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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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buying a timeshare was the biggest mistake i've ever done!! i just want to know how to get rid of it!!!!
The timeshare we bought into has fallen into disrepair and is reputed to now be a center for drugs and prostitution. As a result our trading power has plummeted. Our once GOLD standard trade power used to be one week at our timeshare equalled TWO weeks trade. Now it's just the opposite…..we must bank two of our weeks to get not quite ONE week of trade.
We feel that our contract has been violated. We cannot stay at our "home" timeshare because of it's reputation…..yet we cannot sell it nor even use it for reasonable trade power.
We have had this timeshare for over 10 years but want nothing more than to be released from this worthless contract.
Do we have any legal recourse for this?
es un lujo que no todos podemos permitirnos y es por eso que cuando vienen los pagos nos andamos infartando :/
I think timeshares can be a considerable option for those who love traveling, but they come with huge financial risks. Besides the initial purchase price and the down payment, there are other fees to consider. Timeshare maintenance fees are the most important charge that the resorts make to the owners.
piensen muy bien antes de comprar su tiempo compartido, despues sera casi imposible deshacerse de eso!!!!
i don't feel proud of being an owner of a timeshare, actually i feel embarrased
What the only thing you need to know about timeshare: Get far away from that business!
I need some help! I own a timeshare and I want to get rid of it. How can I do?
Why purchase a time share?
We've done the maths and cannot see a financial or any other benefit in this type of investment.
In 1997, Cancun was on the way out as a premier beach destination. I hate to think what it is like now.
As with anything else, I think if you are willing to do “due diligence” and you have a very good handle on your needs, wants and budgets, a timeshare of some sort could work, but it is vital to be an educated consumer. As for resisting a hard sell, my husband has wisely left me home when we have had to purchase a car.
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