Confession time. Hands up if you are one of those who browse hotel and flight deals within a day of flying back from their most recent vacation.
Yes, us too. The temptation to return to that place of tranquility and calm, hundreds of miles from traffic, stress, and daily errands, is too tempting.
Back-to-back vacations might be a sky-high dream, but a realistic alternative is timeshares. Timeshares are an affordable way to invest in some well-earned regular vacation time at your favorite destination.
But before you make that significant investment, make sure you read our short guide to the six most common timeshare buying mistakes.
1. Impulse Purchase
It’s often too easy to fall in love with a property or destination and sign up immediately. Salespeople know this, so you’ll get the marketing phrases like, “we have several other people interested in this today.”
But emotional purchases for significant investments are never a good idea. Take a step back and wait a week so you can consider your decision rationally.
2. Failing to Check for Scams
Fortunately, most timeshare offers are aboveboard. But sadly, there are a few scam investments out there, and you don’t want to fall victim to them.
Always check the reputation and background of the company first.
3. Not Doing Enough Research
You can buy different types of timeshares, and they often come with specific rules and regulations.
It might seem complex to an outsider. So you should always do a little background research into timeshare purchases before deciding whether it’s the right thing for you.
For example, if you consider purchasing points-based timeshares, make sure you read and understand the HGV point charts.
4. Not Shortlisting Locations
You might have a vacation destination you love, but is that the perfect timeshare location? Always put together a shortlist first, as you could discover a new goal that you adore.
And remember other factors such as the flight or travel costs. Will you still be able to afford those flights five years from now? Do you still want to travel that distance every time you head to your timeshare?
5. Not Checking Maintenance Costs
Timeshares all come with different property maintenance fees. You need to make sure you budget for this when you buy your timeshare.
Read through the costs section of any brochure and put together a spreadsheet to help you compare like-for-like.
6. Not Setting a Budget
You might keep a close eye on your finances, but don’t underestimate the pull of an expensive but beautiful timeshare to tempt you to go over your budget.
Set an upper and lower limit to your budget to give you enough flexibility to find a suitable investment without the risk of spending more than you should.
Six Common Timeshare Buying Mistakes
Timeshares are a fantastic way to put your money into something that will bring you lots of joy. But make sure you avoid these common timeshare buying mistakes on your journey to finding a suitable investment.
Do you think about other ways to get the most from your finances? Head to our money section for some of our latest investment tips.
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