Timeshares are an important –and extremely profitable– economic sector of the travel and leisure industry; therefore, a big number of resorts have specialized in providing fractional ownerships to vacationers.
According to these timeshare companies, vacation properties can be an investment in case you are a regular traveler as you can save more money than traveling on your own, and for that reason, many people end up looking for the most affordable timeshare prices to assure a yearly vacation, since they think that owning a timeshare can be a solution to economize traveling costs. But, how certain is this affirmation? Are timeshares really affordable? Know the timeshare prices on the market and find out if buying a timeshare is convenient for you.
The average price of a new timeshare is $20,000 USD, but timeshare prices can vary depending on several variables such as the size of the unit, the resort’s brand, the time of the year, the condition of the property, the current market demand, the amenities, the duration of the timeshare agreement, the location, among others.
Direct from the developer, you can acquire a timeshare ownership from $5,000 to $200,000 USD, but the price depends enormously on the factors mentioned above. On the other hand, the story in the timeshare resale market is totally different.
The resale market for timeshares has collapsed, which makes possible to find timeshares for $ 1 or even less. Heads-up: Buying a resale timeshare will not exempt you from covering the extra costs of owning a vacation property.
The hidden costs
Timeshares can be a considerable option for those who love traveling, but they come with huge financial risks. Besides the initial purchase price and the down payment, there are other fees to consider. Timeshare maintenance fees are the most important charge that the resorts make to the owners.
Similar to the HOA fees, maintenance fees are collected by the resort to keep the timeshare unit in optimal conditions. These fees DO NOT stay fixed; instead, they continuously increase every year. You must also know that maintenance fees do not cover your utilities. For that reason, many resorts determine how much electricity you use, to charge it to your bill at the end of the week.
As well as there are maintenance fees, there are also special assessment fees, but these fees will only be charged for events that are not reasonably foreseeable. This includes natural disasters such as hurricanes, tsunamis, earthquakes, etc.
In addition to the maintenance and assessment fees, there might be some other costs. There will be some other financial responsibilities such as the payment of taxes. Many different countries around the world impose a timeshare tax on very night that you are staying at the resort.
Also, if the resort is affiliated to RCI, or any others timeshare exchange companies, you must pay membership fees and trading fees, in case you want to swap your timeshare to visit a different destination. Another cost to consider is the cost of travel. It is useless to own a timeshare if you don’t have the money to get to it. Oftentimes, however, there are travel agencies that offer reasonably priced vacation packages, making traveling more affordable.
Given how pricey timeshares can be, they can put you in timeshare debt if you decide to stop making the yearly payments, which ends up affecting your credit report very seriously. Just as a suggestion, if you are currently looking to buy a timeshare, do not be persuaded by the initial purchase price that the timeshare salesperson might give you. Remember that timeshares come with many others costs and expenses.
Getting out of the financial burden
Global economy is not at its best moment, and even if it was good, the truth is that nobody wants to waste his money in something that could be worthless. With the ever increasing fees, and the current financial difficulties, it seems almost impossible to maintain a timeshare. Because of the costs of owning a timeshare, many timeshare owners find it necessary to get rid of their fractional ownerships. Some of them try to sell them, some others try to rent them or even donate it, but the vast majority does it with no success.
Timeshare cancellation makes getting out of the financial burden possible. When a timeshare contract is properly cancel, there are no further financial obligations attached to the resort, which means you won’t have to give any more of your hard earned money to the resort.
Mexican Timeshare Solutions is a legitimate company that assists timeshare purchasers who feel they were defrauded by the resort. Our associates have several years experience in the industry and are successfully able to resolve timeshare scam cases in an ethical and professional manner. Contact MTS for a free consultations and a free advice on your timeshare matter, and recover your financial freedom.
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