How to buy a timeshare?
If you are someone who enjoys vacationing in the same spot during a certain season of the year, then buying a timeshare might be an option to take into consideration, but first you need to know how to buy a timeshare properly in order to save thousands of dollars. Read this article to know more about timeshare ownership and if it’s a good purchase for a regular traveler.
Timeshares remain a strong pillar of the travel and leisure industry. Timeshare companies offer numerous vacation plans, properties and memberships in order to sell each single one of their timeshare units, which constitutes an extremely profitable business for them, considering that each unit is sold to 52 different owners, at an average price of $20,000 usd.
Timeshare properties are regularly sold as a fixed weeks program. This means that you purchase the unit for use during a specific week of the year, and the truth is that most timeshares work this way. Even though there are other timeshare plans which are much more flexible than the fixed weeks program, such as the points-based system and the splitted-week, you will still be attached to the resorts regulations on how to use your timeshare and when.
How to buy a timeshare – Things you need to know
Follow the next steps to know how to buy a timeshare appropriately:
- Be aware about the numbers: Timeshares are an expensive purchase, and a complicated product, therefore, they cannot be entered into lightly. The average price of a timeshare is $20,000 usd, that without considering the yearly fees. Be sure that you will be able to afford the unit. Be also sure that the resort (and the location) where you are buying has a good reputation and that it entirely pleases you.
- Do not believe everything you hear during the timeshare presentation: Timeshare presentations are known for being extremely high-pressure and for using misleading sales tactics. You will be told that a timeshare is a good investment, that you can travel all over the world with it, that you can sell it easily, that you can rent your weeks in case you cannot use them. Those statements are not true. Ask as many questions as possible and be sure that all the verbal promises are written in the contract.
- Be an informed buyer: Find out everything you can about fractional ownership: How it works, how much the maintenance fees are, how much they can rise, how robust is the resale market, how to cancel a timeshare, what are your timeshare cancellation rights, among other things.
- Check out the timeshare secondary market, usually at half-price or less. You might get a 1 dollar or a free timeshare if you are lucky.
- Keep in mind that timeshares fees do not stay fixed. Instead, they increase each year. Also, they have to be paid whether you use your timeshare or not.
- Before you purchase, calculate the total cost of the timeshare, including mortgage payments, timeshare maintenance fees, special assessment fees, trading fees, broker commissions, membership fees and other expenses such as travel costs. Then compare the results with the cost of renting similar accommodations to know if it’s convenient for you to make this purchase.
- Talk to other timeshare owners. Find out how satisfied they are with their membership and if they have ever had a problem with the timeshare developer.
- Do not buy a timeshare as a financial investment. Regardless of what the timeshare salespeople claim, a timeshare need to be considered as a purchase and not as an investment, being that an investment means a possibility of financial growth and resale.
Am I taking the right decision by buying a timeshare?
There are good timeshares out there, as well as there are people who feel happy about their timeshare purchases, especially those who enjoy to vacation at the same place and are not spontaneous travelers. Unfortunately, due to the big number of timeshare scams being committed against many vacationers, the industry has gained a terrible reputation.
You will be attached to the resort and to several terms and conditions in order to use your timeshare, and to be honest, you can find much better deals when planning your vacations on your own, with the freedom to go anywhere you want, anytime you’d like. Because of these explained above, we consider that buying a timeshare is not exactly a good financial decision, as there are many other options available to travel for a reasonable price.
At Mexican Timeshare Solutions, we assist timeshare purchasers who want to get rid of their vacation properties. Our associates have several years experience in the timeshare industry and are successfully able to resolve timeshare scam cases in an ethical and professional manner. Contact us for a free consultation on how we can help you cancel your timeshare contract.
Remember, our service is risk free as we work based on results so you do not waste any money paid up front. If you liked this article, please help us to share this information to more people in order to avoid more timeshare scams victims, how?
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