Many people find themselves in a timeshare without having really sought out the opportunity. That means many timeshare owners don’t really know what they’ve gotten themselves into! Here are four important things everyone should consider before signing a timeshare contract:
You have to anticipate your use
Do you take your vacation on the same week every year? Do you go to the same place for every vacation? When you are in a timeshare, you need to consider these questions carefully because most timeshares allow either fixed or floating ownership. Fixed ownership means you get access on the same week every year. Floating ownership means you can book your vacation at different times, typically on a first-come, first-served basis.
Timeshares aren’t investments
Sometimes people consider their timeshare to be a real estate investment, which is a mistake. Your timeshare might save you money on vacations, but you shouldn’t expect to make money on it. In fact, timeshares should be considered an expense, not an investment.
The costs aren’t always clear
Sadly, many people are misinformed about the true costs of their timeshare. Other than the upfront costs of buying into the timeshare, additional fees can take their toll on your wallet. Ongoing maintenance fees, which can increase over time, can become a burden. Depending upon your contract, you could also have utility fees and even taxes.
You can’t count on exchanges
When people express concern over having to vacation in the same location every year, they are often told about the magic of the exchange. This is where you basically trade your timeshare in one location for a timeshare in a different location. This isn’t something you can count on and you’re still limited to what is available, and many locations are not as desirable.
These are just four of the things you should know before taking the timeshare leap. Keep in mind, however, that timeshares can be complicated and involve contracts and lots of money. Don’t be shy about asking plenty of questions, not just these four!
If you’re already stuck in a timeshare that’s not right for you- we can help! Contact us today and learn about your options.