Timeshares in Mexico: What to Know

Have you been thinking about investing in a timeshare in Mexico? If so, you should know that it’s still a growing industry. In fact, according to the 2018 United States Shared Vacation Ownership Consolidate Owners Report, 7.1% of U.S. households own one or more timeshare weeks. In total, that adds up to about 9.6 million owners or ownership groups.

In general, Mexican timeshare owners have the right to use their timeshare unit for a specific number of weeks each year. In order to join, members will have to pay an initial purchase price and regular maintenance fees, which typically increase over time. These days, many timeshares use a floating week system that allows owners more flexibility to reserve any week throughout the year based on availability. Want to learn more about timeshares in Mexico? Keep reading below.

How Much Do Timeshares Cost?

The cost of timeshares vary according to the provider you invest with.

• It’s important to make sure you select a reputable provider that has a good reputation in the industry. If not, you could end up being disappointed with your decision and have buyer’s regret.
• While foreigners cannot own land within 50 kilometers of the coast or 100 kilometers of an international border, timeshare ownership is a good way to enjoy the sense of having a vacation home.
• Most timeshare units are located in popular beach resort towns, so it’s a way for foreigners to enjoy having a vacation home without investing in real estate.

In general, the average cost of a timeshare has been reported as $22,942 according to data from the American Resort Development Association. In addition, annual maintenance dues average around $1,000, but can vary based on the size of the property.

Timeshare Scams to Avoid?

It’s important to be aware of timeshare scammers so you can protect yourself and your hard earned money. For example, Mexican Timeshare Solutions is a company that scams people by offering them timeshare cancellation services that they cannot legally provide.

As stated above, the only time a timeshare can be canceled is during the rescission or cooling off period in the first few days after the new contract is signed. Despite this fact, timeshare scammers like Mexican Timeshare Solutions will seek out existing timeshare members who want to get out of their vacation club membership. Next, they will tell them they can help cancel their timeshare contract for a fee.

Remember, no one can cancel your timeshare after the cooling off period ends so avoid these scammers at all costs. If you ever have any questions or concerns, go directly to your existing provider for clarification or assistance.

Timeshare Cancellation Info

In Mexico, there is a five business day grace period when new timeshare owners can legally cancel their membership contract. Also known as the rescission period, this is the only time period when a timeshare can be legally cancelled.

No matter what you do, never stop paying your timeshare dues. If you stop paying your timeshare payments, you could face foreclosure proceedings. Foreclosure is the process whereby the lender files to take possession of the property and sell it at auction to recover the money you owe.

In addition, your credit score will be negatively affected which could have long term financial consequences. Instead, stay on top of your payments and enjoy the use of your vacation unti and the amazing amenities and services that attracted you to the resort in the first place.

Are you interested in buying a timeshare in Mexico? If you plan to vacation for a week or two each year, it’s a great way to prepay for future travel at low locked in rates. That way, you save money over time and your family will always have amazing travel experiences.