According to recent reports, more than nine million people have invested in a timeshare as a way to streamline their vacation planning. Although a few timeshares may be as-advertised, most are not.
Therefore, it's important to avoid falling into a timeshare scam.
Whether you've already entered into an agreement that you think may be a timeshare scam, or you're considering a timeshare for your family, this article will provide helpful insights.
Look for the following red flags that indicate your timeshare isn't worth the headaches.
1. You Cannot Sell Your Current Timeshare
Did you know that buyers are being forced to sell their timeshares for as low as a single dollar? They've discovered a sad truth: Their timeshares aren't really investments.
If any salesperson tries to convince you that buying a timeshare is a good way to add to your portfolio, don't walk away -- run. Most timeshares don't resell for even half the value you were originally quoted.
Plus, here's the real kicker: Your timeshare may be considered property, but you won't get the tax write-offs you assume.
Of course, if you want your timeshare to be somewhat tax deductible, you may donate your weeks to charity . You're still going to be saddled with ownership, but at least you can stave off the financial bleeding.
2. You Are Pressured to Make Instant Decisions
In today's research-heavy environment, everyone likes to do due diligence before committing to even simple purchases.
Why, then, do so many timeshare con artists try to make it seem as though you have to buy a timeshare immediately? Why don't they want you to look them up online?
The answer is simple: They are trying to weigh on your sense of urgency and fear of missing out (called FOMO in sales terms.)
Want to investigate a timeshare at your own pace? Refuse to play the game by not showing up with any wallet or purse. No money? No way to pay. Additionally, sign nothing until you have a chance to investigate the timeshare thoroughly.
3. Your Gut Tells You It's a Timeshare Scam
Something about the way the timeshare sales team treats you just doesn't add up. You can't put your finger on anything specific, but you get a sense that this is a timeshare scam.
Listen to what your gut says.
Many people ignore the signals telling them that what they're seeing and hearing doesn't add up. Trust your instincts and never make any snap judgments.
4. You're Hearing Promises That Are Too Good to Be True
As we all know, no one gets a truly "free lunch." In the same vein, no timeshares are perfect.
A timeshare pitch that includes "too good to be true" statements isn't worth anything. Read between the lines and see what's really happening: You're being played.
Every decision has pros and cons. If the timeshare sales team isn't being upfront on the downsides to timeshare ownership, you're being taken for a ride.
5. You Found Out About New Fees After Paying for the Timeshare
Even if you read all the paperwork, you might have missed items outlining fees that you are expected to pay as a timeshare owner. Typically, these fees include annual maintenance fees and property taxes.
Not surprisingly, these unexpected charges can add up. On average, timeshare maintenance costs owners just under $700 yearly. If you haven't budgeted for this sudden addition, you can find yourself in a budget crisis.
6. You're Promised Big-Ticket Incentives to Listen to a Timeshare Pitch
Be very wary if someone is offering you big-ticket perks just to sit through a "short, no obligation" timeshare presentation.
This strategy assumes that most people in the room will not buy a timeshare, but that a high enough percentage will to get the sales team plenty of commission dollars.
The next time you get a letter in the mail or an email request that you attend a timeshare meeting in exchange for a big, expensive weekend at a resort, think twice. Odds are strong that you'll get way more pressure than you could imagine, negating any fun you might have during your "free" holiday trip.
7. You Keep Getting Phone Calls After You Say "No"
Do you find yourself repeatedly telling the same timeshare people that you're not interested? It's time to block their number and send their information to the Federal Trade Commission.
It's one thing to ask you a couple of times if you're sure that you don't want a timeshare, but it's another to harass you.
Imagine what those same individuals would do if you said "yes" and bought one timeshare. In short order, you'd be pressed to buy another.
8. You Aren't Given Time to Look Around the Resort or Talk to Any Owners
Are you being told that the "deal of a lifetime" you're being offered will disappear tomorrow, despite the fact that you've never set foot at the resort you're supposed to partially "own?"
This type of timeshare scam makes you feel like you're missing out on a fleeting benefit, but don't fall for the fear mongering. The same resort deal will be available tomorrow, the day after tomorrow, and the day after that.
If you're honestly interested in considering a timeshare ownership, spend time at the resort. Rent out a unit for a week, talk to other timeshare occupants, and make your choices on your deadline -- not someone else's.
9. You Are Told You Don't Need an Attorney to Look at the Contract
Most people are confused when they see complicated legalese in timeshare contracts. Lawyers aren't.
The money you'll spend on legal representation to explain the ins and outs of a timeshare agreement at the beginning of the process will pay for itself many times over.
If a timeshare seller doesn't want you to understand a document that's legally binding, that's a huge indicator of a timeshare scam in action.
10. You Were Told You Could Use Your Timeshare When You Can't
You may have been promised that there were tons of open times for you to enjoy your timeshare, only to find out later that it's tougher to book than a flight to the moon.
Feeling locked out of your timeshare is a sure sign that you've made an error somewhere along the way and fallen for schemes.
Get Clear of Your Timeshare for Good
Know that you're knee-deep in a timeshare scam? Contact a group of consumer advocates to help you out of your situation.
In the meantime, be sure to always say no to the next timeshare salesperson who tries to get your money.
You receive a postcard in the mail: Free 3 night stay! The catch: attending a 90-minute presentation from a timeshare company.
You take the deal, figuring you'll be able to resist the hard-sell tactics. Then the package sounds like a good deal. After all, timeshares represent an $8 billion industry , so there must be something to it.
To get the best deal, you have to act now. So you sign on the dotted line, and now you're a timeshare owner.
If this scenario sounds familiar to you, you may find yourself wondering how to get out of a timeshare contract. While it is not always an easy process, it can be done. Here's what you need to know.
Understanding the Terms of Your Timeshare
Before you can figure out how to get out of a timeshare contract, you need to understand what your contract entails. By definition , a contract is a legal agreement between two private parties where each party takes on specific obligations. To get out of a contract, the other party must agree to release you from the obligations you agreed to.
The Cancellation Period
If you only just signed a timeshare contract recently, there may still be time to cancel. In most states, the cancellation period for a timeshare is 3 to 7 days. During this period, a consumer can cancel the timeshare they just bought, obtain a full refund, and become completely free of any contractual obligations.
The terms of this cancellation period should be outlined in your timeshare contract. Keep in mind that these are usually calendar days, not business days, so you must act quickly to take advantage of it.
What if I'm Past Cancellation?
In most cases, by the time a consumer has realized that they need to figure out how to get out of a timeshare contract, the cancellation period has already passed. If this is the case, you'll want to take a closer look at the contract to see what you own and what your responsibilities are.
First, you'll want to see whether your timeshare is leased or deeded. If it is deeded, then you technically own a piece of vacation real estate that you could transfer to a different owner--we'll get to this later.
With a leased timeshare, you are not the sole contractual owner, so you don't really own anything. Unfortunately, you are still obligated to pay annual maintenance and assessment fees, even if you never use your accumulated points.
In some cases, your contract may be for a set number of years, after which point you will be free of your obligation. In other cases, the timeshare is life-long, and can even be left to someone in your will.
Can I Sell My Timeshare?
In any timeshare presentation, the salesperson typically stresses that, with a timeshare, you can "own" your vacation. The appeal is that, as with any other property, you are making an investment that will increase in value.
Of course, if you do, in fact, "own" your vacation, you would likely assume that you are free to sell it as well. After all, you can sell your house or your car, so why not sell your timeshare ? Unfortunately, the way timeshares are structured makes it much more difficult to sell a timeshare than to sell a traditional piece of property.
For instance, you may have heard of timeshare owners who sell their packages for as little as $1 on Ebay just to get out of the financial obligation. Depending on the terms of your contract, the resorts associated with the timeshare will not recognize this transfer. The new "owner" would not be able to use the timeshare at all.
Additionally, some companies have formed with the exclusive purpose of helping people sell unwanted timeshares. But these companies are often scams, requiring hefty fees upfront and never delivering on the promises they made.
Can I Rent Out My Timeshare?
Another option many timeshare owners consider is renting out the weeks on their timeshare. By charging others to use their vacation, they can at least cover some of the fees associated with the package.
Again, there are a few problems with this strategy. For one, if you are renting out the weeks in your timeshare, you are still contractually obligated without being able to actually take advantage of the travel opportunities.
Not to mention, it's difficult to rent out a timeshare at all. Timeshares are notoriously difficult to schedule, so it's challenging to be able to market your vacation to a third party.
For these reasons, you're unlikely to make any profit by renting your timeshare. At best, you'll break even, and you may even end up in the negative.
Can I Donate My Timeshare?
Another creative solution that folks looking for how to get out of a timeshare contract have come up with is donating their timeshare. Give your vacation so a family battling illness can enjoy a getaway, and write off your obligation on your taxes. What could be better?
Unfortunately, donating your timeshare is not really possible, and organizations that suggest that it is might be misleading you. This is because charitable organizations are restricted in their abilities to take on debt obligations.
What Can I Do?
If you want to get out of a timeshare and you're past the cancellation period, what can you do? It all comes back to the contract. By working with a consumer advocate group like PMG, you can negotiate a release of your contractual obligations, and finally be free.
Learn More About How to Get Out of a Timeshare Contract Today
While figuring out how to get out of a timeshare contract can be challenging, in the end, it is worth it. You will have peace of mind and will be able to allocate your hard-earned money directly to vacations, rather than covering maintenance fees.
If you're ready to get out of a timeshare contract, contact us to get a free consultation today. Our experts will work with you to get the freedom you're seeking.
Don't be fooled by images of sparkling swimming pools, luxurious apartments, and resort amenities. Despite their flashy, high-end appearances, timeshares are often the furthest thing from a smart investment.
Even if you have the money to shell out for a timeshare and don't mind never seeing a return on your investment, timeshares are still a bad choice . That's because your options to get out of a timeshare are limited, and often require help from a consumer advocate.
If you've found yourself the victim of a timeshare promotion and are now wondering what your options are to get rid of it, keep reading. We're breaking down the 6 essential tips that you should use to consider your options and get out of a timeshare today.
1. Check for a Grace Period
If you recently purchased a timeshare property and are now having second thoughts, the first step that you need to complete is to check and see if there is a grace period.
Some timeshare contracts feature a grace period. If you change your mind at any point in time before this grace period runs out, you can return your timeshare and get your money back.
Unfortunately, many timeshare companies are focused only on tricking vacationers into signing up for expensive properties that they will never see a return on investment for.
They rely on the appeal of property tours, free tickets, and other promotions to help prompt impulse-purchases of their properties. It's only after owners have spent an average of $18,400 on a timeshare that they realize the mistake they've made.
The last thing that many of these companies want to do is to give buyers a way out of their contract once the excitement wears off and they realize what they've just signed up for.
If you are a new timeshare owner, you should check your contract to see if this is an option before you move onto other steps on this list.
2. Determine Whether Your Time Share is Leased or Deeded
If you check your contract and find that there is no grace period or that the grace period has already ended, the next step is to look into other options to get out of a timeshare.
Before you can look at other options, you need to do a little more reading of your contract. In order to proceed, you'll need to know whether your timeshare property is leased or deeded to you.
If your timeshare property is deeded to you, this means that you are the owner of the deed and therefore the exclusive owner of the timeshare. This gives you the freedom to sell your timeshare property to another third party owner.
If your timeshare property is leased to you, you are the contracted, not the exclusive, owner. This gives you fewer options to get out of a timeshare.
If you find that you are leasing the property, you're going to have to continue to pay all fees associated with that timeshare property until your lease period runs out. There are ways to get out of a leased timeshare, but you'll need help, rather than trying to tackle it on your own.
3. Sell Your Time Share
If you find that your timeshare property is deeded to you, you technically have the option of selling it to get out of a timeshare.
However, there may be other requirements stated in your contract that can affect how and when you can sell your property. Unless you have experience in dealing with timeshares, you're better off seeking help rather than trying to sell your timeshare property on your own.
Another issue with trying to sell a timeshare property is a bad market for timeshares. Many consumers are now catching on to how bad of an investment many timeshares are.
If you try to sell your timeshare and struggle to find a buyer, it's time to move onto other options for getting out of your contract.
4. Check to See if You Can Return it to the Resort
In some select timeshare contracts, there is an option to return the timeshare back to the resort.
Unfortunately, this is specifically prohibited in many timeshare contracts. In others, it involves taking a hefty loss on the property, which can make it seem like a bad option to get out of a timeshare.
But if you're faced with being stuck paying your timeshare fees for years to come, getting out of it, even at a loss from your initial investment, might be a good option.
5. Consider Renting Out Your Property
If you're struggling to find a way to get out of your timeshare, there are actions that you should take in the meantime.
Renting out your timeshare during the week or month that you get to use it can help you to recoup some of the money that you're losing. In the meantime, you can proceed to the final step on this list, while making money to at least offset the costs you're paying while working to get out of your timeshare.
6. Seek Help
The success of the other steps on this list for getting out of timeshares largely depends on your specific contract.
Even figuring out whether any of these steps would work for you can be tough if you don't have experience dealing with timeshares. That's why it's best to seek help if you're struggling to get out of your timeshare.
Get Help and Get Out of a Timeshare
If you own a timeshare and are wondering what your options are for getting out of your timeshare, it's time to seek professional help.
Contact us today to see how we can help you determine your options and get you out of your timeshare fast.
The earlier you seek help, the faster you'll be able to get out of your timeshare .
Think you know everything about timeshares?
If your information comes from a developer's website or sales pitch, you're missing vital details.
Buying a timeshare unit only makes sense in certain situations.
It's a good way to co-own vacation property if your family always goes skiing in January, or has a reunion is in the same place at the same time every year.
But for most people timeshares aren't a dream investment. Many buyers find themselves in a regrettable situation after signing the contract.
This article explains seven things the timeshare industry doesn't want you to know.
Keep reading to learn if a timeshare makes financial sense for you.
What is the Timeshare Industry?
If you buy a vacation home on the beach it belongs to you. You can use it whenever you want. You can remodel or change it to suit your tastes.
The timeshare industry is different than regular real estate. Instead of full ownership, you buy a share of a property.
Your share gives you permission to use the property for a certain period of time each year. The rest of the year belongs to the other people who buy shares of the property.
This unique form of property ownership works best for a vacation property. That's why most timeshares are in vacation locations.
Most timeshare purchases are deeded, meaning the buyer owns an actual share of ownership in the resort.
Non-deeded timeshares are like club memberships. They provide a right-to-use the property without owning any real property.
The average share is 1/52, or one week per year. Larger and smaller shares are available, such as a week every other year, or a month-long share.
A Timeshare Isn't an Investment
An investment appreciates in value or provides income.
A timeshare isn't an investment at all. It doesn't appreciate in value, and there's no financial return on your purchase. In fact, the maintenance fees increase, and the value declines.
Since you don't own the property (you co-own it with lots of other people) you can't improve it to make it more valuable.
You can't rent it out all year like you can with a vacation home. And worst of all, when you sell it you won't be able to claim it on your taxes as a capital loss.
The Federal Trade Commission warns consumers not to think of a timeshare as an investment. The website states, "You should know that the value of timeshares is in their use as vacation destinations, not as investments."
You Have Purchase Options
You don't have to buy from the developer.
You'll get a better deal if you buy a timeshare on the secondary market.
Since a timeshare is hard to sell, it's a buyer's market. The timeshare industry has millions of shares for sale.
Anyone trying to sell a unit has to offer it at discount price to move it.
According to RedWeek , timeshare resale's sell 30-50% below original developer or resort price.
It's important to verify the seller or broker. There are timeshare scams .
The Real Cost of Ownership
The initial cost of a timeshare depends on the resort's popularity, share size, location, time of year, and condition of the property.
Don't fall for cheap timeshare deals . The sale price isn't your only expense.
All timeshare resorts charge an annual fee for maintenance, taxes, and utilities.
Fees vary depending on the share. A peak season or larger share may have higher fees. Resorts can increase the fee each year, and many do.
Check if the maintenance fee includes property taxes. If it doesn't that is another yearly expense.
Review the terms of your contract to see if an unexpected future assessment fee is possible. When a resort makes major improvements or repairs it may assess a large fee to the shareowners to cover the costs.
You must pay these fees whether you use the property or not.
You Can Rent A Timeshare
Sometimes people can't use their timeshares. Rather than leave the unit empty and lose all their money, they rent it.
Google "timeshare rentals" and you'll find plenty of choices around the world. You can rent from owners and resorts. You can rent a timeshare for less than it would cost to own. When you rent you don't have any maintenance or assessment fees.
Timeshare rentals are the best way to gain access to certain resorts and their amenities for a reasonable price.
When you rent from an owner you avoid the timeshare industry ritual of a prolonged tour and intense sales pitch.
The idea of a timeshare swap is simple.
If you want to vacation in a different location, you find someone with a share there who will trade places with you.
Finding the person who is willing to swap can be hard. You may incur extra fees for the trade.
Try an exchange service to arrange your trade. Put your share into the exchange pool and state what you want in return. If you're lucky, you find someone willing to swap timeshares with you.
Companies that own many resorts may offer an internal trade system. You can schedule flexible weeks, or use any resort in their system.
Use It or Lose Value
Timeshare sales representatives claim you'll save money on vacations when you own a timeshare.
Those statistics are based on using the timeshare every year for a very long time.
Let's say, for example, timeshare costs $1,600 a year. A stay at an equivalent hotel in the same location costs $200 more. You save $200 by owning the timeshare.
If the one year you can't use your timeshare, you lose $1,600. You may get some money by renting your unit, but you won't recoup the full amount.
But, if you always vacation at a hotel or rental accommodation you don't lose any money if you skip a year.
The timeshare is only cost effective if you never miss a year. If you miss one time, you lose money.
Pay in Full or It's a Bad Deal
If you finance your timeshare purchase, you're getting a bad deal.
A timeshare loses value in the same way a new car does when you drive it off the lot. The timeshare isn't an investment. It doesn't appreciate in value.
Banks know timeshares lose value, so financing one usually means a loan with a high-interest rate.
When you add the cost of financing to the sale, it only makes sense to buy a timeshare if you can pay in cash.
Get Expert Help to End Your Timeshare Contract
Timeshare contracts are easy to sign, but hard to exit.
Primo Management Group can help you to end the ongoing burden of timeshare fees and payments.
Our experts know and understand timeshare selling practices.
Contact Primo Management Group if you're trapped in a contract and need exit assistance.
When you're at a timeshare meeting, the host will make it sound like you're entering into a dream contract . Visions will fill your head of days spent at the beach.
Or being able to ski right onto the mountain without having to travel. It's enticing.
What they won't tell you at that sales meeting are the downsides to owning a timeshare. Like the hidden fees.
Before you enter into a contract that's often difficult to get out of, here's what you need to know about those hidden fees.
The Initial Investment Isn't Set in Stone
The average timeshare usually sells for $16,000 . While it's true that over a 20-year period a family of four could easily spend over $25,000 for hotels, that doesn't mean the price is set in stone.
It doesn't account for maintenance fees. It also doesn't take into account the fact that you may not want to visit the same place every year.
If you have a bad year financially, you may not even be able to take your vacation. And if you try to rent it out, you might not be successful at finding a renter.
Also, timeshare sellers spend a lot of money on marketing these spaces to prospective buyers. Between the high marketing costs and the fierce competition, they can spend as much as 55% on a sales meeting.
So they add their costs to the sales price. Since they're so desperate to make a sale, you have the advantage. So don't be afraid to negotiate a lower price if you do decide a timeshare is for you.
It's Not the Investment They Tell You It Is
Timeshares are similar to cars. Once you buy the car and drive it off the lot, it begins to lose its value.
The same is true for a timeshare. Especially if you took out a loan from the timeshare company to purchase it. They will charge you a high-interest rate.
Also, unlike buying a home, if you miss a payment, the timeshare company can foreclose on you.
Even if you rent out your timeshare, you probably won't make a ton of money on it. In most cases, you'll be lucky to break even with your yearly maintenance costs.
It will also take time to recoup your money from the initial investment you may.
Don't forget that even though you are paying money for your timeshare, and you might even have ownership of the deed, you don't actually own it outright.
It Could End Up Costing Your Kids a Lot of Money
Don't forget to read the fine print before you sign on the dotted line. There are hidden fees that can cost your kids a lot of money.
That's because they include the words, "Contract in Perpetuity." It's a little like selling your soul to the devil. Once you sign on the dotted line, these timeshare companies can grab a hold of you forever.
A Contract in Perpetuity means you're stuck with your timeshare for even longer than you're expected to live. Which means your kids will take over your ownership after you pass.
Whether they want to or not. And they'll be expected to pay any and all fees associated with the timeshare.
Not a great legacy to leave to your kids unless they too love your timeshare.
There's Also Maintenance Fees to Pay For
Yearly maintenance fees are expected. Of course, you'll want to invest in a place that is well maintained.
But there are hidden fees within those maintenance costs. They don't tell you that maintenance fees can, and usually will, increase.
Some of that depends on where in the world your timeshare is at. Fees can range anywhere from $300 to over $1,000 .
If you choose to stop paying them, the timeshare company can come after you. They can take you to court or foreclose on your timeshare.
Doing this can even affect your credit score .
There Can Be Unexpected Hidden Fees if a Disaster Strikes
Say you purchased your timeshare at Snowbird, Utah. It's a great place to go skiing. Every year you look forward to traveling there for vacation.
Until the year that the resort gets hit by an avalanche. Suddenly, half the hotel is ruined. That means costly repairs.
Costly repairs that you, as a timeshare holder will be expected to incur.
But hidden fees don't always have to come in the form of a natural disaster. If the roof needs to be replaced, that too will be charged to the timeshare holders.
Or if the pool needs fixing. Even minor things like a new paint job will be the financial responsibility of the shareholders.
It's Often Difficult and Expensive to Try to Sell Your Timeshare
If you decide to sell your timeshare, it can end up costing you. The hidden fees here are based on supply and demand.
There are also rules about how you can sell your timeshare . It's not as easy as you think.
It can be especially difficult if your timeshare is located somewhere like Puerto Rico. Unfortunately, Puerto Rico just got destroyed by a deadly hurricane.
So right now, there isn't much demand for people wanting to spend time there. Not unless they plan on helping the country rebuild.
Trying to sell your timeshare in an area where the demand is greater than the supply will also affect your ability to sell without taking a huge hit.
Before you buy, make sure that the area in question has had a long history of being a popular vacation site. Then make sure the property is built well.
Even if you do manage to sell it, you won't even be able to claim it as a capital loss on your taxes.
We Can Help You Cancel Your Timeshare
If your timeshare has turned out to be a nightmare rather than a goldmine, there are steps you can take. You don't have to be stuck with it forever.
Plenty of people have gotten out of their timeshares without having there saving their life savings drained.
But don't take our word for it, read our customer's testimonials and see for yourself.
We're Consumer Advocates and timeshare experts. We can help you get out of your timeshare.
Don't wait, contact us today.
Have you ever had someone try to sell you something solely on the basis of how cheap it was? A lot of folks have.
Maybe you've walked down the street in your city and noticed sellers hawking $5.00 watches. Would you buy a knockoff item simply because it was inexpensive?
Probably not, right?
You should treat the idea of cheap timeshares the same way. Frankly, inexpensive timeshares don't exist.
If you believe you've happened to stumble onto one, beware. It's quite likely the quality of the property and service (or both) will be like the knockoff watch you walked right by.
Read on, and we'll investigate exactly why you shouldn't fall for the prospect of cheap timeshares.
What is a Timeshare?
For the unacquainted, a timeshare is a way of owning a vacation or piece of property. It's a form of fractional ownership in which, much like it sounds, you own a fraction of the piece of property or vacation time.
There are two primary types of timeshare options for purchase. These are right-to-use and deeded timeshares.
In a right-to-use (RTU) timeshare, you are purchasing (quite literally) the right to use the timeshare for a specified period of time each year during the length of your contract. Whether you purchase enough time for one or two weeks a year, you're always guaranteed the same amount of time per year in your timeshare.
Deeded timeshares, however, are a different beast entirely. When you purchase a deeded timeshare, it's essentially the same thing as purchasing any other piece of legally bound real estate property .
For a quick example, it's like purchasing a house. The contracts for deeded timeshares are almost always lifelong. Unless you are okay with owning to your timeshare for life, opting for an RTU is the lesser of two evils.
How Do Timeshares Work?
As mentioned above, you can buy a single week per year, or many weeks, depending upon what the timeshare company allows. With your purchase, you're entitled to stay in your timeshare for the amount of time you're allocated every year.
If the idea of staying at the same place for vacation each year sounds like it might get old in no time, we understand. There are other options. For instance, if you are not using your timeshare one year, you could rent it out, or exchange it for a vacation in a different destination.
Yet, as nice as a guaranteed vacation might sound, there are many drawbacks of purchasing a timeshare. Continue reading, and we'll go into a bit more detail on some of them.
A Long List of Cons
While timeshares do have some benefits, we're quite certain that in this instance, the cons outweigh the pros.
Sure, you'll get a guaranteed vacation to the destination you chose. (No one coerced you into purchasing a timeshare, after all.) Your timeshare is probably nicer and features more amenities than the average hotel room.
What's also important to bear in mind, though, is how difficult it can be to get out of a lifelong timeshare contract. Many people consider this to be the primary con of timeshare ownership. If you own a deeded timeshare, even death will not relieve you of the financial burden or contract.
Instead, the deed will transfer to someone else in your family, leaving them with the burden, and no one wants that.
Another huge con of owning a timeshare is the fact that you have no control over who uses it when you're not there. You won't get any say in who else owns the timeshare. You usually don't even have the option of choosing exactly what week or weeks you'll get to stay in it.
Don't Fall for Cheap Timeshares
Sure, if you look around online, you can find timeshares which are selling for as little as $1. Seriously, only $1! But, even at this supposed "cheap" price, your timeshare is still going to cost you. As such, finding truly cheap timeshares is highly improbable.
You see, there are many different types of fees associated specifically with timeshares.
The first of these are maintenance fees. The maintenance fees on your timeshare are mandatory. You'll need to pay them regardless of whether you are staying in your timeshare on any given year or not. Take a look at this post on our blog for more information on the many fees associated with owning a timeshare.
Other fees you'll owe if you buy a timeshare are mortgage fees and any applicable brokerage fees. These, in addition to costly (and most likely, continuously rising) maintenance fees, are sure to throw any vision of cheap timeshares you may have right out the window.
If you come across a supposedly inexpensive timeshare option, whether new or used, don't fall for it. Be aware that there are often hidden fees, and that you'll need to be accountable for them no matter what. This means whether you actually use the timeshare, or not.
No one wants to pay for something they're not even using. Understand this, and you'll be much more likely to avoid falling into what could be a lifelong trap which could be very hard to move on from.
If You Must, Consider a Timeshare Rental
If you're still drawn to the idea of a timeshare, we would recommend looking into renting a timeshare as opposed to purchasing either a new or used one.
If you rent, you'll only need to pay the maintenance fees you would pay every year if you owned the timeshare. You're also not locked into a lifelong contract, so there is a lesser amount of risk involved, and you'll still get to enjoy what few benefits of a timeshare there are.
As we've learned, there are many different options when it comes to purchasing, renting, or exchanging timeshares.
If for whatever reason, you have found yourself tied to a deeded timeshare with a contract you're unable to extricate yourself from, we're here for you. Please don't hesitate to contact us to schedule a free timeshare exit consultation. We're here to help you get out of it -- alive!