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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 learn more about timeshare ownership and if it’s a good purchase for a regular traveler.
About Timeshares
Timeshares remain a strong pillar of the travel and leisure industries.
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 that are much more flexible than the fixed-week program, such as the points-based system and the splinted-week, you will still be subject to the resort's regulations on how to use your timeshare and when.
How To Buy a Timeshare: Things You Need to Know
Follow the next steps to learn how to buy a timeshare appropriately:
- Be aware of 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, without considering the yearly fees. Be sure that you will be able to afford the unit.
Be 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, and 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, including how it works, how much the maintenance fees are, how much they can rise, how robust the resale market is, how to cancel a timeshare, and what your timeshare cancellation rights are, among other things.
Tips:
- Check out the timeshare secondary market, usually at half-price or less. You might get a dollar or a free timeshare if you are lucky.
- Keep in mind that timeshare 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 needs to be considered a purchase and not an investment, since an investment means the possibility of financial growth and resale.
Am I making the Right Decision by buying a Timeshare?
There are good timeshares out there, as well as people who feel happy about their timeshare purchases, especially those who enjoy vacationing at the same place and are not spontaneous travelers.
Unfortunately, due to the large 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 the reasons 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 of 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.
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Leave your comment below and share your opinion with us. To know more on how to buy a timeshare properly visit:
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Some people have the notion that a timeshare is an investment but it definitely is not. It's liability if anything. Although you can save money vs staying at a hotel, there are better things out there other than a timeshare.
I agree, first you must be someone who always likes to vacation in the same place
do not believe anything about timeshares, that's it! you have to be careful if you dont want to lost your money
that's a very helpful information, everyone has to know about it!
when the time share companies use sales people acting as customers as room fill, to deceive real people into thinking the sales room is full of customers, the timeshare corporations are just exploiting people. Their sales people pretending they are customers are not even being paid for being room fill! At least real people attending presentations for sport are giving sales peopl a break from being unpaid actors!
me encantó el artículo, es bastante informativo, pero creo que lo mejor sería nisiquiera pensar en comprar uno :S
Gracias por los consejos, normalmente nosd ejamos llevar por palabras, pero nunca pensamos con la cabeza fria, ahora tendre en cuenta estos tips!
it’s good if you use it, I dont use mine much. I have 4 weeks banked. I am givning them away now. dont buy ask a few friends if you can buy a week from them for a few hundred dollars. you’ll be doing them a favor.
en resumen, informense antes de firmar, un tiempo compartido nunca es una buena opcion en mi experiencia, pero debe haber personas que les funcione, suerte con eso
I’ve never understood timeshares either but I do know a few people how have, use and enjoy theirs. Especially the ones where you can go anywhere. Often, though the facilities seem to be a little tired and out-dated or in less than thrilling parts of town. Whatever works I guess but with vrbo, airbnb and the like, we have much better options these days.
Thanks for the great info!
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