Over time, Timeshares have become in one of the most controversial industries. Find out the hidden truth behind timeshare myths
Timeshare industry has experienced a considerable growth over the last years. On the surface, it looks like it is a reliable market and an innovative way to vacation; on the other hand, timeshare frauds are happening on a daily basis, putting thousands of families in a critical financial situation and taking millions of dollars each year. Such conflict has created lots of misinformation about timeshares, and most timeshare myths come from timeshare salespeople. In the following we will expose some of the most popular timeshare myths.
8 Timeshare Myths exposed
Timeshare Myth # 1: A timeshare is a good financial investment
Reality: Timeshare are not an investment at all. A timeshare is a purchase instead of a financial investment. You have to pay an initial purchase price and annual maintenance fees, which tend to increase each year.
Timeshare Myth # 2: You can rent your timeshare weeks and make a profit
Reality: Timeshares are not very demand for rentals. It is much easier and practical for people to rent a room in a regular hotel than renting a timeshare.
Timeshare Myth # 3: A timeshare can be easily sold anytime
Reality: Timeshare resale market is not robust, and never has been. There are owners who have tried to sell their ownerships for years without a success.
Timeshare Myth # 4: Timeshares are for everyone
Reality: Timeshare are not for everyone, in fact, they are not for a large range on people. Timeshares are for people who like to vacation in the same spot every year, not exactly for travel lovers.
Timeshare Myth # 5: Timeshares go up in value
Reality: When a timeshare is first purchased, it loses 40-70% of its original value. In fact, a big number of timeshare ownerships are being sold for a buck or even less.
Timeshare Myth # 6: Timeshares are Real Estate
Reality: Legally they are, but in essence, timeshares are not Real Estate. As a matter of fact, timeshares do not appreciate like regular Real Estate. A timeshare is a shared ownership that you partially own.
Timeshare Myth # 7: If you stop paying, the resort will take the timeshare back
Reality: There is no way the resort will take your timeshare back. It is likely that the resort takes your unit back by foreclosing on it, but this is not an option for them. It is more probable that take your debt to a collections agency, which ends up affecting your credit score.
Timeshare Myth # 8: You can easily trade your timeshare location to another location anywhere you want in the world.
Reality: Timeshares are not easy to swap, and the exchange process is more problematic than it’s worth. Usually, owners have to upgrade to be able to trade a location, which means they have to pay much higher fees.
Take your time when buying a timeshare
Don’t let yourself get carried away by fake promises made by the salespeople. Consider all of the timeshare myths cautiously before putting your hard-earned money at stake. Know all the risks that owning a timeshare involve, as well as the terms and conditions established in the contract and your cancellation rights.
The worst you can do is taking a rush decision without giving it much consideration. Be able to identify timeshare lies said at timeshare presentations and don’t let yourself dazzle by them.
Learn to say “No!”
If you are sure you’re not interested in buying, then don’t buy and learn how to say “No”. Do not feel obligated to do something that eventually and get you into deep financial problems. Timeshare sales practices are known for being high-pressure and aggressive, and the salesmen will insist you persistently to buy a timeshare.
Beware of timeshare presentations. We know from people who attended a timeshare presentation in order to get the freebies, and ended up purchasing something they don’t really want or need. If you, or someone you know, own a timeshare you want to get rid of, contactMexican Timeshare Solutions for a free advice. MTS offers you a free consultation on how to get rid of your timeshare easily and legally.
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