The timeshares industry is currently worth over $8 billion. This number is expected to grow as the industry continues to expand, especially with more and more people looking for vacation homes.
Owning a timeshare is a great way to enjoy vacations at resorts around the world. It gives you access to some of the best properties in the industry without having to pay for every trip.
However, some common timeshare ownership mistakes can make the experience less than ideal. Keep reading to find out more.
Table of Contents
1. Buying on a Whim
Timeshares are an enormous investment, and you should never buy one on impulse.
Before you decide to purchase a timeshare, make sure that you’ve done your homework. Research the company that’s selling the timeshare, read reviews from other consumers and look at timeshare owner rights.
You should also know the costs involved with owning a timeshare before deciding. If you no longer want to be a timeshare owner, click sell my timeshare to see what options are available to you.
2. Choosing the Wrong Resort
Timeshares are linked to specific resorts, and you have to decide which one is right for you.
Before purchasing a timeshare, make sure that the resort has everything that you want in a vacation spot. If they don’t offer the amenities that are important to you or your family, then it’s not worth buying into their program.
3. Not Keeping Your Fees Paid
If you don’t keep up with your fees, then you could lose ownership of your timeshare.
When you buy into a timeshare program, you’re agreeing to pay annual timeshare maintenance fees to keep the property active. If these fees go unpaid for two years or longer, then the resort can take back control of the property and resell it.
To avoid this, make sure that you’re paying your fees on time, and don’t let them lapse.
4. Guessing Travel Time
If you can get to your timeshare by car, bus, or plane in just a few hours, then it’s probably not worth buying into.
Travel time is one of the most important factors to consider when evaluating whether a timeshare is right for you. If it takes too long to get there from home base, then it might be more trouble than it’s worth.
5. Missing Out on Exchange Network Perks
If you’re getting a timeshare, then you might as well take advantage of all the benefits that come with it.
These include things like free nights at other resorts, discounted rates, and access to special events. If you don’t have these perks in place or don’t know how to use them, then it might not be worth buying into.
Make sure that you have all the information on what comes with your timeshare before you decide.
Don’t Make These Common Timeshare Ownership Mistakes
These common timeshare ownership mistakes will help you avoid buying a timeshare that you’ll regret. If you’re thinking about buying into the vacation ownership game, make sure that you do your research before signing on the dotted line.
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