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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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simplemente el estar dando pie a ser estafado, es como acercarse a que les muerda el perro!
I can't say that I know alot about them but ALL the financial things I have ever read have always said timeshares are a "what NOT to do."
me llamo muchisimo la atencion lo de que se devaluan tanto y tan rapido, entonces el venderlo realmente al final no seria un opcion
antes de comprarlo hay que estar informado de lo que es, mucha gente piensa que ya teniendolo podra moverse a otros resorts con toda la felicidad del mundo, etc, pero no es asi
one of the most annoying things about a timeshare: the hard sell. you go on vacation, only to have the folks wave a $75 giftcard or something like it "if you'll only take our quick survey." the quick survey turns lengthy (and you are wasting your own vacation time, which is worth way more than whatever prize they are "giving" you) and also pulls up a lot of your personal info that they oughtn't be sharing or going into. and if you don't accept the invitation initially, they will hound you all week. we finally took our room's phone off the hook because they were calling daily and often. i never wanted a time-share but through family circumstances, i have one now, and sheesh, i would advise against it.
yes, timeshares have a bad reputation, there are a lot of risks!!!
yeah, i agree in everything, it's very stressful to keep paying maintenance fees, and weeks that i dont even use.
I would never buy one. They don’t seem like a good investment at all.
the big risk and the principal i think, is that probably you're not going to use your timeshare and keep paying for something unnecessary
Timeshare isn't an investment and people who think it is are stupid. A timeshare allows you to lock in the price for future vacations at current rates. If you use it every year it pays off in the long run. If you don't use it then it is your fault. Timeshare usually allows you to basically stay in large apartments rather than cramped hotels. It doesn't go up in value, but it can save you money long term and provide a much more comfortable way to vacation.
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