Timeshare Sales Stories: Fairy Tale or Heist?
Guides, Tips, and Hacks, Timeshare Scams
3 min read
Timeshare resorts paint a rosy picture of a timeshare vacation. But does reality live up to the hype? And is a timeshare vacation right for you and your family?
One of the key value propositions of a timeshare vacation is having a consistent place to go every year. Your sales rep will talk about building lasting memories with your family over time. They’ll talk about reliability. And you can even pass your timeshare down to your heirs!
But while that’s a lovely story, the reality is somewhat different. First, there’s no guarantee your resort will suit your family over the long-term. Second, the same vacation over and over can get boring. And with the money you spend on travel to and from your timeshare plus annual maintenance fees and occasional special assessments, you may find yourself unable to travel anywhere else. So while you may build memories in one place, you miss out on a whole world of exploration.
If you thrive on consistency, a timeshare might work out for you. However, consider that you can also just go back to the same place every year without buying a timeshare. And if you love variety, you should definitely reconsider a timeshare purchase.
Timeshare sales reps also tout the great value of timeshare ownership. Once you’re an owner, they tell you, you have free vacations for life. And access to other resorts if your timeshare has an exchange program. If that sounds too good to be true, that’s because it is.
The average cost of a timeshare was $22,180 in 2018. That’s a lot of money. And when you factor in finance charges and closing fees, that price tag gets even higher. Finally, as a timeshare owner, you’ll be obligated to pay annual maintenance fees for the length of your contract. So, if your contract is 20 years and your annual maintenance fees are $1000, you’re looking at a minimum of $42,180. And that’s not including finance charges, maintenance fee increases or special assessments. So, your timeshare vacation will cost a minimum of $2200 before travel expenses. We don’t know about you, but we don’t think that’s a compelling reason to pay over $20,000 up front.
But even if that does seem like a good value to you, consider what happens when you can’t make it for your timeshare week. Maybe your schedule changes or maybe your health prevents you from travel. Whatever the reason, you still have to pay your maintenance fees and make any remaining payments on the purchase price. So that means you’re paying a lot of money for nothing. And that sounds like a waste of money to us.
The truth of the matter is that you don’t have to buy a timeshare to enjoy consistently awesome vacations or get great deals. You can vacation your way without the obligation or liability. If it’s too late and you’re already stuck in a timeshare that’s not working for you, give us a call to see how we can help you get out and get on with your life.
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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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