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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:
that's why people keep getting scammed, because they still thinking that timeshares are an investment
Guys, there is no such thing as a free lunch, free dinner, or free show tickets. Ask yourself this question when accosted by these slimy-salesmen: "Is a $50 dinner worth two hours of our time in a stressful environment?"
NO.
Walk.
Away.
In my opinion timeshares are inherently a scam. Someone builds 100 condo-style units at $100K each for $10M, sells at least 26 weeks for each unit at $15K a pop for $390K each or $39M total, and pockets the $29M net.
I have a friend that wants to give away a time share in Mexico. She and her husband just want to get out of the thing. They have almost never used it and with today's real estate market, are having trouble selling it
nowadays all the resorts have dubious reputation, i think it's better to stay away from timeshares
Fraudsters take advantage of the lack of coordination between public and private institutions and different countries.
timeshare properties are never a good purchase and obviously it's not an investment
My husband and I were stupid enough to buy from Wyndham. They double and triple teamed us trying to sell us. After many hours (we arrived at lunch time for a 90 minute presentation) and left as the sun was going down. We were definitely scammed and would never recommend anyone buy from Wyndham. The ‘points’ we bought are so minimal (84K) that we were later told it wouldn’t be enough to go to the place we discussed during the sale. That was the whole reason we bought in – so we could go home (another state) for about 20-30 days each year. We were assured that we would easily be able to do this. We have now owned for 1 1/2 yrs, and have not been able to stay ANYWHERE using our points. I have tried numerous times over the past year and a half and all I got were excuses for why we couldn’t do what we were told we could do – use the points to go home for visits. In December I had to move the points to RCI or lose them. Just so you know there are additional costs involved in the process of then using the points – if that ever becomes possible. These people lied, lied, lied. My husband and I are on a fixed income and thought the purchase would save us in the long run. We are retired and my husband is 74 years old. The monthly costs are be charged to us but we can’t get anything for the money spent. We even went to a second ‘meeting’ where we were told someone would help us so we can use what we bought. A supervisor came over (our sales rep. was obviously new) to help us and said ‘of course we can use the points just like we were originally told. He said he would help us get a reservation at ‘home.’ Hours later the newbie sales rep said the supervisor said we don’t have enough points to stay where we wanted and the other location was not available for over 2 years. The supervisor would not come back and face us. I recorded the entire conversation.
Run – don’t walk away from anyone or anything having to do with this company. There are many other conversations I had with Wyndham employees and all I got was the run around and opposing information. RUN!
I wish my husband and I were strong to say "NO" when they try to sell us those time share and really read the agreement in detail. We said no to the big package, but agreed to take the "sampler." What we didn't aware of that on the agreement there is no really clause for cancellation except we have the right to cancel the contract within 7 days. Our financial situation is not in the good term at the moment and we want to cancel the contract. But our request has been denied. We owe them $2,130 and they said if we can't pay it will go the debt collector. I feel soooo trapped.
My husband Earl and I took a vacation to Mexico. What appeared to be a relaxing trip, turned in to a nightmare on the second day when we were invited to a ¨Free Breakfast¨ for ninty minutes and cross our path with a real scam artist who convice us to purchase $36.000 two Bedroom unit we don´t need with a scamming investment pitch. we would rent each week for $2.500 and have it paid for in three years. We sign a waiver rescinding our 5 day cancellation right.
Twelve days after, when we got back and realized we couln´t afford this purchase, we tried to cancel, no one from Mayan Palace accepted our Cancelation petition.
although our five days were up and didn´t have the waiver, we contacted a Law Firm who specializes in timeshare fraud and within 15 days we were able to get our Down payment back.
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