Have you been considering an investment in a Mexican timeshare? If you have, then you want to know that the timeshare industry is doing well and currently growing. According to the United States Shared Vacation Ownership Consolidate Owners Report 2018, 7.1% of households in the United States are timeshare owners. That comes up to approximately 9.6 million timeshare owners.
A Mexican timeshare owner can use their timeshare unit for a set number of weeks each year. To become a timeshare owner, you will have to pay an initial deposit along with maintenance dues that usually increase over the years. In addition, many Mexican timeshares use a floating week program that allows owners added flexibility to reserve their week throughout the year.
A top provider in Mexico is the Villa Group which has 10 luxury resorts in the country’s top beach destinations. Meanwhile, read more below about Mexican timeshares.
How Much Does a Mexican Timeshare Cost?
To begin with, the cost of a Mexican timeshare can range in price as it will depend upon the specific timeshare provider and plan that you select.
It’s important that you ensure that you select an experienced timeshare provider that has an excellent reputation, too. If you don’t choose a reputable provider, then you may be very disappointed later.
Right now, foreigners are unable to purchase land within 50 kilometers of the Mexican coast or within 100 kilometers of any international border. However, becoming a timeshare owner is an excellent way to legally have a vacation home on the coast. According to the American Resort Development Association data, the average price for a timeshare is approximately $22,942, and the maintenance dues are approximately $1,000, but the dues can vary depending upon the resort property.
Mexican Timeshare Cancellation Facts
Next, most timeshare owners are given a five to fourteen business day grace period during which they can legally cancel their timeshare membership contract in Mexico. This is known as the cooling-off period or the rescission period. Note that this is the only time that a timeshare membership contract can be legally canceled.
Make sure that you continue to pay your timeshare dues, because if you stop paying them you can face legal foreclosure proceedings. A foreclosure means that the lender can take possession of the property, then sell it so they can receive some of the money that you owe them.
You should know that your credit score will also be impacted negatively, which will adversely affect you if you attempt to obtain a loan in the future. Why not make sure you pay your timeshare payments and enjoy your vacation unit?
Mexican Timeshare Scams to Avoid
In addition, you need to be aware of timeshare scammers, so you can protect yourself and your money. For instance, a company that scams many timeshare owners is known as Mexican Timeshare Solutions. They claim to offer a timeshare cancellation service that they are legally not able to provide. Remember, the only time an owner can cancel their timeshare contract is during the rescission period, and that is five to fourteen days after you sign your contract.
Make sure to check your specific membership contract for details. Despite this fact, this fraudulent company still tries to dupe unsuspecting victims although they are not able to cancel your timeshare contract. They claim many things they can do, but they will only take your money, and disappear without providing you with any service. Don’t be scammed.
Do you want to buy a Mexican timeshare? If you enjoy vacationing in Mexico a week or two each year, then a Mexican timeshare is an excellent investment for you.
If you want to ensure you have enough vacation time for your family each year, join a vacation club with a reliable and trustworthy provider in the best destinations in Mexico such as Cabo, Cancun, Puerto Vallarta, Riviera Nayarit and the Islands of Loreto.