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8 Reasons to Avoid Buying a Timeshare Vacation
Are you interested in buying a timeshare vacation? We’re telling you why you should think twice. Click here for 8 reasons to avoid buying a timeshare vacation.
Have you been thinking about buying a timeshare vacation? While it may seem like a good idea, there are a number of reasons why getting a timeshare could lead to trouble.
Some things that come to mind are expensive yearly maintenance costs and the depreciation in value after buying the timeshare. If you’re still not convinced, keep reading to learn about our top eight reasons why you should rethink buying a timeshare vacation.
You’re Forced to Vacation at the Same Spot Every Year
Who are these people who love to go to the same place every year for their vacation? You may prefer to travel and see new places around the country or even internationally.
So purchasing a timeshare would make little sense to you. Even if you have a great time at that particular resort, you are unlikely to enjoy doing the same exact activities the next season and the season after.
You also never know if the weather will stay the same in future years. Your sunny afternoons at the beach may turn into clouds and rain. By going to the same place year in and year out, you will lose out on the excitement of visiting new locations.
The Value of Owning a Timeshare Vacation is Subpar
Sometimes timeshares may cost as much as $20,000 for a one-week vacation. Be sure to check out how much the property would cost if it were a private sale.
Take a look at the local real estate sales in the area and compare it with the timeshare cost. Often you’ll find out that the value of owning a timeshare is inadequate.
The resale value of a timeshare is also often much less than what you originally pay for it. A timeshare vacation will actually depreciate in value over the years.
It may not be worth it to buy a timeshare solely due to the poor overall value .
You’re Predicting you can Take the Same Vacation Week Years into the Future
You are committing your time when buying a timeshare in such a way that is nearly impossible to anticipate.
You can’t predict the future. You don’t have a crystal ball to tell you that you’ll take the same exact week for vacation for the next decade.
You never know if your job will allow it or if you are in the middle of switching jobs and can’t take that week off. you also never know if you might get sick and become unable to travel or possibly have an unexpected funeral to attend.
Life brings many curve balls our way that makes predicting a vacation five or ten years into the future nearly impossible.
You’re Committing to Pay Money well into the Future
When buying a timeshare vacation, the buyer is committing to make payments on the timeshare for years into the future. Yet, you never know if you’ll be able to afford the same payments after three or four years.
You never know if you might lose your job or face a very large expense such as covering high out-of-pocket medical costs.
Your family may face unexpected expenses and pay the cost of a timeshare may seem more frivolous. In fact, yearly vacations may become more of a luxury if you are undergoing financial troubles.
Committing to pay money into the future may not be the best bet since you never know where your financials will stand even five years from now.
You will Need to Cover More than Only Mortgage Payments
It’s likely that you wouldn’t be able to buy a timeshare right off the bat and will need to get a bank loan to pay off a mortgage. However, you’ll soon find that you are required to pay for more than just the mortgage.
Read your timeshare contract and you will find that you have to pay for property taxes, maintenance fees, utilities, and special assessments.
Monthly maintenance fees and per stay fees could lead to very high annual expenses. These costs may even cover the majority of lodging at a very nice hotel instead of staying at a timeshare.
Timeshare Resale Scams DO Exist!
Since selling timeshares tends to be difficult, a large number of scam artists have been known to sell themselves off as timeshare resale brokers.
These brokers can tell you that they have a buyer interested And could direct the sale. However, they usually charge very high upfront fees and then fail to actually sell your timeshare.
Yet, not all resale brokers are scam artists. Additionally, some states have enacted laws that try to crack down on these scam artists .
Nonetheless, you will need to be very vigilant to avoid falling into one of these scams. This is a major reason why buying a timeshare vacation may just be one too many hassles.
Renting out your Timeshare Won’t be Easy
You can’t count on the option to rent out your timeshare to someone else. Even though many timeshare contracts allow you to rent out the location, this won’t be easy to accomplish.
The issue may be that there are more timeshares available to rent and fewer people looking to rent them. Also, some contracts won’t actually allow you to rent out your timeshare.
Other contracts may place restrictions on the type of renting agreement you’re allowed. Essentially, don’t expect that renting your timeshare will be a piece of cake.
Booking a Hotel Room or Renting Lodging may be Cheaper
While many people may think that buying a timeshare is a great investment, the high costs and extra fees such as maintenance payments or taxes could make it unaffordable.
You may find that renting lodging or booking a hotel room at another Resort could be cheaper than buying a timeshare.
We hope you have enjoyed reading the top eight reasons why you might want to avoid buying a timeshare. Let us know what you think in the comments below!
And if you have any questions about a timeshare contract, please don’t hesitate to reach out. You can contact us here .
PMG is not a resale, transfer, or donation company. We are consumer advocates—we help to negotiate the release of your timeshare contract obligation. We do not buy, sell, or rent your timeshare. Simply put, we help you to get out of your timeshare contract forever.
Usually less than 12 months, but it all depends on your situation. If your timeshare is free and clear with no mortgage, then the process may only take 3-9 months.
Speak to your advisor about the time, and what delays the resorts have put into place to prevent timeshare owners from departing their ownership. If you have a mortgage or past due maintenance fee, the process takes more time.
This is probably going to hurt, but whether you paid $5,000 or $50,000 for your timeshare, the IRS values all timeshares as worthless investments. In addition, that timeshare would have negative value due to the annual maintenance fee bill which compounds year after year. That is until PMG helps you cancel your timeshare.
Yes. Whether you bought your timeshare 20 days ago or 20 years ago, PMG has a solution for you and is here to help.
Yes! Permanently! GUARANTEED!
While we are able to recover money in rare cases, beware of any timeshare cancellation company that entices you with the promise of fund recovery. The truth is, timeshares are loath to give back the money they’ve already taken.
Because most of our clients have had their trust betrayed by timeshare salespeople, we understand how some consumers can become a bit jaded. When you call us for a consultation, that’s exactly what you get, a consultation. At PMG, our job is not to sell you; our job is to help you get out of your timeshare. Which is why we have numerous 5-star reviews and an “A” (excellent) rating from the BCA.
We pride ourselves on providing our customers with the best customer service in the industry. When you contact our company, you speak to a live person, not an automated system or voicemail. We go above and beyond for our customers by helping you to protect your credit and even repair your credit if needed. We offer a 100% money back guarantee, and we can provide documented proof of our success in helping customers just like you.
At PMG, we pride ourselves on our hands-on, boutique-style customer service, so every new client is assigned a case manager whose job is to keep you in the loop throughout the entire cancellation process. Your case manager is always just a phone call away.
Not all timeshare experiences are created equal. Some are more complicated than others, and every situation is different. That’s why our trained timeshare elimination consultants will ask you a series of questions designed to determine exactly what needs to be done to terminate your timeshare, how long it will take, and how they can best advocate for you. We will always seek the most cost-effective route for you.
Canceling a timeshare contract is not a cookie cutter process. With each situation being unique, once you complete the form below an experienced consumer advocate will call you today to discuss your options.