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Timeshares had their origins in Europe in the 1960s, at a ski resort in the French Alps.
By the late 1980s, timeshare ownership had quickly gained popularity in the rest of the world. Nowadays, vacation properties are known for being a well-accepted way to vacation.
Timeshare industry is a multi-billion-dollar industry that is spread all over the world.
According to an RCI report made in 2001, there are over 5000 timeshare resorts worldwide: 31% of them are located in North America, 25% in Europe, 16% in Latin America, 14% in Asia, and the rest in Africa.
Timeshare Ownership
A timeshare is a property that you have the right to use for a period of time every year, along with other owners.
The properties are usually resort condominium units, equipped with several bedrooms, a kitchen, and a living room.
Instead of paying for the whole property, you only pay a “share” of the whole price.
Owning a vacation property means that you have access to the “share” you own in a resort condominium at a specific time of the year.
Because of the size of the units, Timeshare ownership can be good for big families who want spacious rooms and all the facilities and amenities that only a resort can provide.
Although the idea of timesharing might sound good, there are lots of complaints about it. These are the most common timeshare complaints:
- The units are overpriced. The average cost of a timeshare unit is $20,000 USD, plus the hidden fees
- The high timeshare maintenance fees, which increase every year
- The struggle to sell a timeshare. Timeshares are very difficult to sell, not to say almost impossible
- Timeshares do not appreciate; in fact, they lose over 50% of their value at the moment the purchase is made
- Timeshare presentations can be unscrupulous and misleading. The units are sold aggressively and without any legal advice
How Does It Work?
The timeshare system is pretty simple: basically, you have the right to use your property for a week every year; however, not all timeshares are the same.
Timeshare ownership is sold under different plans; these are the most popular ones:
- Fixed-weeks: You have the right to use the unit during a specific week of the year. This is the most basic type of timeshare ownership.
- Floating weeks: You have the right to use the unit during a week during a specific season of the year.
- Splited-week: You have the right to split your week into two or more periods
- Points-based system: You buy an amount of points that equals the level of ownership. This program is more flexible than any other system.
Watch Out For Timeshare Scams:
The first thing you need to watch out is the sales pitch. If the timeshare salespeople are overly aggressive, they are probably trying to scam you.
They might also make many promises, but without any written confirmation, do not believe everything you hear.
Also, keep in mind that purchasing timeshares under construction might be a risky business.
Before you buy, you need to be sure you are going to be able to use your timeshare every year.
It is also very important that you take your time to do a thorough research on the company.
Is Timeshare Ownership Revocable?
Every timeshare contract must have a rescission period. In the USA, it depends on the State where the purchase was made, while timeshare regulations in Mexico establish that every timeshare contract has a 5-day rescission period.
Unfortunately, there are many timeshare purchasers who are not aware of this, and they realize they cannot afford the vacation ownership, after the rescission period has already expired, which makes the cancellation more difficult, but not impossible.
Mexican Timeshare Solutions is a legitimate company that doesn’t charge any upfront fees.
Our associates have several years of experience in the timeshare industry and are successfully able to resolve timeshare scam cases in an ethical and professional manner. Contact MTS for a free consultation.
To receive more information about timeshare ownership and how to cancel your timeshare, send a WhatsApp to +52 1 333 239 6589, fill out the contact form, or call us at +1 714 277 3662
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Hacen 5 dias hoy mi esposo y yo firmamos un contrato con CID Resort Marina, MX y no nos dieron copia de los documentos. Dijeron que los enviarian por correo electronico y no los he recibido. Me gustaria que me ayuden a cancelarlo ya que me han dicho que cometí un error.
I have been promised a buyback of my contracts. I have paid four different taxes supposedly from the Mexican tax office. I was to receive my buyback plus all taxes paid on September 22 the next day I was told I was to pay another tax by wire in one day. Once received the total,amount of tax plus the value of my two properties would be wired to my account in 5 business days in the meantime when I paid the last luxury tax I has a notarized document stating I would receive all money by September 15. I know they have others with this buyback agreement. It's all a scam. Take heed anyone out there who has dealt or is considering dealing with Grand Miramar or Legacy their new name
Actualmente es muy dificil librarse de la membresia, mi esposo y yo tenemos casi 10 años con una membresia de royal holiday , y desde hace 2 años buscamos como cancelarlo ya que las cuotas de mantenimiento son muy caras , no nos quieren dar la cancelacion por nada, piensen bien antes de adquirir un tiempo compartido.
Just for advertisement , before sign any contract is neccesary to read carefully all the clauses, do a deep research before give any cent, and even better if you could avoid that , dont get involed.
Es un cuento que nunca termina, despues de que adquieres tu membresia cada cierto tiempo te exigen casi casi a que hagas un "upgrade" lo cual no incluye nada nuevo pero como es parte del contrato es tienes que hacerlo pagando mucho dinero ! esto es un dolor de cabeza.
None benefit, really all is only part of the hook , please dont get involved on timeshare business and all that timeshare promises from the salesman, invest on a timeshare is like invest on trash , even trash could be a littlebetter..
Hola , hace poco compre una membresia de tiempo compartido con un resort en mexico ( pueblo bonito ) y si fui totalmente estafado , porque nada de lo que me dijeron durante la presentacion antes de comprar el tiempo compartido fue real , batalle mucho con ellos y sobre todo me salio caro .
Que tal , en lo personal tuve muy mala experiencia con el asunto de tiempos compartidos, tenia una membresia donde desde el primer dia que la adquirir me prometieron que podria usarla para cualquier servicio , cosa que no fue asi , me obligaron practicamente a pagar un dineral por hacer un upgrade..
I would not consider a timeshare. I don’t like the way they are marketed, and that alone is enough to keep me away from them.
I wouldn't buy a timeshare, not even for a buck!! Timeshares are a purchase and not a financial or real estate investment, even if it's a resale. You'll have to pay all the annual fees and could get into a big debt.
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