• February
    02
    2019
  • 3 min read

Timeshare Questions to Ask BEFORE You Buy

timeshare questions

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Make sure to ask these questions before you buy a timeshare from anyone!

Timeshare transactions are complex to say the least. And high-pressure sales presentations are the norm in the industry. So, it’s easy to miss the most important details and get yourself in over your head. Instead, slow things down and get all the information. Here are some key timeshare questions to ask before you sign any contracts or pay any fees. Not only do these timeshare questions give you valuable information, but the answers can be red flags about the type of company you’re dealing with.

What is the maintenance fee history?

Every timeshare owner pays annual maintenance fees covering basic repairs, housekeeping and maintenance. These fees go up every year and can be unpredictable. Although the company can’t tell you what fees will be next year, they can show you what they have been in the past. So, you can at least see the trends and compare these with industry trends. If you see sharp increases year over year that don’t mirror industry averages, you should consider another resort.

What is the special assessment history?

Special assessments are one-time fees levied by timeshare Homeowners Associations (HOAs) to cover large repairs and upgrades, natural disasters, and financial shortfalls. Again, no one can predict special assessments, but you can see what the resort has done before to use as an indicator of what they might do in the future. A history of special assessments for shortfalls is a big red flag since it can mean lots of owners are defaulting or not paying their fees. And you certainly don’t want any part of that!

Can you put everything in writing?

It’s always good practice to get everything in writing when it comes to any contract or real estate transaction. But it’s even more important when you’re dealing with timeshare companies. In some states, timeshare contracts contain a clause in which the buyer agrees that they did not rely on any spoken promises in making their decision. If reps can’t be held accountable for what they say, they can say anything. However, they can be held accountable to anything in writing. So if the answer to this question is no, then there’s probably a reason.

Can I think about it?

Timeshares are big purchases. In fact, in 2017, the average price of a timeshare was $22,180. Needless to say, any responsible buyer would carefully consider an expenditure of that size. If they won’t let you think about it, they’re pushing you into an irresponsible decision. And who wants to enter into a lifetime deal with a company like that? If they won’t give you the time you need, walk away and find someone reasonable to work with.

We hope you ask these questions before you buy. But if it’s too late, consider timeshare exit with a reputable company like us. We help people get out of the timeshares every day. And not only that, we’ll also answer all of your questions up front before you sign anything. Contact us for a free consultation today.

(Image Source: Pixabay)

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