If you’ve ever gotten hit with a timeshare pitch, then you may have felt turned off at first. After all, most timeshare pitches occur when you’re in the middle of doing something else.
What’s surprising, though, is that 85% of timeshare buyers are happy after diving into the deal! The buying process is painless for most, and the benefits are too good to pass by. Are you interested in more details about how the whole ordeal works?
If so, then we want to help you get informed. Read on to learn everything you need to know about the timeshare buying process below.
What’s a Timeshare?
Timeshares are notoriously marketed as ‘prepaid’ vacations. That’s not a great way to describe the timeshare process, though. So, what exactly is a timeshare?
A timeshare is a type of vacation property. Rather than full out owning the property, though, you’ll own a part of it. Other individuals will also own parts of it, too.
In other words, you and a pool of others share the cost of the property. In exchange, you’ll get a guaranteed time slot to enjoy the property each year.
Deeded timeshares mean you’re guaranteed a percentage of the property. Non-deeded ones, though, allow you to buy a lease to use the property. With non-deeded timeshares, you don’t actually gain ownership interest in the property.
How the Buying Process Works
So, how does the buying process work? In some cases, you’ll get approached by someone trying to sell a timeshare. They’ll offer you an incentive (like free food) to attend a seminar.
While you’re there, you’ll get informed about all the benefits of the timeshare. You’ll see pictures and get first-hand accounts of happy vacation stories. Then, you’ll get offered a contract.
In most situations, you’ll get offered one of these systems for your payments:
- Fixed week vacation times
- Floating week (once a year)
- Right to use
- Points based reservations
You’ll pay an up front fee first, then you’ll pay a maintenance fee every year. Check out these resale listings if you don’t get approached!
How to Get Out of a Timeshare Deal
So, what happens if you want to get out of a timeshare commitment? It’s so important for you to read the contract in its entirety before you sign it. Some contracts come with perpetuity clauses, which makes them difficult to get out of. You could also check out this raintree vacation club timeshare cancellation letter to help you understand how timeshare exits are properly made.
If you find yourself in this situation, contact an attorney.
Will You Buy Timeshares in 2022?
After learning all about timeshares and how they work, you can now make an informed decision on what to do. If you’re interested in diving in, then use the buying process tips above to get started.
Bookmark this page so you’ll know what to do when you’re ready to get rid of your timeshare, too.
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