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The timeshare industry keeps getting a bad reputation, and yet there are many people who still pay thousands of dollars for them.
In fact, time shares are one of the top sellers in the hotel industry; however, that doesn’t make them a good purchase.
Learn more about timeshare scams and why buying timeshares might not be a wise financial movement.
What is a Timeshare?
Timeshare ownership, also known as fractional ownership or vacation club membership, is a very special type of ownership or use rights that several parties share.
Timeshares can generally be found in important vacation spots. In most cases, the resort owns the property, so your purchase is not legally considered real estate; you only own the right to use the resort during a specific week of the year.
Most timeshares are sold for weeks known as “intervals”, which means you purchase a specific week of the year, to use it for a certain number of years.
However, there are other plans, such as the Points program, in which you buy a certain number of points and exchange them for a specific room and length of stay.
Buy Timeshares
Timeshare sales are extraordinarily successful in the travel industry, and a very profitable business for the resorts.
Every timeshare unit is sold to 52 different people, one for each week of the year, and each week is sold for at least $15,000 USD. That means that the resort gets about $780,000 USD for each unit.
That is without considering other expenses, such as the maintenance fees.
Nevertheless, many people buy timeshares, not because they want to, but because they are practically forced to.
Timeshare presentations are particularly known for being misleading and high-pressure, which is the main reason why most people feel they were scammed.
10 Reasons Why NOT to Buy a Timeshare
These are 10 reasons not to buy timeshares:
- You will have to pay expensive timeshare maintenance fees, which are likely to increase each year
- It will be extremely difficult to sell it, not to say almost impossible, being that the resale market is poor.
- If a natural disaster occurs, or if there is a remodeling taking place at the resort, you will have to pay special assessment fees
- Timeshares do not increase in value, in fact, they devalue almost 70% at the moment that you first purchase it
- There are lots of hidden fees, and all of them need to be paid on time, whether you use your timeshare or not
- Doing a timeshare exchange is a difficult process, and perhaps it's more trouble than it’s worth.
- Timeshare salespeople will tell you that you can rent your timeshare if you don’t use it.
What they don’t tell you is that renting your timeshare requires a lot of paperwork and the payment of extra fees. - If you do not make your payments on time, they will send you to collections very quickly.
- Contrary to what you might believe, timeshare travel is expensive, being that you have to cover a lot of yearly fees
- They are definitely not for spontaneous traveling. You are attached to a specific week of the year
The Best Way to Get Out
Unfortunately, due to the misleading tactics used to sell timeshares, there are lots of people who have become victims of a timeshare scam, and the best solution to get out of the trap is by canceling the contract.
At Mexican Timeshare Solutions, we strive to give back freedom to people who purchased timeshares for the wrong reasons, such as the financial investment spiel.
Call us for a free consultation on how we can help you cancel your timeshare contract. Remember, our service is risk-free as we work based on results, so you do not waste any money paid up front.
To receive more information about buying timeshares and how to cancel them, send a WhatsApp to +52 333 239 6589, fill in the form in the contact section, or call us at +1 714 277 3662.
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Leave your comment below and share your opinion with us.To know more about timeshares visit:
They sold us on a 1-week vacation every year, however after our first vacation, we found out that with the points we had we could not take a week unless we banked our points from the year before and borrow from next year, so frustrating.
bought a timeshare for elcid hotel in Mexico we have been paying this for a year now and can't get in touch with anyone there to cancel this contract. We have only 2 months of payments left and feel that we were taken for over $8000.00 I also heard that they shut down shop and moved to who knows where. but they are still taking the money from my credit card. DON'T BUY ANYTHING THAT IS A TIMESHARE OR TRAVEL DISCOUNTS
Ni se les ocurra adquirir tiempo compartido con ningun resort! bajo ninguna circunstancia acepten firmar algun contrato, ya que esta totalmente probado que las membresias de tiempo compartido son una estafa! nosotros estamos muy arrepentidos de haber comprado una hace ya casi 3 años, aun luchamos por la cancelacion de contrato.
Please dont get caught people, timeshare its never be a good buy, we get caught like 2 years ago in a timeshare presentation of Pueblo Bonito, we bought a membership and we never get what they promised, actually we are fighting against the resort to get a full refund of our money!
Hola sobre todo creo que el riesgo mas grande es que despues NO PUEDAS CANCELARLO , es dificil de creer para muchas personas pero por experiencia los resorts con cumplen consu palabra, y por si fuera poco suben todo , mantenimiento , servicios inexistentes entre otras cosas, yo me vi atrapado en todo esto , ya cancele , pero hasta la fecha aun no me repongo economicamente, piensen bien antes de adquirir uno,saludos.
Es un riesgo muy grande, mas cuando no conoces acerca del campo , o no lees bien el contrato , muchas veces nos dejamos llevar por la emocion de vernos disfrutando de algo maravilloso cerca del mar , la verdad es que las consecuencias son duras..me refiero a que cuesta mucho dinero mantemerlo, mucho mas de lo acordado en el dia que lo compras.
Creo que el mayor riesgo es que pierdes una gran cantidad de dinero sin reembolso alguno , al menos en mi caso asi fue, fui a una presentacion de tiempo compartido en cabo y me terminaron vendiendo uno , firme y ahora nose que hacer con el contrato , necesito ayuda.
I would never buy a timeshare property. It may work out for some people but I think it's a bad investment. If I'm going to invest in a vacation home, I would buy my own condo and rent it out myself during peak seasons. So many people do that these days and with the internet and fax machines you can do most everything online.
Amigos y amigas si estan pensando en adquirir un tiempo compartido porfavor no lo hagan , chequen en internet y se daran cuenta que son de las peores cosas que uno puede hacer, la vd que con mi experiencia solo les puedo decir que no es para nada una buena inversion , cuando uno ya no quiere usar la membresia es toda una odisea lo que tiene que pasar uno para cancelar.
SI estas involucrado en un asunto sobre tiempo compartidos, y estas teniendo problemas con el , lo mejor es desacerte de el , lo dificil es que no es tan facil hacerlo, ya que estos resorts te tienen atado con contratos qe seguramente firmaste y no viste o leiste las pequeñas letras, deben de tener mucho cuidado y hacer una investigacion a fondo antes de firmar cualquier papel .
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