If you are interested in purchasing a timeshare, here are 5 things to avoid: 5 Things To Avoid In Timeshare Matters
- Buying anything under pressure or duress. Timeshares can be great for some people, however since the majority of timeshare contracts are in perpetuity, they are not to be entered into on a whim, or under pressure at a sales pitch. If you must sit through a timeshare sales pitch in order to take advantage of a discounted vacation package; listen, ask questions, be polite but remember that whatever price they might dangle in front of your face will be available tomorrow, next week or next month. Have you ever heard of any company that will turn down your money?
- Buying any timeshare without fully understanding how it works. If you don’t understand the difference between fixed week, floating week and point based timeshare and don’t have a clear understanding of how tracing/exchanging works, you have no business buying a timeshare. Don’t rely on what the salesperson says. Do your homework or enlist the help of an independent advisor.
- If you own a timeshare, do not engage with any person or entity that initiates contact. I’ve yet to find one cold caller that does what they say they will. If you’re ever in doubt, ask yourself if you’d proceed if someone called you out of the blue about your car, your computer or your house. The answer should be no.
- Not understanding or factoring in all of the costs associated with owning a timeshare. Owning a timeshare is not just the purchase price, which if you’re buying from the developer averages around $22,000. There are the annual maintenance fees which are close to $1,000 on the average. If you want to trade or exchange your timeshare there’s a fee for that as well as a membership fee to the company that does the exchange. Some resorts levy a special assessment. You may be asked to pay closing costs when you purchase and many resorts charge an administrative fee. Many fees are negotiable. Most are not.
- Falling for one of the four ‘red flag words.’ Free, perfect, always and never. Free and perfect simply do not exist and always and never are exceedingly long periods of time.
If you’d like to obtain a copy of ‘19 Questions You Must Ask Before Buying A Timeshare’ and get the 9 Bonus Questions When You’re Buying On The Resale Market, drop me an email at email@example.com.
If you have a timeshare that you aren’t using, no longer want, can’t afford or feel you were mislead into purchasing, there may be one or more viable solutions out there. I offer a flat consultant rate of $250 which provides you with solid information depending on if you’re looking to for resolution, relinquishment, refund, foreclosure or resale. I’m not an attorney and I do not offer legal advice. Every situation is different, but if you know what to say to whom, you have a much better chance of a successful outcome. Remember that the timeshare industry has had 40+ years to hone their methods and their contracts. There are no easy solutions for anyone looking to get out, but it is possible in some circumstances. Knowledge is power.
Guide to Purchasing Timshares
5 Things To Avoid In Timeshare Matters
5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters 5 Things To Avoid In Timeshare Matters5 Things To Avoid In Timeshare Matters