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Nevertheless, considering how many options you have when it comes to vacations, you’ve got the leverage when it comes to price.
Be wary of any company that requires you to sign the contract documents in a different state than where you plan to buy as you may be entering into a contract in a state that has fewer protections.
If you opt out, the FTC recommends you send a letter via certified mail or hand-delivered with a signed receipt.
Timeshare initial prices typically average almost $16,000.
The timeshare industry likes to point out that over a 20-year period, a family of four could save over $25,000 on accommodations by staying in a timeshare compared with what they would pay for hotel stays.
Interval Leisure Group said in the announcement it had more than 280,000 timeshare owners and annual revenue of more than $670 million.
But timeshares are also associated with high-pressure sales tactics that get mocked relentlessly in pop culture and they’re often sold at a loss when it comes time to unload one.Because timeshare companies know that you can likely find cheaper options from existing buyers, often from websites such as Timeshare Users Group and Red Week.com, where all you pay is a small listing fee, they usually offer closing incentives and other perks.But those perks don’t usually recoup the money you would save from buying from an existing owner. you’ll actually get a deed to a property, called a “timeshare estate” under state law, which often means you can rent the share out, sell it or exchange it, and pass it on to your heirs. Finally, if you are buying a timeshare in an unfinished property, the Federal Trade Commission recommends that money should be placed in an escrow account registered to a local bank until the property is completed, and include a “non-performance” clause in the sales contract.“People don’t go out and say ‘I want to buy a timeshare today’, it’s sold as a heavy impulse buy,” he said.Moreover, single site resorts have to spend more to attract buyers than name brands like Marriott (which recently bought the Starwood brands), Hyatt and Hilton.“We’re a sold good, not a sought good,” said Howard Nusbaum, the president of ARDA says.“People love the product but hate the (sales) process.” Micallef, however, disagrees, saying his experience is that about eight of every 10 clients he sees looking to unload their property have actually never used their timeshare.Now that he’s on the other side of the table, he “was finally able to tell (timeshare owners) the truth,” he said.Here are some things experts say to keep in mind before you buy a timeshare: Like most real-estate transactions (even hotel stays), the price is usually negotiable.Plus, they come with annual maintenance fees that can easily top several thousand dollars and which often increase each year whether you use the timeshare or not.“You were told to close the deal and tell them whatever you had to tell them,” said Dana Micallef, a former timeshare salesman who spent a week in 2000 in Orlando selling before quitting in what he said was disgust at the process.