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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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TIMESHARE OWNERS IS JUST BULLOCKS, IT'S LIKE OPENING A BIG CLUB WHERE ONLY A LITTLE PART OF THE MEMBERS GET WHAT THEY REALLY DESERVE
So you buy a time slot or share of a property and than pay additional fees for maintenance and than find it extremely hard to sell this "option" to others? So you pay exorbitant upfront costs and basically own it for life?
Time share on the secondary market can be a reasonable deal. But for the overwhelming majority of folks, time shares purchased from the original developer is a horrible dea
With the new timeshare resales laws and various government agencies now finally taking action after all these years, the future looks dim for timeshare scammers who prey on unsuspecting and gullible timeshare sellers.
Timeshare owners don't have any rights. Hell you could buy every unit in the resort, pay in full and be the solo owner without having to share with anyone and you still don't have any rights. The management can charge you what ever maintenance fee they feel like it. There no way to vote them out, appeal, surrender your property. It's the ultimate scam.
Even timeshare that are not total ripoffs are not good deals, the average year maintenance fee is $800 a year, multiply that by 52 deeded weeks in a year, times say 200 units, that's 8 million a year, It does cost no 8 million to run a 200 unit property, lucky if it cost half that with employees, utility and taxes. It's legalize robbery.
Owning a timeshare is not as bad as it sounds if you know how to use properly, thanks for sharing the article
Owning a timeshare is not as bad as it sounds if you know how to use properly, thanks for sharing the article
Me gustaria podel conprar , tiempo conpartido
It's good if you are into taking yearly vacations.
If you are a vacation travelor, yes it's worth the money. If you only vacation once in a while (like most) don't buy the hype.
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