Before you dive into signing timeshare deals, you need to take your time to study the up and downsides of owning a timeshare. There have been cases of people who were not aware of the entire cost of their timeshare until they were slammed with their first special assessment or their tax bill. This means that they face the risk of foreclosure if, at any point, they are unable to make payment. Note that timeshare cancelation is not always a feasible option.
Below are some of the reasons why you need to think again before you buy a timeshare:
You are subjected to the same vacation spot every year: are there people who love to visit the same vacation spot every year? Well, maybe there are, but the common practice is that people love to travel around the country or overseas to explore, discover new places and cultures. If you are one of the majority that loves to explore new places, it will make little or no sense for you to invest in a timeshare.
Since the future isn’t easily predictable, you can’t say what the weather will be like in the coming years. The most endearing factors to a vacation spot like the sunny weather may change in coming years such that the clouds and rain are more prevalent. You may be forced to consider timeshare cancelation at that point.
You can’t easily resell timeshares: once you have purchased a timeshare, there is almost no possibility of reselling it as the secondary market as these secondary markets don’t exist. Even when you find a buyer that is willing to buy from you out of pity, you may not easily recover the money you spent to purchase it.
Timeshare salespeople are good at making false promises: many people are lured into buying a timeshare with false promises without a good knowledge of what they are going into. Reality only dawns on them after they have bought the timeshare.
Timeshare resale scams are common: the truth is that except you are ready to opt for a timeshare cancellation, reselling is not always a viable option. There are, however, many scammers who might capitalize on one’s desperation to resell, to defraud you of your money.
You may not have the time to take your vacation: your yearly vacation may not always fall at the same time every year. This means that there’ll be some years when you won’t be able to use your timeshare. At such times, the timeshare will be useless as you cannot also rent it out.
Consider the cheaper option of renting accommodation: forget what the sellers have to say; it may be less expensive to rent accommodation than to buy a timeshare. Consider this option before signing the timeshare deal.