Are you undecided about timeshares with all their bad press, horror stories, rips offs and scams?
Does it frustrate you having to hand over your hard-earned cash to stay at overpriced hotels? Do you then think a timeshare may be a smart investment after all? If you do, you must educate yourself if you are seriously considering investing in a timeshare.
Look at both the pros and the cons.
Benefits:
- Firstly, always look at the reasons consumers purchase timeshare weeks.
- Do a comparison, look at the cost of the holiday you desire, then look at the cost of purchasing a timeshare including annual maintenance fees.
- Upon purchasing a timeshare, you no longer have the hassle of paying for a hotel. You only pay for the time of the year that you’re going to use the timeshare and the annual maintenance fees.
- Lots of people want to travel and visit different places, others prefer to revisit their favourite destination. Owning a timeshare gives you the flexibility of doing both. Timeshare apartments are more home from home, unlike hotel rooms. You will have the appliances and amenities necessary.
- Do you enjoy travelling with groups of friends or do you have a large family? If so, then a timeshare might be right for you. As appose to renting two hotel rooms, you can accommodate all your friends and family in one place.
- There is also a bonus, some, not all timeshare properties allow you to rent out your weeks if you decide not to use it during your allotted time. Meaning you have the chance to earn extra cash.
Disadvantages:
- Timeshare purchases can make the consumer feel like they’re going to save lots of money on annual holidays and yes that may be the case, as well as not paying substantial maintenance fees, however, timeshares often come with hidden fees that can do serious damage to your finances.
- You’ll have to pay an annual maintenance fee for smaller projects, and you’ll sometimes even have to pay ownership and other assessment fees throughout the year, which are seldom explained when signing the contract.
- Unfortunately, is it not unheard of that, notorious companies charge you excessive fees, and threaten you with foreclosure if you don’t pay up.
- Timeshares are infamously difficult to sell and rarely do.
We hope this post has helped you to better understand both the pros and cons of buying a timeshare vacation home.
As always we at TCA cannot stress the importance of thoroughly reading any contracts before you sign them.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk