Why You Shouldn't Be Fooled by Cheap Timeshares
3 min read
Many people are eager to cancel their vacation ownership, why should you buy one? Here are reasons why you should ignore those timeshare promotions.
We’ve all heard the horror stories about timeshare promotions. But then one day, someone invites you to a timeshare presentation.
They offer you a free gift too good to pass up. You don’t have to buy anything, just go and listen and get something for free.
So you go and listen to the sales pitch. You came in dead set against buying anything. But as you listen, you start thinking this could be a good idea.
It’s possible every once in a great while somebody gets a good deal out of a timeshare. The vast majority do not.
Here are several reasons why you should run far away from that talkative timeshare rep. Keep your head clear, don’t get sucked in.
Timeshare promotions are all about hype and the hard sell. They offer people something they want for free. It could be a round of golf, a few free nights in a hotel, a spa hookup, or a fancy restaurant meal.
All you have to do is listen to a presentation. That doesn’t sound so bad, right?
Some folks walk into timeshare promotions with their eyes open. They expect to take advantage of their freebie. They don’t expect to get taken advantage of themselves.
But beware, timeshare promotions sound good and their reps are great at their jobs. Even those ‘savvy’ folks can walk out new timeshare owners.
Timeshare reps are notorious for being pushy. And while they may not outright lie to you, they focus on the positives and they downplay the negatives. Some may leave out important information about what you’re getting yourself into.
When you sit down with a timeshare rep, you’ll hear the word ‘investment’ a lot. They want to make it sound like you’ll get a return on your money one day.
Even if you don’t see a monetary return, you’ll get all these great vacations. What better thing to invest in than some R&R for yourself?
The trouble is, despite what they tell you, timeshare promotions are not investments. The rep might talk like there are ways to earn money, but in the vast majority of cases, it isn’t true. Let’s look at why.
First off, you pay a high upfront cost. Expect to pay, on average, $19,000 for a one-week timeshare. Let’s stop right there for a second. $19,000! You can spend a vacation in a nice hotel for that much.
And that’s if you even have the money on hand. If not, you’ll have to make monthly payments. The interest is going to drive your upfront costs even higher.
But, you say, I would have my timeshare forever. Okay, maybe at some point you would use up your $19,000 (plus interest). Here’s the kicker: timeshares come with an average $660 annual maintenance fee.
You could stay a week in a modest hotel for $660. Your location is not limited. If you don’t go on vacation you don’t have to pay. When you look at the numbers it looks ridiculous to buy a timeshare.
So how do these reps get so many people to buy timeshares every year? They make it sound like an investment.
They’ll tell you that you get a fractional interest in a luxury resort property. That may be true but that doesn’t make it the real estate investment they want you to think it is.
You’re not free to do what you please with the property. You can’t make improvements and hope to sell it later for more. And you can’t rent it out when you’re not using it to generate a little income.
Timeshare promotions often promise you the world, but they don’t often deliver. Some folks may think to ask what happens if and when they don’t want the timeshare anymore and the rep always has a great response.
If you don’t want it anymore, you can turn around and sell it! Sounds great, except they’re not that easy to sell.
The timeshare market is already pretty flooded. New timeshares get built all the time. Plus, owners realize their mistake and try to sell off their shares.
With those remorseful buyers come offers from companies wanting to get you out of your timeshare. Unfortunately, many of those offers are fake. They ask you for an upfront fee and then disappear into the night. More money gets thrown into the void that is your timeshare.
Be especially wary if somebody calls you up out of the blue wanting to buy your timeshare. It’s is a common scam and many folks get taken in by it.
When somebody calls to buy your timeshare, they’ll often offer more than you paid. You jump at the chance to unload and recoup your investment. So you pay the deed transfer or marketing fees they ask you to pay. Then, of course, the sale never takes place.
Don’t worry, if you’ve already bought a timeshare you can still get out of it. Make sure you find a reputable company to help you get rid of your timeshare.
In short, if you ever find yourself in front of a timeshare rep, it’s best to say no and walk away.
If you do want to buy a timeshare, buy one from the thousands of owners trying to sell. Or better yet, rent a week from one. You’ll get the timeshare experience without the hefty price tag.
Are you already the uncertain owner of a timeshare? Are you looking for a way to get rid of it? Schedule your free consultation with us today.
We have the resources in place to help you get rid of your timeshare. With the money you saved, you could take a real vacation!
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We know how stressful timeshare contracts can be. What once sounded like a dream resort package turned into a nightmare. When you don't know where to turn, look to PMG to relieve you of your timeshare burden. We pride ourselves on open, honest, and frequent communication with our clients.
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