Many people who intend to buy or sell timeshares don’t know the cost. They sign timeshare contacts without realizing the financial obligations that come with them. Many should avoid timeshares if they critically looked at the cost involved. Others fail to ask vital timeshare documentation questions and get bad deals.
The truth is that you end up paying on average, $43090 at maturity.
The average mortgage cost is $20000 at an interest of 17.9% for one hundred and twenty months. You end up paying on average, $23090 in interest at maturity. It is double the mortgage cost. Timeshares also have an annual ownership bill of around $12000, similar to traditional property owners.
Apart from the ownership bill, timeshare owners will have unexpected liability costs to cover for damages, remodeling, or tax adjustments costing between $3000 and $5000. The total cost adds to approximately $60000 by the time the timeshare matures. It is similar to paying $6000 annually for vacation to cater for accommodation only, which is unrealistic no matter how you view it.