Things To Consider When Purchasing A Timeshare

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Timeshare vacation schemes have been offering quality vacation time to you for decades. In contrast to a hotel room, timeshare resorts allow larger lodgings and better in-room amenities, for instance, kitchens and laundry machines. As a timeshare owner, you can trade your shares for staying at other hotels around the planet. 

Photo of Things To Consider When Purchasing A Timeshare 1/1 by Scarlett hayden

However, aggressive sales tactics are inherent in timeshares and they are associated with high yearly maintenance fees that increase annually even if you didn’t utilize the timeshare. Therefore, if you are planning to purchase a timeshare, here are a few things experts suggest to bear in mind:

1. Select what you want to purchase:

Timeshare agencies offer closing perks and other incentives as they know that current owners will give you cheaper options. However, these benefits cannot make up for the money you would probably save from purchasing from a current owner. As a buyer, you need to explore all the options and weigh other factors such as maintenance fees and special assessments charges. Once you have studied all the options and factors, you can select the property that you want to purchase.

2. Negotiate before buying:

Like traditional property transactions or hotel stopovers, the price for timeshares is usually negotiable. You can save a decent amount over the decades by vacationing in timeshare resorts. Negotiating can fetch you great deals on vacation stays so don’t give the full amount without trying. All the same, you have lots of options to consider when it comes to holidaying so you have the leverage as far as the price is concerned. Additionally, timeshare agencies offer gifts like concert tickets, dinners, or free trial rentals to future buyers so, make sure you negotiate smart.

3. Acquaint yourself with your state’s rescission rights:

In order to protect customers from timeshare sales abuse, most states declare opt-out clauses known as the right of rescission. The states typically provide one week (in Florida, it is 10 days) to consumers to rescind a timeshare sales contract so they can get their money back. On the other hand, some states have weaker refusal rights so be cautious of any agency that asks you to sign the contract in a different state that grants fewer protections.

4. Trade your timeshares:

If you want to vacation at another resort, you can trade timeshares internally if that resort is a part of your home resort network. Otherwise, you can hire an exchange company by paying exchange and membership fees. However, make sure that you get the resort you want in exchange.

5. Be wary of traps:

Some disappointed timeshare buyers have encountered scams in the name of timeshares resale. The owners have reported incidents where they were offered an exaggerated price for their timeshares despite not having advertised for the sale. It is recommended that you stay away from such scams and contact a certified timeshares sale expert or agency whenever you want to purchase a timeshare.

It would be inappropriate to think of timeshares as financial investments. Instead, consider them as good vacation plans and the only investment you should hope to come from it is priceless memories.

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