The average person can cough out around $20,000 to shop for a timeshare, but this first investment is merely a bucket by the ocean. It is after late that most people learn the hidden timeshare costs that nobody told them.
Whether you’re thinking of shopping for or having second thoughts, you might want to see some of the cost to pay that they don’t want you to understand. If you still don’t get it here, speak to a timeshare attorney.
- Your Life
Sounds odd right? Here is why. Buying a timeshare is usually a lifetime commitment.Once you’re in, it’s almost impossible to sell it to somebody else. You’re competing with all of the new, unsold properties at an equivalent resort et cetera.
Lost your job? Underwent a divorce? Serious ailment? They don’t care. You’re susceptibleto whatever you agreed to in your contract. Failure to satisfy these obligations could end in legal actions taken against you.
- Your Freedom
Want to travel to Miami this year? How about Paris? Have you thought of the upcoming world cup in Qatar?Variety is the spice of life but not for you, unless you are willing to pay for two. You already know where you’ll be going per annum for the foreseeable future.Even if the timeshare company you bought from has several resorts to choose from, your choices are minimal, and the best destinations may require booking beforehand.
Maybe they didn’t even tell you that you’ll pay yet another fee to exchange units or change resort.One of the hidden timeshare costs is going on vacation to one place for the remainder of your life. The resort company knows that folks hate monotony so they’ll attempt to sell you upgrades every chance they get.
- The Not Too Hidden Cost
When you purchase a timeshare, you are most likely to be told upfront that you’re liable for annual ownership and maintenance fees. They seem all transparent, and you think you’ve got this. Do you?These fees are due whether you visit the property or not. If the property goes into decline, they’ll go up.
Funny thing isyou typically cover the extensive upgrades. Does the property need a replacement garage, roof or porch? They’ll send you the bill.
- A Tax Bill
As a landowner, you’re liable to the annual property taxes. A timeshare broker doesn’t have much to do with this hidden cost; all they want to do is sell so it’lllikely slip their mind. But you owe thousands or more in land tax annually added to the fees you knew about
- Real Estate Agency Fees
When you purchase a timeshare, you’ll pay equivalent land fees to pay when you get a house. Assessment fees, appraisal fees, a transfer fee afterwards et cetera. These fees are supposed to be visible in your documents, but you don’t see them until you are either through or almost through with the buying process.
Should in case you want to sell your timeshare and you find a buyer for your share,you might be thinking you’ll finally get a bit of a refund. But once you add up land agent fees and concessions you went through to sell the timeshare, you definitely find yourself paying even more. Selling it would not pay you back any fees accrued during ownership.
You buy from a resort, and you see all types of entertainment centres and restaurants rising around it. The clause “What an excellent investment” might cross your mind but think again.
Timeshares rarely, if ever, go up in value. In fact, you take a significant loss thereon once you sell it. Not even adding up all your annual fees over time,it’s a complete loss.If you paid $25,000 for it, expect ten or less. But yes, once you add up all the hidden timeshare costs you would escape, you’ll actually be relieved to dump it.
- Cancellation Expenses
Should you find out late that you made a mistake, it would take the services of a timeshare cancellation lawyer actually to get out of that mess. The timeshare companies know that you are likely to want out after understanding the real deal. So they’ll introduce structures and policies in your contract that would make it difficult for you to get out.
The cancellation process can be complicated; all other expenses plus the service fees of a timeshare attorney quickly add up in no time.