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The timeshare industry is known for being very susceptible to scams; however, timeshare properties are still a successful business for most resorts.
In these times of rough economic times, it is important to take care of our money, and timeshares are not the way to achieve the financial security that we are all looking for.
Learn more about timeshares and how to get out of the contract if you have been scammed.
Timeshare Properties
Contrary to what salespeople say, timeshare properties should never be considered an investment, but only as a purchase and a vacation option.
A timeshare is a depreciating asset, which means that it loses its value as soon as you purchase it.
In fact, timeshares are close to being financially worthless.
Time shares can be sold as a piece of real estate or as use rights.
The units are usually bigger than a regular hotel room, and most of them include two bedrooms, a kitchen and a living room.
The typical form of ownership is the timeshare weeks program, in which the person owns a specific week of the year, but there are other programs, such as the points system, floating time and the splited-week.
Controversy
Even though the industry is successful, there has been a lot of controversy surrounding this concept.
Some people love them, some people hate them, but the truth is that there is no smoke without fire.
One of the most common timeshare complaints is that the units are overpriced.
The average price of timeshare properties goes from $15,000 to $20,000 USD, and you can only use them for one week every year.
Another common complaint is that the maintenance fees rise above inflation, becoming too high to be even affordable.
On the other hand, others complained about the tactics used by the salesmen to sell the units.
Typical tactics involve insults and a bunch of lies to dazzle the prospective buyers.
5 Tips for The Timeshare Property Buyer
Before embarking on buying timeshare properties, we recommend you follow these 5 tips:
- Survive the high-pressure presentation: Yes, timeshare presentations are extremely high-pressure, and the salesmen will do and tell you anything to get a sale done.
Do not act in a hurry, and ask as many questions as possible. If you don’t feel comfortable during the presentation, just walk away. - Know the numbers: Timeshare prices are anything but cheap, and we need to highlight that the purchase price is not the only expense to cover.
There are maintenance fees, trading fees, membership fees and many other costs involved. Do the math to find out if a timeshare is really what you are looking for. - Do research on the company: Many timeshare companies are known for having a dubious reputation.
Do some internet research on the company to find out if it is a good option to purchase a timeshare.
Look out for complaints, reviews and any other information that might be relevant to you. - Talk to other owners: It is always good to find out personally what the current timeshare owners of the resort think about their purchase.
However, keep in mind that not everyone has the same needs. Look for an objective point of view to draw your own conclusions about the product. - Do not consider your purchase an investment: This is perhaps one of the biggest mistakes that timeshare purchasers commit.
Do not purchase a timeshare to make money out of it. It is almost impossible to rent it, and even so, it is not a good option to stay at for most vacationers, being that they could stay at any other resort for a cheaper rate.
Also, the resale price will fall abruptly.
How to Get Out If You’ve Been Scammed
If you are a timeshare property buyer, and you feel you have been scammed with your purchase, there is a reliable solution to get out of the deal.
Timeshare cancellation is the way to go to finally cut every string attached to the resort.
At Mexican Timeshare Solutions, we offer each of our clients a free consultation with one of our associates to gather more information about your specific situation and advise you about how we will go about canceling your contract.
Contact us today for your free consultation; we pride ourselves on achieving fast results with excellent customer service!
To receive more information about timeshare properties and how to cancel them, send a WhatsApp to +52 333 239 6589, fill out 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. What do you think about timeshare properties? To know more about timeshare sales, visit:
Timeshare "properties" is a clear example that is not something yours, actually we are fighting against royal holiday to get a full refund of our timeshare membership, we cannot pay anymore the high maintenance fees, also the service is very inefficient, so please dont bother in buy a timeshare, just dont waste your money on that.
En nuestro caso que tenemos una membresia de tiempo compartido con pueblo bonito podemos decirles que nunca tienen disponibilidad, realmente no eres dueño de nada y lo que si es seguro es que tienes que pagar mensualmente una cuota, din mencionar que son carisimas, no recomiendo para nada un tiempo compartido, no es una buena forma de gastar tu dinero.
So, this seems like its too good of a deal. I would only pay $3200 down and an estimated $126.00 Monthly??
Advice, insight, recommendations, comments?
Can someone please tell me how to get the deed of trust and certificate of title for the timeshares that have already been paid for? I'm thinking about getting an attorney to help me cancel my memberships. But I don't think I've ever got those two documents. Thanks!
it's funny how the things are, when you are thinking to buy one, everything seems to be perfect, but once you ask other people about it, everything seems to be wrong
I agree with your view on timeshares
PLEASE, do not buy a timeshare, they dont need your money they just want to keep robbing people!!!
it's so important to read this article, more than one fell into that scam!
last year my wife and I were scammed by the grand mayan into buying a timeshare membership. We trusted them on the resale of our timeshare to pay for theirs and the rental of the weeks to be a plus income.
Couple of months later we realized the painful truth. We were lied and scammed by the resort representative, fortunately we realized it before sending final payment.
We then made an agreement with the company to get our contract cancelled and the deposit refunded, 2 months ago, but to date we are still waiting on the refund of the money. After several emails and phone calls we are now able to tell we were scammed once again.
We have tried in the last month to get to upper levels within the company since the service rep that assisted us with the cancellation isnt responding anymore but NO ONE has had the courtesy to contact us back.
I hope many people read this post and avoid going to the grand mayan timeshare presentations. They cannot keep their word, everything they do is to screw you more. Dont trust them.
i agree, never never never consider a timeshare as a purchase, you will not have anything in return
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