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Timeshare Risks – Know the Pitfalls of Being a Timeshare Buyer

Everything we do in life comes with a certain level of risk involved, and buying a timeshare is no exception.  While a timeshare can be a relaxing and satisfying vacation plan for both you and your family, it can turn into a nightmare if you purchase the wrong one.

Firstly, to ensure that you are not getting scammed, take your contract to a lawyer before you sign it.  A lawyer can review the legal wording and translate it into something that you can easily understand.  An unbiased third party who can read “legalese” has no agenda; therefore, you can be sure that you are hearing about everything to which you are agreeing in the contract.

Secondly, you need to recognize that the property management that is in place when you purchase your timeshare may not always be the same.  Properties change hands, new management takes over, and policies change.  The management that you meet when you purchase your timeshare may be the best that you could dream up; however, ANYONE can take over at any point in the future, and you may not necessarily be pleased with the new management style.  Keep in mind that well-funded companies with little to no debt are less likely to sell out to a different management team.

Another contributing factor that must be considered is the economy.  While we cannot predict economic variations with certainty, you can guarantee that you as a timeshare owner will feel the drop in one way or another.  If your financial situation changes and you can no longer afford your timeshare, you may find yourself in foreclosure.  If you did not finance your timeshare, then you will likely be one of the owners who is forced to pay higher annual fees to make up for the lost income of the foreclosed units.

We cannot control every aspect that affects our timeshare choice; however, it is very important to be aware of all of the potential pitfalls of purchasing a timeshare before you take the plunge.

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