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6 mistakes to avoid while buying a timeshare

6 mistakes to avoid while buying a timeshare

With hotels and other accommodations getting expensive, timeshares are the ideal solution to enjoy a low-cost vacation at one’s own property at a spot they love. Timeshares are properties that a set of people co-own. Each co-owner is allowed to use the property for a certain duration each year, making it a convenient and money-saving option in the long run. But, one must avoid the following mistakes while buying timeshares:

1. Overlooking off-season maintenance costs
Many people who own timeshares use it only during the holidays. However, the property requires maintenance rest of the year, which can mean heavy upkeep costs. So, co-owners need to create a plan to maintain the property when it is not in use. This means accounting for additional maintenance costs, including payments to those hired to clean the place or mow the lawn. One should calculate the maintenance fees for timeshares before buying one.

2. Not thinking it through
Timeshare is a great option for those seeking a vacation retreat for a certain duration every year. But it is not everyone’s cup of tea. For instance, some may prefer full ownership rather than co-owning. One must be certain about what they want before going for a timeshare. A major aspect to consider is that one may not be able to stay at the property at any time of the year—each owner is allotted a specific period. One should invest in a timeshare only after assessing individual requirements.

3. Inadequate research
Buying a timeshare involves researching different aspects, from the company facilitating the sale to conducting a background check on the co-owners. Also, one should know that each co-owner has a set of rights to the property. It is important to understand these rights beforehand to avoid confusion later.

4. Being rigid with one destination
Not all destinations are suitable for a holiday home. So, it is a good idea to list all the vacation spots where one can build a timeshare. Also, buying a timeshare at a faraway location may not be the best option because one may have to spend a considerable amount of time traveling there every time. These costs also need to be factored in while shortlisting a timeshare location.

5. Not setting a budget
For those who take vacations often, a timeshare is more affordable than renting or fully owning the property in the long run. But, it might end up being expensive if one does not set a budget beforehand. The cost of a timeshare is determined by factors like the location, size of the property, and the number of co-owners. Setting a budget helps one filter their search to choose from just the properties that they can afford to co-own.

6. Falling for scams
Timeshares are not above scams and fraudulent activities. To avoid falling for scams, one should do a background check of the timeshare seller or company and inquire about them in the real estate circles before going ahead with the purchase.

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