Used Timeshare vs. New Timeshare: Pros and Cons
Buying a Timeshare, Guides, Tips, and Hacks
3 min read
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.
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.
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!
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.
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.
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We know how stressful timeshare contracts can be. What once sounded like a dream resort package turned into a nightmare. When you don’t know where to turn, look to PMG to relieve you of your timeshare burden. We pride ourselves on open, honest, and frequent communication with our clients.Free Download
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The timeshare industry has spent a tremendous amount of time and money to delay, confuse and deter you from canceling your timeshare contract. Your team of timeshare elimination experts act as your consumer advocate and will work tirelessly to free you from your timeshare contract, mortgage, and maintenance fee bill.Give it a try