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What’s the Actual Cost of Timeshare Vacations?

timeshare vacations

March 20, 2018 – by Primo Management Group

timeshare vacations

What’s the Actual Cost of Timeshare Vacations?

Timeshare vacations can leave you broke and drain your energy. Make sure you know the actual costs before spending your money.

Timeshare vacations have been trending for quite a while. It doesn’t seem to be slowing, either. The American Resort Development Association reports that timeshare revenue increased to $9.2 billion in 2017, a 7% increase from the previous year.

It’s no surprise that timeshare vacations are so popular. Everyone loves a good deal. Good things become infinitely better when they’re cheap or free.

The saying “too good to be true” is a cliche for a reason. When something seems too good to be true it often is. There are pros and cons to timeshares.

Let’s delve in and learn a bit more to find out if timeshare vacations are really as inexpensive as they claim to be.

Understanding Timeshare Vacations

We’ll begin by defining what a timeshare is. We’ll also look at how they work. These will help give a clearer understanding of how much your timeshare is actually going to cost you.

What is a Timeshare?

A timeshare is defined as “an ownership model in which many customers own allotments of usage in the same property.” These are the four most common timeshare configurations.

Floating Week

The timeshare investor is able to reserve any week during a prescribed period of the year. This is one of the most flexible timeshare situations one can have. It’s not uncommon for things to get booked up during popular seasons, however.

Fixed Week

This is one of the most common types of timeshare vacations. The investor gets the same week of the year for their timeshare. This also starts to show some of the difficulties that timeshares can raise as there are no guarantees a timeshare holder will get the same week for vacation every year.

Right-To-Use

This is one of the most stable timeshare configurations. The timeshare holder leases a property for a set period of time. They can use it however often they like during that period.

The developer still owns the rights to the property during the timeshare period, however.

Accumulating Points

The accumulated points timeshare model is similar to the floating week setup. Timeshare holders are able to stay at qualifying locations during set periods based on how many points they have.

Now let’s learn about some of the hidden fees that are common with timeshares. This will help give you an idea of what to look for when assessing the true cost of timeshare vacations.

Common Hidden Fees For Timeshares

Timeshare vacations come in many shapes and sizes. The size and shape of that timeshare will have a great bearing on how much it costs.

The average cost of a new timeshare is around $10,000. That price can vary by a few thousand dollars in either direction. A used timeshare can cost as little as $1,500.

That’s just the purchase price, however. Timeshares almost always have annual maintenance fees. A common range is $300 to $400 a year. Popular timeshare resorts can have significantly higher maintenance fees, however.

Certain resorts don’t cover property taxes, either. There’s one more unexpected expense coming to light.

Resorts are also able to tack on transfer fees and recording fees. These can become quite costly as the resort is able to charge timeshare holders for expensive repairs or upgrades, even if they don’t want them. Assessment fees are also common.

As you can see, it doesn’t take long for timeshare vacations to become more expensive than you were initially planning on.

Other Unexpected Expenses Of Timeshare Vacations

Another reason for the popularity of timeshare vacations is they’re considered an investment opportunity. Timeshares can be great for when you want to get out of town, on the cheap. They can be less-than-great investments, however.

Reselling a timeshare is notoriously difficult. Those that attempt to do so almost always end up selling their timeshare for far less than what they paid for it. Timeshares have become an even riskier investment as people have been running scams around illegitimate timeshares.

If you do end up taking a loss on your timeshare investment you won’t be able to write it off on your taxes, as an additional drawback. The Internal Revenue Service has different rules and regulations for timeshares than other property and real estate investments.

How To Make The Most Of Your Timeshare

Vacations at timeshare locations can be great when they’re handled correctly. Otherwise, they just become an unnecessary, unexpected expense. Here are a few tips for making the most of your timeshare.

Think of It as a Lifestyle Upgrade

Once you factor in all of the hidden costs, a timeshare might not end up being that much cheaper than a regular vacation. It can have more subtle advantages, however.

Having a timeshare might encourage you to travel more regularly. Or, it could help you plan a regular trip for you and your loved ones. Timeshares work best when they’re considered a way to increase enjoyment rather than revenue.

Consider Your Vacation Patterns

It’s always tempting to make plans based on who we want to be. To make the most of your timeshare you need to plan around the person you are.

Think about when you most often get time off of work. Think about the schedules of who you’ll be traveling with, as well. All of these things factor into whether you’ll get your money’s worth out of your timeshare investment.

A timeshare vacation can be a wonderful addition to your life when you go about it correctly. It can also be a huge money sink if you’re not prepared.

Real estate agents selling timeshare properties are not always the most honest and ethical people on the planet. Sometimes they can say or do unscrupulous things to get you to sign on the bottom line. Luckily, there are things you can do when that situation arises.

Do You Need To Get Out Of Your Timeshare Contract?

Timeshares can be full of hidden expenses. Contact us today to schedule a free consultation. Let us help you get out of your timeshare contract if you need to!

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Frequently Asked Questions ?

How does PMG get me out of my timeshare contract?

PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.

How long does the process usually take?

Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.

Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.

How much is my timeshare worth?

This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.

Can I use your service if I still have a balance owed on my mortgage?

Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.

Will my name be off the timeshare?

Yes! Permanently! GUARANTEED!

In addition to getting me out of my timeshare, can you recover the money I’ve already spent on mortgage payments and maintenance fees?

While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.

Are your consumer advocates really “consumer advocates”, or is that just a fancy word for salesperson?

Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.

Why should I choose PMG to get me out of my timeshare?

We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.

What happens after I sign up with you? Will I be apprised of your progress?

At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.

How much is your fee?

Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.

What if I still have more questions?

Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.