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(#4) Buying a Timeshare Comes with a Lot of Hidden Risks
When you buy a timeshare, you're technically purchasing a part of that building. That means, that if there's some natural disaster (earthquake, fire, etc.), you are fiscally responsible for rebuilding your unit. Despite the fact that most timeshares have some sort of insurance, there are some disasters that insurance cannot cover, leaving you to pick up the pieces.
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(#12) Don't Be Afraid to Negotiate
When it comes to dropping an insane amount of $$$ on a timeshare, you should definitely not be afraid to ask for some added perks! If a rep is trying to convince you to drop $20,000 a year, you should definitely try to negotiate that price down, or at least try to get some bonuses. After all, ask and you shall receive! Ask for a lower price and most reps will reward you.
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(#2) If You Default on Your Timeshare, You Could Face Foreclosure
If you manage to take out a loan to pay for part of your timeshare, you can face foreclosure if you default on any of those payments. However, that's not all! If you default on any other timeshare financial obligations (taxes, maintenance fees, etc.), you can also face foreclosure. Not only will your credit score take a hit, you'll have difficulty securing a loan in the future.
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(#14) There Are a Lot of Unreliable Factors That Can Depreciate the Value of Your Timeshare
Believe it or not, the real estate market can actually turn owning a timeshare into a nightmare. While you may have had hopes of selling your timeshare at a profit, a million variables can depreciate the value of your timeshare. Whether it's the political landscape, weather, natural disasters, or what have you, you can never truly predict if your timeshare will be worth it in a couple years.
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(#3) Timeshare Reps Use Tricky Wording to Convince You
Similar to used car salesmen, timeshare reps have a lot of tricks up their sleeves. Though nowadays they're discouraged from telling prospective buyers outright that timeshares are quality investments, they use subtle wording during their sales pitches to make you think that purchasing a timeshare is a good financial move. Using phrases like "life-quality investment" subconsciously tricks buyers into handing over their cash.
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(#1) It's Way Cheaper to Rent a Timeshare Than to Buy One
That pesky little thing called life can often interfere with you staying at your timeshare each year. Most timeshare owners try to rent out their space in order to gain back some of the money that they've paid. In most cases, if you rent a timeshare, you'll be paying the same amount it would cost to stay at a hotel for a week! And you won't have to worry about all the risks that come with owning a timeshare.
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About This Tool
Timeshare is one of the very common sales models in hotels or resorts. They sell the right to use a guest room or a tourist apartment to customers in a one-time membership system for a period of 10 to 40 years or even longer. Members get the right to stay in a hotel or resort for one week each year, and customers also enjoy a series of rights and interests such as the transfer, gift, and inheritance of time period rights.
Timeshare is a new business model that perfectly combines the real estate industry, hotel industry, and tourism industry. There are many types of timeshare hotels currently on the market, fully understand and choose the most suitable timeshare product will make it the value for money. It is a good time to know more information about timeshare here that the salesman would not tell you.
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