ahead.

• You may end up going back to the same place year after year, instead of exploring other destinations.

• Average price tag of $14,500. Financing is available, but an industry study says the interest rates on time-shares are usually pricey … 14 percent on average in 2002.

• You're locked into annual maintenance fees of $600 to $1,000, even if you can't afford a vacation that year.

• If you own a time-share in a destination that has a large supply of similar units, they can be difficult to sell. Some bring only about 50 cents per dollar spent, say some experts.