The U.S timeshare market is a $10.5 billion dollar industry with around 9.9 million households owning one or timeshare products. If you’re considering buying your dream timeshare, you’ll be purchasing a guaranteed vacation every year.
That being said, there are some important things to consider before diving in. You need to think about costs, time allowance, and budget. Keep reading for three top tips for buying a timeshare.
1. Buy Within Your Vacation Budget
Of course, it’s important to set out a realistic budget for buying a timeshare. However, you need to consider your future vacation budgets too. The last thing you want is to invest in a timeshare that you can’t afford to visit.
Consider the location. Can you afford to fly to the location of your timeshare? Will you need to rent a car? If you buy a timeshare far away, you’ll need to factor in pricey transport costs.
Next, consider the activities and entertainment in the area. Is it a tourist hotspot with hiked prices in the season? Will your budget allow you to enjoy the surrounding area?
You want to be able to make the most of your timeshare without breaking the bank every time you go on holiday, so think about this carefully.
2. Understand Your Time Commitment
You may dream of owning a timeshare so that you can go on vacation several times a year. However, you need to ask yourself whether this is realistic. Timeshares are only worth the investment if you’re sure that you’ll be able to take one or two vacations a year.
You need to think about how much time you and your family can realistically put aside for vacations every year. If you have children, you’ll need to think about their school commitments and whether your timeshare will be available over their school holidays.
Check out this timeshare calendar to better understand allotted weeks so that you can make a smart timeshare buying decision.
3. Consider All the Costs Involved in Timeshare Owning
This is one of the most important timeshare tips as many people think that the initial investment is the most important cost to consider. First of all, keep in mind that brokers don’t always disclose all of the costs involved in owning a timeshare, so you’ll need to do a little digging yourself so that you’re not blindsided by ‘hidden’ fees.
You’ll be responsible for paying annual fees as well as maintenance costs of your timeshare property. These fees are subject to increase at any given moment. What’s more, you’ll be expected to pay these fees even if you don’t visit your vacation home in the year.
Ready to Buy Your Timeshare?
There are plenty of benefits of owning a timeshare but it’s important that you make smart buying decisions. You need to consider your annual vacation budget so that you purchase a timeshare that you can actually afford to visit. Remember to determine your annual time allowance as well as annual ownership costs.