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Timeshares can be an okay option for many travelers, but they can also bring many problems. Learn the most common timeshare problems and how to get out of them
There are lots of misunderstandings regarding timeshares.
The basic idea about them is simple enough-you own the right to use a luxury suite in paradise every year, but it seems almost too good to be true.
Even though many people love them, timeshares have been categorized several times as one of the worst purchases you could ever make by many financial magazines.
Know the most common timeshare problems and how to avoid timeshare scams.
Timeshare Industry
The timeshare industry is very complex and controversial. Some people love it, some people hate it; there are no uncertain terms.
The truth is that the sale of vacation ownership is an extremely profitable business for the timeshare companies, being that they have the possibility to sell each unit to 52 different owners, one for each week of the year.
But, what about the buyers? Is it a good deal for them too? Unfortunately, many timeshare purchasers feel they were scammed and are not completely satisfied with their membership.
Even though timeshare sales are growing, so are timeshare scams.
Due to the increase in fraud, the high prices of the units, the lack of flexibility in the timeshare programs, and the deceitful sales practices, the timeshare industry has gained a terrible reputation.
To improve their reputation, timeshare resorts must perform a deep cleaning, or else they will be seriously affected.
Timeshare Problems: The Most Common
These are the 10 most common timeshare problems:
- Lack of flexibility: Most timeshares are sold under a fixed-weeks program, which means you have the right to use the timeshare during a certain week of the year at a specific resort; therefore, timeshares are not for people who like to travel spontaneously and even in the most flexible plans; you will always be attached to the resort.
If you’d like to know more about timeshare plans, go to our article, "how do timeshares work?"
- High timeshare maintenance fees: In addition to the purchase price and the down payment, you have to pay monthly maintenance fees, which are likely to increase significantly each year.
- The harassing timeshare salespeople: They are everywhere! In every popular vacation spot, there are basically hundreds of timeshare salespeople trying to convince you and your family to attend a timeshare presentation.
- The misleading sales practices: Timeshare presentations are known for being very long-lasting, high-pressure and full of lies. Salespeople make lots of verbal promises without any written confirmation of them, and to be honest, do you really want to spend your vacation time listening to a timeshare sales pitch?
- The impossibility of getting rid of one: Ok, it’s not impossible to get rid of a timeshare, but it is extremely difficult.
Even though there are several solutions regarding unwanted timeshares, most of them turn into dead ends and a big headache for many timeshare owners.
- The strings attached to the resort: Owning a timeshare means that you will be attached to the resort where you purchased the vacation membership for a very long period, which can be very frustrating and monotonous.
- The Hidden fees: In addition to the maintenance fees, it is very likely that you will be charged for special assessment fees and yearly membership fees.
- They are difficult to rent: If for any reason you are not able to use your timeshare in a certain year, it is not very probable that you can rent out your weeks, regardless of what the sales reps might have told you.
First, you need to join a rental program, and then wait for someone who is interested in renting your weeks, but that can take a little while.
- They are difficult to swap: Many people buy timeshares with the intention of traveling around the world. Big mistake.
While there are many timeshare exchange companies, most times you need to wait for over a year to find someone who is interested in exchanging his timeshare with yours, and additional fees will be charged.
- Timeshares do not appreciate: Timeshares do not go up in value, in fact, they lose over 50% of their value at the moment the purchase is made.
That’s why a timeshare should never be considered a financial investment.
How do I Get Out?
To be honest, getting rid of a timeshare is not as easy as buying one. In fact, there are many timeshare owners who are willing to give away theirs, even for free.
However, it is important to know that every timeshare contract has a rescission period. This rescission period depends on the timeshare law regulations of the city or country where the purchase was made.
What if the rescission period has expired?
Most timeshare problems begin after the rescission period has expired; however, there are several ways to get out of a timeshare contract legally.
Some choose to sell the timeshare, and although the idea is simple, the process is very complicated, since the supply greatly exceeds the demand.
Some others want to donate their timeshare, but most charity organizations are not taking timeshares because they are not willing to pay the expensive fees.
The good news is that timeshare cancellation is possible, even when the rescission period has already expired.
At Mexican Timeshare Solutions, we assist timeshare purchasers who feel they were scammed by the developer.
MTS is a legitimate company that works on a contingency basis and only collects fees if your contract is properly canceled, otherwise, no fee is charged.
Contact us today for a free consultation and release yourself from your timeshare problems.
To receive more information about timeshare problems 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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Leave your comment below and share your opinion with us. To learn more about timeshare problems, visit our article:
busquen asesoria de una empresa de cancelacion, siempre es lo mejor ellos se especializan en eso por algo
si es verdad que a muchas personas se les dá mejor eso de planear con mucha anticipacion cualquier viaje, pero y a los que nos gusta lo espontaneo? los tiempos compartidos no son una opcion!
that's the most common question i've ever heard, and sadly the answer it's the most difficult thing :S
that's the most common question i've ever heard, and sadly the answer it's the most difficult thing :S
I went to a time share presentation in Vegas and they were just as nice a people you could expect UNTIL I starting saying no and boy did their "wonderful" attitude change and they started to bring the "big boys" in. One thing that changed it was when I said that I might be interested if I could pay for the time share right up front rather than over time. That brought them to a quick halt and they "stumbled" around telling me that would not be possible. I found out the time payments had an 18% interest fee !!!! Also when I asked about using my "timeshare" in Hawaii, every year, they hemmed and hawed until I found out you could only reserve there once every 4 years. I did get to finally leave with my 2 tickest to see the show "Mama Mia" but "wasted" 2.5 hours of my day.
If it feels scammy then it probably is. This is very interesting and I never knew very much about them other than that some friends had bought them in the past. Transparency leads to confidence but it sounds like there are hidden fees, etc. Your insurance for not getting scammed, it seems like, is to stay far away.
My wife and I purchased a timeshare in Hawaii about a year ago, a bad move on our behalf. We are Australian and find it very difficult to communicate with Wyndham, especially since they don't respond to e-mails. Is there a way out of this contract? If I default on my re-payments will they pursue us with legal action?
Any advice would be great!
no hay mejor opcion que llamar a un abogado o contratar una empresa de cancelacion de tiempos compartidos, es mejor dejar que los especialistas se hagan cargo de esto :)
We went on vacation to a Karisma property in Cancun through a website called saveonresorts.com. Part of the deal was we go on a timeshare talk during our vacation. This was going back 5 years, so my wife says its not available anymore. However, you can contact Karisma to see if they offer anything like what we got.
They are a real fraud. After years of scamming we need to bust them up! Tell all your friends, family and neighbours.
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