Timeshares can be an ok option for many travelers, as they can also bring many problems. Learn the most common timeshare problems and how to get out of them
There are lots of misunderstandings regarding timeshares. The basic idea about them is simple enough- you own the right to use a luxury suite in paradise every year- but it seems almost too good to be true. Even though many people love them, timeshares have been categorized several times as one of the worst purchases you could ever make by many financial magazines. Know the most common timeshare problems and how to get out of timeshare scams.
The timeshare industry is very complex and controversial. Some people love it, some people hate it; there are no uncertain terms. The truth is that the sale of vacation ownerships is an extremely profitable business for the timeshare companies, being that they have the possibility to sell each unit to 52 different owners, one for each week of the year. But, what about the buyers? Is it a good deal for them too? Unfortunately, many timeshare purchasers feel they were scammed and are not completely satisfied with their membership.
Even though timeshare sales are growing, so are timeshare scams. Due to the increase of the frauds, the high prices of the units, the lack of flexibility on the timeshare programs and the deceitful sales practices, timeshare industry has gained a terrible reputation. To improve their reputation, timeshare resorts must perform a deep cleaning, or else they will be seriously affected.
Timeshare problems: The most common
These are the 10 most common timeshare problems:
- Lack of flexibility: Most timeshares are sold under a fixed-weeks program, which means you have the right to use the timeshare during a certain week of the year at a specific resort; therefore, timeshares are not for people who like to travel spontaneously and even inthe most flexible plans; you will always be attached to the resort.If you’d like to know more about timeshare plans go to our article, how do timeshares work?
- High timeshare maintenance fees: In addition to the purchase price and the down payment, you have to pay monthly maintenance fees, which are likely to increase significantly each year.
- The harassing timeshare salespeople: They are everywhere! In every popular vacation spot, there are basically hundreds of timeshare salespeopletrying to convince you and you and your family to attend a timeshare presentation.
- The misleading sales practices: Timeshare presentations are known for being very long lasting, high pressure and full of lies. Salespeople give lots of verbal promises without any written confirmation of any of them, and to be honest, do you really want to spend your vacation time listening to a timeshare sales pitch?
- The impossibility to get rid of one: Ok, it’s not impossible to get rid of a timeshare, but it is extremely difficult. Even though there are several solutions regarding unwanted timeshares, most of them turn into a non-end street and a big dead headache for many timeshare owners.
- The strings attached to the resort: Owning a timeshare means that you will be attached to the resort where you purchased the vacation membership for a very long period, which can be very frustratingand monotonous.
- The Hidden fees: In addition to the maintenance fees, it is very likely that you will be charged for special assessment fees and yearly membership fees.
- They are difficult to rent: If for any reason you are not able to use your timeshare in a certain year, it is not very probable that you can rent out your weeks, regardless of what the sales reps might have told you. First you need to join a rental program, and then wait for someone who is interested in renting your weeks, but that can take a little while.
- They are difficult to swap: Many people buy timeshares with the intention to travel around the world. Big mistake. While there are many timeshare exchange companies, most times you need to wait for over a year to find someone who is interested in exchanging his timeshare with yours, and additional fees will be charged.
- Timeshares do not appreciate: Timeshares do not go up in value, in fact, they lose over 50% of their value at the moment the purchase is made. That’s why a timeshare should be never considered as a financial investment.
How do I get out?
To be honest, getting rid of a timeshare is not as easy as buying one. In fact, there are many timeshare owners who are even willing to give away theirs even for free. However, it is important to know that every timeshare contract has a rescission period. This rescission period depends of the timeshare law regulations of the city or country where the purchase was made.
What if the rescission period has expired?
Most timeshare problems begin after the rescission period has expired; however, there are several ways to get out of timeshare contract legally. Some choose to sell the timeshare, and although the idea is simple, the process is very complicated, since the supply greatly exceeds the demand. Some others want to donate their timeshare, but most charity organizations are not taking timeshares because they are not willing to pay the expensive fees.
The good news is that timeshare cancellation is possible, even when the rescission period has already expired. At Mexican Timeshare Solutions, we assist timeshare purchasers who feel they were scammed by the developer. MTS is a legitimate company that works under a contingency basis and only collects fees if your contract is properly cancelled, otherwise, no fee is charged. Contact us today for a free consultation and release yourself from your timeshare problems.
Information to Share
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To learn more about timeshare problems visit our article: Timeshare Complaints: The Top Five