Timeshares in Mexico – Another Travel Dilemma – Mexican Insurance Specialists
So you’ve visited Mexico and enjoyed your stay so much, you want to make many return visits. What better way to ensure a lifetime of yearly Mexican vacations than to buy a timeshare?
Timeshares in Mexico – Another Travel Dilemma travel tips are brought to you by Mexican Insurance Store.com Mexican Insurance Specialists, offering the best Mexican automobile insurance at affordable rates! Mexican Insurance Store.com Mexican Insurance Specialists suggest you research appropriate limits of liability protection as liability limits for Mexican automobile insurance have increased due to new Mexico Federal 502 Law revisions.
While the temptation to give yourself an excuse to come back annually or enduring a lengthy sales session with a timeshare representative may be swaying your decision towards a purchase, think before you buy.
Here are a few things the Mexican Insurance Specialists at Mexican Insurance Store suggest you consider to help give you peace of mind:
- Due to its location, Mexico is vulnerable to both Atlantic and Pacific hurricanes. Should one strike and cause significant damages to your timeshare villa, expect your monthly dues to skyrocket. This increase will be needed to cover repairs as well as increased insurance premiums.
- Annual dues will always rise. This is needed to cover cost of living increases. Expect them to rise approximately 3% annually; except when major renovations need to occur.
- Consider what would happen if you unexpectedly passed away tomorrow and your deeded timeshare was only in your name. Even if you did include your spouse, the worst could always happen. Since a timeshare is such a lengthy contract, be sure to add a child’s name on the contract in case of emergency. This way, the timeshare will not have to go through probate while dues, in addition to court-related costs, are incurred.
- If needing to sell, the timeshare will decrease rather than increase. Why? Because timeshares expire and the longer a person holds on to them, the fewer usable years remain. Think of a timeshare a like a vehicle. The older it gets, the less it is worth.
Fortunately, there is another option to help with vacation pre-payment expenses. Take the money you would have invested in a timeshare and invest it in a Certificate of Deposit at your local bank. Have the interest each month deposited into a vacation savings account. This money, in addition to the CD, will also earn interest. By the time it is due for your annual Mexican vacation, the money earned will pay for accommodations, and you will have not lost a dime.