What to look out for

Timeshares are one of the top sellers in the travel and hospitality industry. Thousands are available and millions of people “own” them. But that doesn’t mean timeshares are a good idea.

However appealing from the standpoint of a bargain, timeshares — an industry that’s often associated with high-pressure sales tactics and other caveats — still mandate careful thought and a fair amount of homework into the annual maintenance fees, exchange fees and other costs not included in the upfront purchase.

If you’re considering buying a timeshare, so you’ll have a place to vacation regularly, you’ll want to understand the different types and the pros and cons first. Ask the seller about ongoing maintenance costs, which can easily approach £1,000 annually (in particular, ask for a breakdown of maintenance costs over several years to gauge long-term trends.)

Inquire about resort delinquency rates. These can increase maintenance fees and property taxes for timeshare owners who end up picking up the financial slack for others who don’t follow through on the financial commitment of ownership.

Know as well that the price paid for a timeshare can be impacted by the time of year. Spring break, the Fourth of July and other more localized events such as the Daytona 500 in Florida can boost the price of a timeshare. The flip side is such timeshares can command greater appeal on the trade and exchange market.

If you attend a timeshare sales pitch meeting, be wary of high-pressure presentations. Timeshare salespeople tend to be adept at leveraging guilt for not snapping up an amazing deal for your family today and at using guardedly exaggerated terminology. Remember: Getting into a timeshare is easy. Getting out isn’t.

Buying a timeshare isn’t a sprint, no matter how much urgency is created at the resort. Do your research and take all the time you need to make the decision that you are most comfortable with. Considering the pros and cons associated with buying a timeshare, you should not think of the purchase as sort of investment. Rather, you should think of buying and owning a timeshare as a lifestyle decision.