Time shares, are they a good purchase?
Some people love them, some people hate them, but the truth is that time shares are still one of the best selling products in the travel industry, despite the bad economy.
There is lots of misinformation about time shares, yet appearances deceive. What appears to be a “good investment” can become in one of your worst financial enemies. Learn more about time shares and how to use them properly.
Fractional ownership, better known as time shares, is a resort condominium unit, with a very particular form of use rights. When buying a time share, you get to share the right to use the property with 52 different owners, including you.
A time share is more than a regular hotel room, since most of them include over three bedrooms, a full kitchen and a living room.
Time shares are generally sold for weeks, which are also known as “intervals”, however, timeshare companiesoffer different plans, to give the prospect buyer more purchase options:
Fixed Weeks: You purchase the right to use the unit during a specific week of the year
Floating time: You purchase the right to use the unit during a certain season of the year.
Splited-week: You purchase the right to use the unit for a week, but in this case, you may split your week in two or three different periods.
Points-based system: You purchase a specific number of points, and exchange them
Before buying a timeshare, follow the next tips:
- Calculate the total cost of the unit, including the timeshare fees. Keep in mind that maintenance and assessment fees are likely to increase each year. Then compare the results with the cost of a regular vacation with similar accommodations on the same spot.
- Visit the resort and talk to other owners to ask them about their experiences, and how satisfied they are with their purchases.
- Do not act under pressure. The resort might look like a paradise, and the promises might sound quite appealing, but don’t feel obligated to sign the contract, take your time to think on the offer and find out if it fits your needs.
- Do not sign any document in a foreign language. Even if you speak and understand the language very well, it is probably that you do not understand the legal terminology.
- Do an internet research on the company. Look for cases of scam and fraud, and how its reputation is.
- Ask as many questions as possible during the presentation, and ask for any written confirmation for all the promises made by the timeshare salespeople.
Are time shares a good purchase?
Not all time shares are bad, actually, a time share can be a good purchase for someone who does enjoy revisiting the same destination each year.
However, vacation properties are not for most people, being that they only seem to work for people with very specific vacation desires.
Time shares are not for people who like to enjoy trying a new vacation spot each year, nor for people who like to travel spontaneously, or families who do not use to stay at expensive resorts.
No. It is very important to take into consideration that time shares should never be considered as an investment, but only as a purchase. An investment means the possibility of financial growth and resale, and no one is likely with time shares.
I want out!
Unfortunately, the big scam about time shares is the way that timeshare sales are done. During timeshare presentations, it is very common that the sales reps tell numerous lies to the potential buyers, just to get them to sign the contract, and many of them fall for the trap. The hardest part is that time shares are definitely not easy to get rid of.
At Mexican Timeshare Solutions, we assist timeshare purchasers who feel they were scammed. MTS is the only company that doesn’t charge any upfront fees, if we cancel your timeshare contract we get paid, if not, you don´t waste any money.
Contact MTS for a free consultation on how we can help you to release you from any timeshare obligation in a legal-reliable manner.
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