Buying a timeshare might seem like the perfect vacation solution. You’ll have a beautiful place to go to every year and you’re guaranteed to pay less money because you’re splitting the cost. Right? While timeshares are a valid option for many people, it is essential that you know what you’re getting into. Otherwise, you might find yourself with unexpected debts and an experience that is nothing like the one you envisioned. You’ll then have to get out of timeshare. When buying a timeshare, make sure you avoid these four common mistakes.
Buying On Impulse
If you go to a timeshare presentation, you might be delighted by the possibilities they put in front of you. Even if you never intended to buy, you might now be tempted to do so. Do not buy a timeshare on impulse. Get out of the presentation and take some time to think it over. This way, you can let the excitement cool as you look into the company. If you buy on impulse, you might find yourself trying to get out of timeshare soon because you regret your purchase.
Not Considering Future Travel Plans
While the idea of a permanent vacation home is appealing, you need to consider whether you’ll use it for all of your trips or if you have other dreams. In 2019, maintenance fees on timeshares averaged $1,112 per month. For that money, you could visit several luxury resorts over 12 weeks each year. Would you rather spend your money on varied travel or would you rather have what is essentially a second home? Consider this question carefully before you decide to buy. Otherwise, you might not have the money for other travel.
Not Doing Your Research
Even if you think it over and decide to buy, you still run the risk of not researching the idea enough. You need to know exactly how the timeshare works and what your responsibilities will be. Read all the fine print and get information from other timeshare owners about their experiences. If you don’t know all of your responsibilities going in, you might end up in a difficult situation where you have to either pay too much money or get out of timeshare.
A timeshare isn’t automatically a bad idea, but it is important that you know what you’re doing when you buy one. Avoid these mistakes as you make your purchase.