Timeshares are notoriously bad ideas. Not only are they excessively overpriced, but they are also designed to entrap clients financially for as long as possible. Timeshares are a popular choice for vacation properties in the US and an alternative option to complete ownership. A timeshare offers a shared property with shared expenses. Salespeople will paint timeshares as a cost-effective alternative to vacationing and a great investment, but falling for this would be a costly mistake.
What Is A Timeshare
Timeshares sound like a great idea on paper. A vacation property is shared by multiple owners who split up the expenses and divide the time spent at the property evenly amongst themselves. So it would seem to make sense if you vacation only once or twice a year and don’t want to spend the high costs for a vacation home. This article will dive deep into the reasons that this is not exactly the case and purchasing a timeshare can actually be more of a financial burden for owners.
The Deceiving Timeshare Salespeople
It all begins with the salespeople. If you are a timeshare owner then I am quite certain you remember your first timeshare sales presentation and all the lies that came with it. Typically, timeshare resorts attract people to these presentations by offering free prizes or trips and tell them they just have to sit through a short sales pitch. This leads to ongoing hours of intense and agonizing sales tactics until they close the deal.
Their salespeople are well-known for their willingness to deceive and lie to potential buyers, even going as far as to leave out highly important information regarding the timeshare’s long-term value. They are highly trained in sales skills and are not there to assist you with financial decisions, but instead to push and urge you into making a mistake.
Timeshares Are Too Expensive
Timeshares are pitched as a cost-efficient way of vacationing, but they may in fact be the most expensive course to take. When you add in everything, including the steep down payment, closing costs, the mortgage, and the annual maintenance fees, it is tough to argue this is the money-saving route it is marketed as. During those long excruciating sales pitches, they will start with an unrealistic price and throughout the meeting, they will continue to reduce it until there is an interest shown. The resorts honestly do not care how much they sell a timeshare for, just as long it’s sold. Because once it is, they have those clients locked in for never-ending payments.
They Are Never Paid Off
You should know by now that almost everything comes with added costs, and with timeshares comes maintenance fees. These fees are collected by the resort company every year and are essentially used to cover upkeep services and upgrades to timeshares. The kicker is that these fees tend to increase each year and never end. Just imagine, you finally paid off the mortgage on your timeshare and you think you are free from these nonstop costs. Unfortunately, this is not the case with maintenance fees. They will be due every year and are one of the most common reasons that timeshare owners regret their purchase.
Timeshares are a long term commitment and not a one-time-use type of thing. You are basically planning your vacations decades in advance and at the same place every time, is that really a good idea? It might not be the best idea to commit yourself to one vacation resort and after looking over the costs, you might not be saving money like you thought you would. You will be better off either investing in a true vacation home of your own or just staying at local hotels/resorts at the destination of your choosing. You might think a timeshare makes sense for you but understand, when we say it’s a commitment, we do not mean an optional commitment.
Timeshares Are Hard To Cancel
Almost every timeshare owner has probably contemplated getting out of their timeshare at some point. Those deceitful salespeople fill your mind with so many lies and leave out crucial information that would have swayed your decision the other way, all to get a sale. Once you buy a timeshare, you are practically stuck with it forever. At least that’s what your resort company hopes for. They strategically make it difficult for timeshare owners to cancel and get out of their purchase agreement, because they know if it was easy then all of their units would be empty.
Difficult to Sell or Rent
Reselling a timeshare is a bit of a joke. The salespeople talked it up like you could always resell your unit if you wanted to, as if there were such a large secondary market for them. More lies. These vacation properties often begin decreasing in value the moment you sign for one and are almost always worth near nothing. Do not expect to ever make your money back from a timeshare purchase. It is also near impossible to rent out your timeshare unit, when your own resort is constantly offering better deals that you cannot compete with. A timeshare is not an investment and if anyone tells you otherwise, they are more than likely attempting to scam you.
So you have already purchased a timeshare and regret it completely, is there anything you can do? Well in recent years there have been more and more unhappy timeshare owners who felt misled or pressured into purchasing their property. This has led to the establishment of a new industry, timeshare cancellation. One of the pioneers of said industry, Chuck McDowell, founded Wesley Financial Group, LLC which specializes in timeshare termination and debt elimination for those who experienced these fraudulent situations. This is one of the longest-standing and leading cancellation companies in the business, and what’s best is they offer a 100% money-back guarantee. So if you feel stuck in your timeshare and want out, get in contact with Wesley Financial Group, LLC.
Wesley Financial Group, LLC:
Phone number: (800) 425-4081
We could go on for days about how timeshares are a bad idea and that’s why these resorts have to deceive people into purchasing them. They sell innocent people on the idea of their vacation dreams coming true and then they crush those dreams with terrible experiences and horrifying expenses. The best idea is to just stay away from timeshares completely, but if you have happened to fall for their tricks, we know the best company to call is Wesley Financial Group, LLC.