• September
    10
    2019
  • 3 min read

4 Reasons You Shouldn’t Invest In A Timeshare

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Timeshares do not have the best reputations in the world of finance, investing, vacationing and real estate. One of the main reasons for that is because there are too many scams out there where businesses are just trying to lock you into a long-term agreement without giving you reliable information so that you can make an informed decision. The irony is that if they were upfront with you about certain things you still might commit to the agreement. Unfortunately, because they play shadow games with you, you want out as quickly as possible. What are these examples of why you should stay away from a timeshare? Let’s begin with some of the most obvious:

Increased costs: Over the years of your “ownership” of the property, you will notice that your agreed amount for renting the property stays the same or meets what is specified in the contract. However, what you will also notice is an increase in fees including those for maintenance and to cover property taxes and insurance, something the timeshare company failed to mention when you signed your agreement.

Can’t find someone to take it: One of the things these companies tell you whenever you are asking questions about the longevity of the agreement is that it’s very easy to find someone to take your time for the year so that you can go on vacation elsewhere. That’s not true. Think about it this way, you have to find someone who not only wants to vacation in that area but someone who also plans on vacationing at the same time of the year that you have availability and then be willing to pay you for that unit.

Long-term commitment and no ownership: This is an agreement that is worse than renting. You are paying for years and have zero ownership in the property. Worse, you have zero way of staking claim or fighting back against increased fees. If you rent a house or apartment, the landlord or property manager has to give you notice about increased fees and give you the right to leave. That’s not the case here so you are truly trapped.

Inability to research integrity of the deal or company: Another thing you will notice is that the company trying to sell you on this agreement is not the company that owns the property. That raises a lot of questions, especially when you realize that you were researching the wrong company to try to find information of unhappy clients and scams.

Whether or not you feel like you’re getting a good deal on your timeshare, you need to know what you’re getting into. If the company you are speaking with has hidden any of these matters or have not been up front with you about them, then they’re not the company you want to work with.

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