By the point in the winter, many people are tired of the snow and freezing temperatures. They begin to dream about warm weather, sunshine, and summer activities. Some might even plan a vacation to a warmer climate. This is also the time that many people will fall victim to timeshare sales. While some timeshares make sense to the typical traveler and are affordable and fair, others take advantage of the desire to be in warmer weather. If you are considering purchasing a timeshare, make sure you are purchasing one that is well researched and will not end up hurting you in the long run.
Do a lot of research
If you have ever been to a timeshare presentation, you are aware of the pressured sales tactics. The timeshare salesmen encourage you to believe that they need a decision immediately. They might even throw in additional incentives or threaten the loss of necessary benefits to get you to sign much quicker. Never fall prey to these tactics. If you decide that a timeshare rental is a good idea for you and your family, you will first want to do an extensive amount of research. Get to know the company. Understand the contract that you are signing. Inquire about later canceling a timeshare and the process that it requires. Make sure you understand all of the associated costs including the property maintenance fees. Never feel pressured to make a decision on the spot.
Pay special attention to fellow timeshare owners
The best way to learn about a potential timeshare is to pay attention to fellow timeshare owners. This is another reason to give yourself more time for the research process. The internet allows you to look up pretty much anything, including timeshare reviews. You can gather information about what property owners enjoy and what they do not. This can lead you to make a fully informed and financially smart timeshare purchase. The average price of a new timeshare is $20,040. Don?t throw your hard earned money away by failing to really get to know your potential timeshare company.
Evaluate your finances
There are many costs associated with owning a timeshare. Of course, you have the original timeshare cost payment. Additionally, you have property maintenance fees. The maintenance fees are often the most complained about part of owning a timeshare. In a 2016 survey, 66% of timeshare owners cited too high of maintenance fees as a reason for wanting to cancel a timeshare contract. Nearly half (46%) identified maintenance fees as their most important reason to cancel timeshares. Make sure you can comfortably afford all associated payments before signing a timeshare contract.
Understand your purchase decision
Some buyers consider a timeshare purchase as a luxury. Although it is a luxury in a sense, it is also a payment that you will owe for many years to come. You will not have the lieu in deed for many years to come. If you lose your job or your financial situation changes, it is possible that you never get your lieu in deed and that you are unable to get out of your timeshare contract. You might even have to hire attorneys to fight for lieu in deed or cancellation of your timeshare. The average rescission rate for timeshares is approximately 15%. This means that if the timeshare industry makes $10 billion in annual sales, $1.5% of those sales will be cancelled.
Timeshare contracts often get a bad name because of their pushy sales tactics and inability to cancel. Yet, timeshares are sometimes a good financial decision, as long as you do your research on the best timeshares companies. Otherwise, you could be left hiring an attorney to get lieu in deed and out of your expensive timeshare payments.