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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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No lo consideraria un riesgo, es mas bien un fraude, un total fraude por parte de todos los hoteles que solo buscan sacarle dinero a todos los turistas, usan tacticas tan desagradables pr tal de que uno compre , todolo que prometen es pura mentira , los contratos que firmas despues te salen con otra cosa y cargos extra, jamas compraria uno
the big risk? you can loose a lot of money, because sometimes you are not going to be able to use it
I have been trying to unload my timeshare for 14 years now.I too got caught up in the moment,didn't read the contract in it's entirety and have never used it. Maintenance fees are up to $800 per year now. The biggest mistake I have ever made in my life. Times shares are worthless,they have very little or no value at all.Try selling it back to your resort or through a resale agency.Rip offs and scams is your reward.Yes been there done that.Yes you can enjoy them now,but when all your children are grown and you are in your senior years and can no longer travel,then what will you do with them? A time will certainly come when it will no longer be beneficial to you and then guess what?You can't sell it and upon your death it passes on to your heirs.This is a horrible curse to put upon your loved ones.Even death does not stop this evil thing called timeshare.For those who have been lucky enough to sell their timeshares,other than telling us you have accomplished this,PLEASE,PLEASE,tell us how and through whom this was done so that we too can be timeshare free.Dave if you have or can suggest a reliable timeshare relief agency please enlighten me/us as well.I just want OUT!
I have done some research and come up with one question. Why are timeshares allowed to operate the way they do. Its ridiculous. What do you do if you can’t afford to use it or afford the HOA fees because of the downturn of the economy. You’re just screwed I guess and none of the politicians give a crap. They don’t care that many people are completely deceived, as I was, by the timeshare people saying “Its an investment” and “You can sell it”. Check on line, some people are trying to give them away with no luck. So, I guess you are stuck even though you can’t afford the up keep. Only in America, right?
there's a lot of risks, like losing your money and be forced to pay, that kills you mentally
What's worst with these timeshare scams is that they victimized usually those owners who wanted to extract some amount even though they cannot recover the full cost before dumping their timeshare property. So, for some timeshare owners wanting to get rid of their units, beware!
Time share has a resale price if it was possible to find a buyer. Most of the people I know who have time share are happy with the holidays they obtain and know they cannot sell, even if they wanted to. Holiday clubs are simply membership clubs and ownership has no resale value as there is no entity (like a week’s holiday at a particular resort). Best to keep away from both unless you want to buy enough points to get six weeks winter holiday a year from the purchase of two weeks in a resort in July.
i think the maintenance fees are my only problem, i dont like to pay every year more and more, sometimes i dont even use my timeshare but i still have to pay for it
I must agree there are many different options to buy timeshares other than purchasing them directly from the resort. I would recommend buying from a timeshare resale site with a good reputation though instead of ebay, many people have been ripped off using timeshare auctions.
A mi me querian vender uno en dos mil pesos, estuve a punto de comprarlo pero a ultima hora me arrepenti. Ahora me alegro de no haberlo comprado.
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