A Forbes article this week by Lisa Smith weighs the pros and cons of timeshare ownership, with plenty of great tips along the way. Much of it is along the lines of what we've been telling you all along, but it certainly bears repeating...
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Remember, timeshare salespeople are in the business of selling. But just because they tell you that you are getting a great deal, doesn't mean that you really are. Before you buy, take some time to research the property and talk to other timeshare owners. Don't make your decision in haste and never let the salespeople rush you.
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In addition to the monthly loan payment, which comes with a high interest rate when financed through the timeshare company, the annual maintenance fee will also set you back a few hundred dollars a year. Also, if the property needs a new roof or a new sewage line, a "one-time" assessment will be levied. Some properties also charge miscellaneous fees, such as a "publications" fee if you want to view other properties that may be available for trade, and additional fees if they help you sell your property.
While a lifetime of vacations sounds great, will the management company that sold you the timeshare be around three decades from now?
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Like any major purchase, the decision to buy into a timeshare is a decision that requires careful consideration. It involves a large amount of money up front and considerable recurring costs. You should ask plenty of questions, take your time before making a decision and as the Federal Trade Commission (FTC) says in its Facts for Consumers, "You should know that the value of these options is in their use as vacation destinations, not as investments."
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