Can You Stop Paying Maintenance Fees?
Guides, Tips, and Hacks, Timeshare Agreements
3 min read
Timeshare decisions have serious consequences, so we’ve made a list of timeshare do’s and don’ts. Read this before you buy a timeshare to stop yourself from making a big mistake!
Sometimes sales reps make big promises during the sales presentation. And sometimes what they say isn’t exactly true. Many consumers believe what they are told only to find out the truth when it’s too late. Protect yourself and get everything writing. And if they won’t put it in writing, walk away.
Just like most expenses, maintenance fees usually rise over time. And if your income can keep pace, that’s not a problem. However, if fees rise quickly, you could find yourself in trouble just as quickly. Although no one can predict the future, everyone can learn from the past. Request a maintenance fee history to see what typical increases have been in the past. It’s no guarantee you won’t see big increases in the future, but it’s better than nothing.
We hear this over and over from unhappy owners. They knew they’d made a mistake when they Googled their timeshare company and read the reviews. But it was too late and they were stuck. Avoid that sick feeling in your stomach! Check out the company in advance. If you like what you see, great. However, bad reviews are pretty common, so buyer beware!
Most people don’t buy anything these days without checking for better prices. And when presented with multiple pricing options, most of us choose the lowest price. A timeshare should be no different. Your sales rep certainly won’t tell you that you can find timeshares on the resale market for pennies. Or that you may be able to rent the same unit you’re considering buying for less than the annual maintenance fees. See what the competition has to offer before you’re stuck.
Pro-tip: it’s not free. These “free” gifts can easily cost you $22,180. That’s the average price of a timeshare, according the the ARDA. Unless you’re ready to stay strong through a long, high-pressure sales presentation, we recommend you steer clear. After all, do you really want to pay $20,000 for a $200 rental car voucher?
Any good sales person is going to give you their highest price first. But in the timeshare business, that’s almost never their best offer. If you’ve done your research on the company and have decided that yes, this timeshare is right for you, don’t be afraid to bargain. They want to make the sale, so you have leverage. And if you’ve don’t some comparison shopping, you have knowledge on your side, too.
The sales rep is there to make the sale—not to protect your interests. So, don’t trust what they have to say about what you can afford. A timeshare is forever, so if you have any doubt about being able to make the ever-increasing payments, don’t buy. You can still take vacations even if you don’t own a timeshare. And you can make sure that you’re always spending within your budget.
Of all the timeshare do’s and don’ts, this is the most important one. Although your sales rep might tell you otherwise, you can leave at any time. Without buying a timeshare. And so many of our clients wish they did. Don’t buy a timeshare on impulse. Instead, go home and take the time you need to consider the purchase from every angle. If it’s a good idea, it will still be a good idea tomorrow.
We hope these timeshare do’s and don’ts keep you from making a decision you’ll regret. Is it too late and you’re already stuck in a bad timeshare? We help people get out of their unwanted timeshares every day. Contact us for a free, no-risk consultation today!
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How to choose the right company to get me out of my timeshare
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