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5 Common Mistakes with Timeshares and How to Avoid Them

The timeshare business is huge. It’s a $10.5 billion industry, putting it in the same category as Major League Baseball.

Many Americans love the certainty and convenience a great timeshare can offer. However, many have made serious mistakes with timeshares. This has lead to financial issues and an ongoing headache.

Read on for our guide to the top mistakes with timeshares people make, and how to avoid them.

1. Not Checking Type of Ownership

There are two options for timeshares. Deeded timeshares mean you own a share of the property. That gives you rights to a particular unit for a specific period of time. This is usually one or two weeks a year, and lasts either for life, for a set amount of time, or until you sell it.

Non-deeded timeshares are also known as right-to-use timeshares. With these, you do not actually own any property. You purchase the right to use a unit at a resort, for example, for a specified period of time each year.

Right-to-use will likely give you more flexibility, with the possibility in some cases to stay at other resorts. Deeded timeshares may not. Make sure you fully understand which type you’re buying into before you sign.

2. Not Calculating All the Expenses

Along with the upfront cost, there will be other required timeshare payments along the way. Make sure you check out your liability for property maintenance, taxes, and utilities. What about major repairs? Renovation/redecoration of communal areas?

Carefully review the timeshare terms and conditions before signing anything. Never let yourself be pressured into signing before you’re completely happy with all the conditions.

3. Buying on Impulse

It can be easy to be taken in by a salesman’s pitch. Developers often offer exciting, one-time-only deals and incentives. But buying a timeshare on impulse could be a costly mistake you’ll regret for years to come.

Give yourself time to cool off. Get an attorney to review the contract. Sleep on it. Only then will you know you’re making a well-thought-out decision.

4. Not Researching Resale Value

Certain household name brands offer good resale value. For example, HGVC resale value remains strong. The Hilton Group has the option to purchase back timeshares themselves rather than let them be sold for too little.

Do thorough research on the current resale values and any fees involved. Even at the start, have your timeshare exit strategy clearly in mind.

5. Not Researching the Area

Salespeople can make all destinations for timeshares look good in a brochure or video. Don’t be taken in. Work out the costs of renting a unit on a one-off basis and compare them with the cost of the timeshare.

Rent a unit at the resort for a week to see whether you really like it. Something that looked like a great deal on paper might not be so appealing when you’ve spent some time there.

Avoiding Mistakes with Timeshares

Timeshares can be a great option, it just takes a little homework. Do your research on the type of ownership. Calculate all the expenses. Get to know the area. You’ll be able to enjoy memorable family vacations for years to come.

We hope this post has shed some light on how to avoid mistakes with timeshares and get the best out of your precious vacation days. Check out our other blogs on everything from health and fitness to finance.

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