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 economy, it is important to take care of our money, and timeshares are not in 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 in case you have been scammed.
Contrary to what salespeople say, timeshare properties should never be considered as 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 be financially worthless.
Time shares can be sold as a piece of real estate or 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 also other programs, such as the points-system, the floating time and the splited-week.
Even though the industry is successful, there has been lots of controversy surrounding this concept. Some people love them, some people hate them, but the truth is that 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 only can use it during 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 complaint about the tactics used by the salesmen to sell the units. Typical tactics involve insults and a bunch of lies to dazzle the prospect buyers.
5 tips for the timeshare properties buyer
Before embarking on buying timeshare properties, we recommend you to 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 pricesare 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 a research on the company: Many timeshare companies are known for having a dubious reputation. Do an 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 for 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, just keep in mind that not everyone has the same needs. Look for an objective point of view to get your own conclusions about the product.
- Do not consider your purchase as an investment: This is perhaps what on 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 down abruptly.
How to get out if you’ve been scammed
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!
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