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Over time, Timeshares have become one of the most controversial industries. Find out the hidden truth behind timeshare myths
Timeshare industry has experienced a considerable growth over the last few years.
On the surface, it looks like it is a reliable market and an innovative way to vacation; on the other hand, timeshare frauds are happening on a daily basis, putting thousands of families in a critical financial situation and taking millions of dollars each year.
Such conflict has created lots of misinformation about timeshares, and most timeshare myths come from timeshare salespeople. In the following, we will expose some of the most popular timeshare myths.
8 Timeshare Myths exposed
Timeshare Myth # 1: A timeshare is a good financial investment
Reality: Timeshares are not an investment at all. A timeshare is a purchase instead of a financial investment.
You have to pay an initial purchase price and annual maintenance fees, which tend to increase each year.
Timeshare Myth # 2: You can rent your timeshare weeks and make a profit
Reality: Timeshares are not high demand for rentals. It is much easier and more practical for people to rent a room in a regular hotel than to rent a timeshare.
Timeshare Myth # 3: A timeshare can be easily sold anytime
Reality: The timeshare resale market is not robust, and never has been. There are owners who have tried to sell their properties for years without success.
Timeshare Myth # 4: Timeshares are for everyone
Reality: Timeshares are not for everyone, in fact, they are not for a large range of people. Timeshares are for people who like to vacation in the same spot every year, not exactly for travel lovers.
Timeshare Myth # 5: Timeshares go up in value
Reality: When a timeshare is first purchased, it loses 40-70% of its original value. In fact, many timeshares are being sold for a buck or even less.
Timeshare Myth # 6: Timeshares are Real Estate
Reality: Legally, they are, but in essence, timeshares are not Real Estate. As a matter of fact, timeshares do not appreciate like regular Real Estate.
A timeshare is a shared ownership that you partially own.
Timeshare Myth # 7: If you stop paying, the resort will take the timeshare back
Reality: There is no way the resort will take your timeshare back. It is likely that the resort will take your unit back by foreclosing on it, but this is not an option for them.
It is more probable that you will take your debt to a collection agency, which ends up affecting your credit score.
Timeshare Myth # 8: You can easily trade your timeshare location to another location anywhere in the world.
Reality: Timeshares are not easy to swap, and the exchange process is more problematic than it’s worth.
Usually, owners have to upgrade to be able to trade locations, which means they have to pay much higher fees.
Take your time when buying a timeshare
Don’t let yourself get carried away by the fake promises made by the salespeople. Consider all the timeshare myths cautiously before putting your hard-earned money at stake.
Know all the risks that owning a timeshare involves, as well as the terms and conditions established in the contract and your cancellation rights.
The worst thing you can do is rush a decision without giving it much consideration. Be able to identify timeshare lies said at timeshare presentations, and don’t let yourself dazzled by them.
Learn to say “No!”
If you're sure you’re not interested in buying, then don’t buy and learn how to say “No”. Do not feel obligated to do something that will eventually get you into deep financial trouble.
Timeshare sales practices are known for being high-pressure and aggressive, and the salesmen will insist you persistently buy a timeshare.
Beware of timeshare presentations. We know from people who attended a timeshare presentation in order to get the freebies, and ended up purchasing something they did't really want or need.
If you, or someone you know, owns a timeshare you want to get rid of, contact Mexican Timeshare Solutions for free advice.
Mexican Timeshare Solutions offers you a free consultation on how to get rid of your timeshare easily and legally.
To receive more information about timeshare myths and how to cancel your timeshare, send a WhatsApp to +52 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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No one can guarantee you that your timeshare will sell, but every day around the world, timeshare resales are purchased. Your opportunity to sell your timeshare increases when you choose to advertise it in a large, established marketplace.
How can this myth still exist? Timeshare is NOT a financial investment; it is avacation choice.
This article exceeded my expectations, thank you for being as objective, there are many reviews and articles on the existence of fraud in Timeshare buying, but I've never found a comparison as clear about myth and reality.
I dind't really know the truth about timeshares until I read this article and these are most common lies about timeshares
Salespeople will tell you anything they can to make you fall in the trap, they even tell you lies and when you realize of that is too late
Timeshares need to be looked up as a purchase and not an investment. Regardless of how timeshares are presented, they don´t perform as well as a house or stock investment. If you look around the resale market for timeshares on websites like EBay, Redweek, or TUGBBS will find that you can buy a timeshare for far less money than what the first owner purchased it for
A few months ago we were to a beach holiday and a saleswoman invited us to visit a hotel, after a very good brainwashed, we bought a timeshare in eight years credit, all well until we got home and reviewed thoroughly the contract a clause came where we had to pay a very expensive maintenance, what a disappointment .. what could we do to rescind the contract?, we've already gave a 15% down payment and we have not used anything .. and there is a clause that if we want to rescind the contract we have to pay 60% of the total ... help!!
As a timeshare owner (Marriott Frenchman's Cove, Starwood Myrlte Beach), I disagree with most of what you've written. First- our Marriott timeshare is a 2 br Oceanfront unit during New Years week. If we wanted to rent this unit from the developer, we'd spend $1,000 a night- or more. Renting from an owner would be less- 3500-4500 for the week. An ocean view hotel room during this same time would cost between 500-700 per night. We paid 42k and received 120,000 points from the developer (which we used for a trip to Hawaii). It's deeded and we own it forever. If we want to go somewhere else- with the new points program they have- we can trade our week in for over 5800 points! This is enough for multiple weeks in non-holiday times, and even more time is smaller units. We pay about $1500 a year in fees/taxes.We also rented our unit one year (2011) for $4600. We feel we've purchased a great product at a great value. In fact, to buy 5800 point now would cost well over 55,000- $13000 more than what we paid- and at that price- it would still be a good deal over time for someone who vacations. Certainly, timeshare isn't for everyone! If you don't travel to vacation/resort destinations, it's a waste of time any money. But for us- we are building equity in a product we own and will use every year for the rest of our lives. At the same time- we are able to stay in places we'd never consider renting ($7,000 for a two br during new years in the Caribbean! No way!).
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