How do timeshares work, and how much does it cost to own one? Although this is a question that many people tend to ask, very few actually have the real answers. Whether it may be because of misinformation or a lack of relevant insight on the topic, having a holiday home can be an attractive option and one that most people opt for, even if they don’t know what they’re getting themselves into.
Timeshares are offers on holiday homes that allow you to be the “owner” of the property – or of a part of it – during certain periods of the year. Whether lasting for a week or a month, your timeshare will require a certain investment, and that’s not always going to be cheap.
Many people mistakenly believe that the cost of a timeshare is just the upfront purchase payment. However, many other important expenses are also involved, such as maintenance, taxes and utilities. By the time most people realize just how much they have to spend, they are already in debt and unable to cope with the expenses. The sales person works hard to sell timeshare properties and their benefits versus really being honest and giving the added costs of the purchase.
Retail timeshares can sell for more than $10,000, but for a used one you can get a price as low as $1,500. Aside from that, however, you will also be expected to pay other fees that can lead to a total of more than $1,000 per year, even though the average amount is somewhere between $600 and $700. In some cases, the terms also stipulate the need to pay unexpectedly large assessment fees that will definitely put a dent in your finances.
First Seen here: The Average Monthly Expenses Associated with Owning a Timeshare
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