Questions to ask yourself before you buy a Timeshare

Timeshare Purchase Top 10

April 11th, 2009

Are you getting ready to purchase a timeshare? Have you just purchased one and now have that weird feeling in your gut? You know, the one that really has you doubting your decision. This article is going to address 10 questions that you need to ask yourself preferably before you purchase, but for those who already have a timeshare, you might want to review them also.So here is my top 10 list of questions to ask yourself prior to purchasing a timeshare:

1. Do I/we vacation on a regular basis, and do I/we plan on vacationing regularly for years to come?

2. Do I/we have the money for a vacation commitment of $17,000 to $100,000 without putting my/our family in jeopardy?

3. Am I/we prepared to deal with monthly maintenance fees for the rest of my/our lives?

4. Have I/we really thought about the overall cost of a timeshare to include a loan amount with an average interest rate of 12 percent and a loan length of 10 years?

5. If I/we do not vacation for a couple of years, do we have a plan to re-coup our costs for a timeshare that we will not use during that period of time?

6. Have I/we looked at all the options available before I/we make this purchase? Was the research done prior to purchasing?

7. Am I/we sure that this is the timeshare company that I/we want to own for the rest of my/our lives, and do I/we have any options if I/we decide to stop vacationing?

8. Can I/we walk away and make the decision to purchase in one week?

9. Have I/we asked all the possible questions before I/we sign on the dotted line? Is there someone else that can answer questions for you before you purchase?

10. And lastly, why do I/we really want to go further in debt to vacation? Can I/we save up and pay cash or buy resale?

These are tough questions to ask yourself, but they need to be done to prevent buyer’s remorse later on. Have you ever made a purchase and doubted your decision later. That is buyer’s remorse and and in timeshare land, if you have that feeling after your rescission period, it is too late. I can tell you that in the last month, I have had more owners that have been seeking anyway possible to get out of their timeshare because they simply cannot afford it. They did not think about or ask these questions. If they did, they did not play the what if game. You know, what if I lose my job and cannot afford this timeshare. I truly feel terrible when I cannot help an owner because they are outside of the rescission period and they did not ask the hard questions before they signed on the dotted line.

Timeshares are not for everyone, but they are for those who have done their research, asked the tough questions and have played the what if game.

On another note, I want to thank Mark Silverman, writer for examiner.com covering timeshare news. Mark has gone out of his way to help assist TAI in our quest to get 50 new members to our timeshare forum by the end of April. Read Mark’s article and I encourage you to join, you might just enjoy it.

I hope all of you have a blessed Easter and remember what it is all about!

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