Owning a vacation home sounds perfect, right? A second home you can visit every year, that’s entirely yours for a week or two. You may be considering purchasing a timeshare to turn your vacation home dreams into a reality. A timeshare is a vacation home split between several people. When you buy a timeshare, you aren’t actually buying a vacation home; instead, you’re paying for a piece of the timeshare property. People who pay for a portion of a timeshare are essentially buying time to spend at the vacation home. Timeshare owners pay a sum of money upfront, which guarantees them at least one week per year to vacation at their property.
Are timeshares worth all your hard-earned money and limited vacation time? The short answer is no. Timeshares are usually associated with scams, and timeshare companies are aware of their negative reputation.
To capture your attention, timeshare companies will offer you generous gifts to attend one of their presentations. Once you enter a timeshare presentation, you’ll be trapped in a room full of pushy agents who won’t take “no” for an answer.
Keep reading to find out more about the deceptive nature of timeshares.
Even though timeshares are more of a hassle than an investment, they remain popular among travelers. Timeshares are based on fractional ownership of a property, which makes them appealing to people who are under the impression that you only pay a one-time fee. Contracts come in two forms, which are deeded and non-deeded. Deeded contracts are when you own a specific set amount of time to visit your timeshare, and you can use, rent out, or sell your time. Non-deeded contracts are when you agree to lease the property for a certain amount of time each year, but you don’t own part of the timeshare.
Some timeshare agreements will outline a set week every year, and you’ll only be able to visit your timeshare during this week. Other timeshare contracts will issue a floating week, which is when you get to decide when to visit your property based on your availability. Although some of these contracts sound appealing, you must remember that you’re competing with other timeshare owners for vacation time on the property. There’s no guarantee you’ll be able to stay at the resort whenever you want to.
Timeshare Maintenance Fees
When you buy a timeshare, its value decreases instantly, and some timeshares become worthless as soon as you purchase them. Salespeople will try tricking you into thinking timeshares are a significant investment, but the reality is, timeshares aren’t an investment because you’ll hardly get to spend time at your property. Some people who have gifted a timeshare at no cost might think they’re getting a bargain, at least until those maintenance fees creep up. Timeshare maintenance fees increase each year, and a timeshare owner must pay these fees regardless of if they visited their property or not.
Unfortunately, if you’re trapped in a timeshare contract, you can’t just give your timeshare away to someone else. Easy Timeshare Relief specializes in timeshare cancelation, and our specialists can help you break free from a contract that’s only weighing you down. Contact us today.