A timeshare is a vacation ownership contract. It allows you to stay in a unit or apartment, at a resort or other property, during a specific week. For many, it can be a great way to save money. However, it can also come with some serious pitfalls.
Timeshare sales have gotten a bad rap over the years. This is unfortunate for many consumers. As a result, the timeshare industry is riddled with scam artists who seek to milk you of your hard-earned cash. In some cases, it’s even difficult for family members to sell a timeshare.
The timeshare fad has left many Americans with heavy debts. These people are also burdened with paying yearly maintenance fees and special assessment fees, as well as other costs. Even if they don’t use the timeshare, they will have to pay these high expenses.
One of the most attractive features of a timeshare is its ability to give you the chance to take a vacation once a year, in the same location, for decades. You can choose from a variety of options, including fixed, floating and points-based usage. But the most important part of a timeshare is its affordability.
Most timeshares are modest sized units in large resorts. A typical unit is around 1,000 square feet, with two or more bedrooms. They cost an average of $18,401 to purchase. Although they may not be worth your while, they can be a good investment if you are looking for a low-cost way to stay in a luxury resort.
There are many timeshare facts to consider before signing on the dotted line. Buying a timeshare is a significant commitment, and you should be prepared to be a financial burden to your family if you ever decide to sell your timeshare.
Another interesting timeshare fact is that most of them have lifetime agreements. This means you cannot get your money back if you decide to sell. While a good way to find out the true cost of a timeshare is to check out a resale market, you might want to avoid purchasing your timeshare there. Many developers will not allow you to sell your timeshare, and some of them may not want to give it back to you.
Another interesting timeshare fact is the number of people who attend timeshare presentations. Some of these people go to the presentation for the free gifts, while others are just interested in learning more about the benefits of timeshares.
Regardless of your reasons, you should be on the lookout for con artists who are looking to lure you in with a flashy marketing campaign. Be wary of any company that asks you to sign a contract without checking its credentials first. Sometimes these companies charge too much, and leave out important details. Make sure your contract has a cancellation clause.
If you are looking to buy a timeshare, you should look for a reputable company. Check out the resale market for some great deals.