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Thursday, July 15, 2010

Some Dos and Don’ts of Timeshare Ownership That a Smart Consumer Must Know

Owning a timeshare can be very tempting especially if you are presented with those pictures of great locations and complete amenities. However, try to think also that there are several owners today who are trying to get out of their timeshare contracts and as eager as they are, they can’t do it right away as it is not that easy to be freed from timeshare liabilities. Thus, if you are planning to own one, try to analyze your decision carefully and be informed about the dos and don’ts of timeshare ownership.

First, deciding to buy a timeshare must not be based on any high-pressured sales pitch. Don't be pressured into a deal there and then. That deal might be of extremely poor value when you consider the long term costs, and the outrageous rates of interest and horrendous penalty clauses. Walk away if you are told that the deal is only on the table for that day.

Take note also that if you consider financing a timeshare, it will be much more affordable if you organize it yourself. As with everything else to do with loans and mortgages, the market today is highly competitive and there are always deals to be found in other finance markets. You can also get some expert advice on this.

Moreover, owning a timeshare is a long-term drain on your bank balance. Be prepared for the maintenance fees and/or other membership costs among others. If you can't find the money outright, then reconsider your decision as you will never know what will come along in the economic climate today that will affect your finances. Remember that owning a timeshare is not an investment in monetary terms, only in vacation terms.

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