Timeshare ownership has been known for its terrible reputation. Learn more about timeshares and how to prevent becoming a victim of a timeshare scam
Timeshares have their origins in Europe in the 1960’s, at a ski resort in the French Alps. By the late 1980’s, timeshare ownership quickly gained popularity in the rest of the world. Nowadays, vacation properties are known for being a well-accepted way to vacation.
Timeshare industry is a multi-billion dollar industry which is spread all over the world. According to an RCI report made in 2001, there are over 5000 timeshare resorts worldwide: 31% of them located in North America, 25% in Europe, 16% in Latin America, 14% in Asia and the rest in Africa.
A timeshare ownership is a property that you have the right to use for a period of time every year, along with other owners. The properties are usually resort condominium units, equipped with several bedrooms, a kitchen and living room. Instead of paying for the whole property, you only pay a “share” of the whole price.
Owning a vacation property means that you have access to the “share” you own in a resort condominium at a specific time of the year. Because of the size of the units, Timeshare ownership can be good for big families who want spacious rooms and all the facilities and amenities that only a resort can provide. Although the idea of timesharing might sound ok, there are lots of complaints about it. These are the most common timeshare complaints:
- The units are overpriced. The average cost of a timeshare unit is $20,000 USD, plus the hidden fees
- The high timeshare maintenance fees, which increase every year
- The struggle to sell a timeshare. Timeshares are very difficult to sell, not to say almost impossible
- Timeshares do not appreciate; in fact, they lose over 50% of their value at the moment the purchase is made
- Timeshare presentations can be unscrupulous and misleading. The units are sold aggressively and without any legal advice
How does it work?
The timeshare system is pretty simple: basically, you have the right to use your property during a week every year; however,not all timeshares are the same. Timeshare ownership is sold under different plans; these are the most popular ones:
- Fixed-weeks: You have the right to use the unit during a specific week of the year. This is the most basic type of timeshare ownership.
- Floating weeks: You have the right to use the unit during a week during a specific season of the year.
- Splited-week: You have the right to split your week into two or more periods
- Points-based system: You buy an amount of points that equal the level of ownership. This program is more flexible than any other system.
Watch out for timeshare scams:
The first thing you need to watch out is the sales pitch. If the timeshare salespeople are overly aggressive, they are probably trying to scam you. They might also give you many promises, but without any written confirmation, therefore, do not believe everything you hear. Also, keep in mind that purchasing timeshares under construction might be a risky business. Before you buy, you need to be sure you are going to be able to use your timeshare every year. It is also very important that you take your time to do a thorough research on the company.
Is a timeshare ownership revocable?
Every timeshare contract must have a rescission period. In USA it depends of the State where the purchase was made, while timeshare regulations in Mexico establish that every timeshare contract has a 5 day rescission period. Unfortunately, there are many timeshare purchasers who are not aware about this, and they realize they cannot afford the vacation ownership, after the rescission period has already expired, which makes the cancellation more difficult, but not impossible.
Mexican Timeshare Solutions is a legitimate company that doesn’t charge any upfront fees. Our associates have several years of experience in the timeshare industry and are successfully able to resolve timeshare scam cases in an ethical and professional manner. Contact MTS for a free consultation.
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