Is it worth buying a timeshare? Learn more about timeshare industry and how the cost can be very volatile
According to some travel magazines and newspapers, timeshares have “revolutionized” the way to vacation, making it one of the fastest growing sectors of the travel industry and creating the perception that a timeshare is an intelligent investment and great way to spend quality time with your beloved ones, but this is just the tip of the iceberg.
What is really intriguing is the rest of the information that is hidden under the water. Everything happens for a reason, and sometimes the reasons are wrong. Timeshare sales practices are often high-pressure and fraudulent. When attending to a timeshare presentation; people are put into a 2-4 hours nightmare where they are told over and over again how great it would be for them to buy a timeshare, at the extent it gets annoying and even aggressive.
On one side are the resorts, claiming that buying a timeshare is a good investment and a fantastic way to vacation, and on the other side are the dissatisfied owners, who are desperately looking for solutions to get rid of their properties. All of this has created lots of confusion on how much do timeshares cost, and if it’s really worth it to purchase one.
How much do timeshares cost – The variables
There are some variables that determine how much do timeshares cost. The cost of a timeshare will depend on:
- The size of the resort
- The age of the resort
- The resort brand
- The location
- The current market demand
- The amenities
The cost also relies on the economic position the potential buyer has. A salesman can sale the same timeshare unit from $10,000 to $30,000 USD, depending on how much the person is willing to pay. The purchase price of a timeshare, if you buy from the developer, can go from $5,000 to $200,000 USD. According to BudgetTravel.com, the average cost to buy a timeshare for a week is $15,000; this price does not include the extra costs. These extra costs are the ones that make the difference between buying directly from the developer and buying on the resale market. Different story happens on the resale market, where you find properties from $1 USD.
How much do timeshares cost – Extra costs
Since a timeshare will be like a partial residence, there will be a tax implication. It would be great if by getting a timeshare you’d only have to pay the purchase price, but along that purchase come the annual fees you have the responsibility to pay. This fact alters the perception given by the resorts on how much do timeshares cost. If you buy a timeshare for 20 or 30 years, you have to keep in mind you will have to pay those fees whether you use your timeshare week or not, and the fees won’t stay fixed, they will increase while the time goes by. The fees and the taxes depend enormously on the value of the timeshare and the location.
- Extra Costs:
- Maintenance fee: Depending on the running timeshare resort, it can go from $450 to $750 per year.
- Membership fee: Some resorts charge a membership fee that goes from $90 to $200 USD.
- Assessment fee: An assessment fee is nothing but an extra charge made to the owner when the resort is going through a reshuffle or a restyling.
- Transfer tax: If you are not happy with your purchase and are planning to sell it or rent it, it will be applied a transfer tax.
- Make sure you read the fine print of your contract for you to know which fees you will have the responsibility to pay.
How much do timeshares cost – The amenities
There is hardly a difference between the amenities provided to regular clients that the amenities provided to timeshare owners. The units are already furnished and they count with a daily housekeeping and maintenance service. Most timeshare units are larger than an ordinary hotel room, looking more like a suite, equipped with a living room, a kitchen and a hot tub in some cases.
Timeshares used to be considered unique and as a luxury, but now they are just like any other resort suite. There is nothing special about them. The amenities you will receive with your purchase depend on the timeshare running resort, and as it was mentioned, they are on more variable that determine how much do timeshares cost. The more amenities the resort has, the more expensive the timeshare is.
How much do timeshares cost – Is it worth it?
Straight up and simple: No. By simple logic, a timeshare needs to be seen as an expensive purchase and not as an investment.
So, how much do timeshares cost? – .
Before making a timeshare purchase you have to think objectively, despite all the promises you will be told in order for you to buy a timeshare. If a timeshare is such a good investment, why are thousands of people to sell their properties? Very simple, because it is really hard to keep on with the annual payments, and with the economy as it is now, it is important to manage our money properly and keep our credit record clean, for the sake of our families.
If you find yourself in a situation where you are stuck with a timeshare you don’t want anymore, there is no reason to be hopeless. Everything has a solution, and the best way to get rid of a timeshare is by cancelling the contract.
At Mexican Timeshare Solutions we offer you a free consultation on your timeshare matter, and we do not make any charges until your contract is appropriately cancelled. Contact MTS today and relief yourself from your timeshare; get the financial freedom we’re all looking for.
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