The global timeshare market is estimated to reach $39.89 billion by 2023.
So if you’ve been looking for a vacation home without the huge price tag, then getting a timeshare is a perfect choice.
But buying a timeshare isn’t as simple as filling out a few forms and making a payment. And if you’re too hasty, you could end up with unaffordable fees that can destroy your finances.
Thankfully, you can avoid this if you make sure to ask yourself the right questions before buying a timeshare. Keep reading for everything you need to know!
1. What Are the Fees?
When you get a timeshare, you’ll need to pay an upfront fee. These fees can range from $15,000 to $25,000.
You’ll also need to pay annual fees. These include costs to keep the timeshare running, such as housekeeping, lights/electricity, and staff if there’s a front desk.
2. Do You Like Variety or Comfort?
If your family likes going to different places every year, then a hotel or short-term rental is a more affordable option. But if your family loves going to Disney World Orlando, then a vacation timeshare in one location might be a good idea.
3. Do You Want an Investment?
Getting a timeshare usually isn’t an investment because they’re often hard to sell. You also can’t write off the loss on your taxes. If you want to check your timeshare options for resale value, think about whether the destination is getting more (or less) popular.
4. What Is the Availability of the Timeshare?
If you have a work schedule that’s difficult to predict, you’ll want a timeshare that lets you book close to your travel date.
Make sure to check for blackout dates like New Year’s, the 4th of July, and Easter weekend. This is because some timeshare companies also cater to vacation-goers, who may have to pay high fees to book on those dates.
5. What Amenities Are Included?
One of the best ways to spot timeshare deals is to ask if any amenities are included. This will save you money so you don’t have to pay out-of-pocket for services like airport shuttles and parking.
6. Can Other People Use the Timeshare?
If you’re looking for a family timeshare that even the in-laws can use, then you need to check this with the company first. Some companies charge per extra visitor, while some don’t allow them at all.
7. Does the Contract Fit Your Needs?
Check how long the contract is and whether you’ll be able to pay the annual fees during this time period. Check if there are any late fees or extra fees if you cancel your timeshare early (see this helpful link for more).
Ask These Questions Before Buying a Timeshare
Getting a timeshare can be a great way to save on vacation costs, but only if you do it right. Be sure to ask yourself these seven questions before buying a timeshare to avoid any stressful situations down the road!
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