If you ask a timeshare salesperson, “What’s a timeshare?” they’re likely to tell you it’s a piece of paradise. Many timeshares are located in beachside resorts or popular tourist destinations, but they usually are not a dream come true once reality sets in. For plenty of owners, a timeshare seemed like a good idea at first but quickly became a burden for various reasons. Some timeshare owners felt pressured into buying their unit and feel trapped with something they didn’t really want in the first place.
Before we discuss the reality of owning a timeshare and the challenges owners face, it’s important to know what a timeshare is exactly. Simply said, a timeshare is an agreement in which you own part of a vacation property for a certain amount of days — often a week. Usually, timeshare owners have access to their units during the same time slot every year. How does this work? Typically, you’ll pay a certain amount upfront in addition to ongoing maintenance fees. But that’s not all. There are many expenses involved in owning a timeshare, which you’re required to pay whether you use the property or not. These may include taxes, special assessment fees and a mortgage.
Besides the cost of owning a property that you share with others, there are several other disadvantages of being a timeshare holder. For example, timeshares are difficult to get rid of and may even feel impossible to unload. In addition, there are crowds of con artists waiting to take advantage of timeshare owners through fraudulent resale schemes.
Despite the challenges, legitimate help is available to owners who feel frustrated and stuck. The first step to making a decision about a timeshare is to know the facts, which is what this guide is all about. In this guide, we’ll answer questions such as:
If you’re considering buying a timeshare, or own a unit you want to get rid of but don’t know where to turn for help, you’re not alone. According to the American Resort Development Association (ARDA), the U.S. timeshare business is a $10 billion industry — larger than Major League Baseball and the music industry. Despite the industry’s immensity, there are ways to stand up against timeshare companies and set yourself free. Keep reading to learn more about timeshares and how to sell your timeshare without getting scammed. At EZ Exit Now, we’re happy to share our knowledge about timeshare cancellation and assist you however we can.
According to ARDA, 9.6 million households in the U.S. own one or more timeshare products. Many timeshare owners purchased their piece of property after attending a high-pressure presentation and later regret their decision to buy. If this happened to you, we understand entirely. It’s very easy for anyone to fall into the timeshare trap.
Timeshare representatives will not hesitate to manipulate potential buyers emotionally and use various tricks to make a sale. They also often target those who are on vacation, knowing that vacationers have their guards down and tend to spend more. Plus, vacationers may not know the risks of buying a timeshare at the time of the presentation and might make a decision before they can think things through and do their own research. Some people attend timeshare presentations for the promise of a free gift, not knowing the pressure they’ll face to buy.
With all the false promises you’ll hear and pretty pictures you’ll see during a presentation, it can be hard to realize the cons of timeshare ownership until it’s too late. In this chapter, we’ll bring the disadvantages of owning a timeshare to light, and we’ll ultimately answer the question — is it worth it? If you’ve realized it’s not worth it to you, reach out to us at EZ Exit Now to learn about our timeshare cancellation process.
During an hours-long presentation, you can expect to see photos of sunny beaches and smiling vacationers, but don’t plan to hear what it really means to own a timeshare. A salesperson may not even call their property a timeshare, but instead, say it’s a “vacation club” to make it sound better.
If you’re weighing the pros and cons of owning a timeshare, know that the list of drawbacks is much longer than the rewards.
The disadvantages of owning a timeshare include:
If you attend a timeshare presentation, you’ll likely hear everything but the facts. Here are some timeshare facts from 2019 to help paint a clear picture of the industry:
First, it’s important to understand that a timeshare is not an investment. An investment is something that appreciates over time or produces income, and a timeshare is highly unlikely to do either, no matter what a salesperson says. A timeshare’s only value is the enjoyment you get out of it.
Would you be happy visiting the same place every year for decades and staying in a home that’s not completely yours? Or paying rising fees whether you’re able to vacation or not? Remember — a timeshare is nothing more than paying for a vacation in advance. No one can see what the future holds, so it’s important to consider if you’d want to pay continually for something you may not even use.
If timeshares are a bad idea, why do people buy them? Many people who buy timeshares do so out of fear, pressure, intimidation and confusion. They may have gone to a presentation never intending to buy a timeshare and left with a heavy burden on their hands. It’s not uncommon for timeshare owners to have made the purchase with a credit card or by borrowing from a retirement plan, only to add to financial hardship. If you take out a loan to pay for a timeshare, you can expect to pay high-interest rates.
A better option may be to invest in a vacation home that’s entirely yours or stay in a hotel. In either case, you’d have much more flexibility and freedom. Owning a timeshare is a huge financial commitment, and more often than not, a money pit.
With all things considered, it’s likely not worth buying a timeshare. However, to determine if a timeshare is worth it to you, it’s best to carefully weigh the pros and cons and make a decision only after you’ve thought about it and not in front of a pushy salesperson.Chapter 2: Common Timeshare Scams