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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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we have to understand that timeshares are not for everyone..
We bought a timeshare from Coral Resorts at Hilton Head.I feel like an idiot, but the salesman was great,by the way, I was shilled by the tourist information guy at “The Crazy Crab”. I bit like the stupid fish I am, did not read the small print,was a day late to cancel.If these guys were not crooks they would have let me go when I asked,but of course, they are are truly evil reptiles. It will basically ruin me if I keep it ,you are not buying real estate, you are getting an obligation-forever!Now I am looking at the expense of hiring a firm to get me out of this jam.Timeshares are a criminal activity,a crime against humanity,whatever! If they refuse to release me, one of my strategies will be to do everything I can to disrupt their business legally[but as close to the edge as possible]. So,like it not ,I might spend my next vacation in Hilton Head dodging the law.
i don't understand why people keep buying timeshares and paying manteinance fees, that's ridiculous!
i have been contacted by a company. they tell me they have a buyer at this moment who wants to buy my timeshare, which is in puerta vallarta. after speaking with them a couple of times about process, etc., they sent me a $$ figure for the offer. they have now sent me a contract for the sale, which i’m to complete, sign, notarize and fax back to them. there is an escrow account that is being established, and upon receiving the $$ into my account, i then mail the original copy of the sales contract and the deed document. there is no $$ upfront that i pay. sounds strange to me, has anyone heard of this approach yet?
We bought a time share in PV recently and were told that we could rent out our award weeks and grand weeks. Now we fine that we can not. We were also told that due to some exchange clause that we could not rescind in the five day period. Well we fine that that was not true either. We are now trying to dispute our credit card charges and cancel the contract. Can this be done and if so how. Please any advise is welcome that may help.
Very good points, thank you for the tips. I was recently tricked into doing a timeshare presentation and I’m definitely going to use your tips when I go. Basically, I was at a fair and was told that they were doing discounted stays at a resort in Florida. I agreed, filled out the paperwork, and paid. At the end of the paperwork, before the signature page, the guy said “oh by the way, you will have to do a brief presentation when you are there.” There was nothing stated about timeshares, but I did some research and figured it out. No problem, I get to stay at a resort for pretty much nothing and thanks to your tips, I won’t have a hard time with the pushy people.
me ha quedado bien claro, tenia la tentacion de comprar uno, pero creo que mi mejor opcion ahora es no meterme en esos lios
Realmente pienso que el estado mexicano debe intervenir a travez de sus instituciones de proteccion al consumidor, porque de la manera engañosa como presentan su producto, realmente es una estafa, porque cuando luego uno quiere hacer uso de la misma se presentan un monton de cargos adicionales que es mas barato tomar los servicios directamente.
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