Timeshare Problems to Watch Out For
Guides, Tips, and Hacks, Timeshare Agreements
3 min read
Timeshare companies make all kinds of claims when they’re trying to make a sale. But what is the real truth about timeshares? Find out the biggest misconceptions before you buy.
The truth about timeshares is they are not investments. An investment has intrinsic value and builds wealth over time. Unfortunately, a timeshare doesn’t do either of those things. When you invest in real estate by purchasing a house, the house retains that value and hopefully increases in value over time.
Unfortunately, a timeshare loses much of its value as soon as the ink is dry on your contract. In fact, a timeshare is actually a liability because you are contractually obligated to pay annual maintenance fees. And you may also be on the hook for other fees and special assessments. Even if you never get to use your timeshare.
If you’re considering buying a timeshare as an investment, think again. This isn’t an opportunity to earn money. Instead, it’s a contract to spend money.
Timeshares are a long-term commitment. In fact, many timeshare contracts are contracts in perpetuity. That means they last forever. And if your timeshare is working for you, then owning it forever can be a good thing. Unfortunately, not everyone is happy with their timeshare forever.
There are all kinds of reasons why timeshares just don’t work out for people. Some people find they don’t use their timeshare enough to justify the maintenance fees. Others find that it just isn’t a good value. Or over the course of a lifetime, your financial circumstances may change and you simply can’t afford your timeshare anymore. Finally, others face health problems that prevent them from travel. And when this happens, you’ll be looking to sell your timeshare.
Unfortunately, selling a timeshare isn’t as easy as selling a car or a house. Remember what we said above about timeshares losing their value? You’re very unlikely to get anything close to what you paid for your timeshare when you try to sell it. And that’s if you can find a buyer at all. There are many owners trying to sell, but not nearly as many consumers looking to buy, even at rock bottom prices.
Many people get into timeshare ownership thinking they’ll have free vacations forever. Nothing could be further from the truth. First, you need to factor in the initial cost to purchase your timeshare. The average timeshare will set you back $22,180 these days. That’s anything but free! And if you need to finance the purchase, add interest fees on top of that price.
But once you’ve paid for your timeshare, then your vacations are free, right? Well, not quite. Even after you’ve paid off the purchase price, you still pay annual maintenance fees. Right now the average owner pays about $1000 a year in maintenance fees. And some timeshares add additional fees to be part of their exchange programs, to make reservations, or for special assessments. So in a best-case scenario, your vacation costs around a grand.
Finally, you also have to pay for your own travel expenses to and from your timeshare. So go ahead and add those plane tickets and rental cars and baggage fees on top of the price of your free vacation. For many people, timeshares don’t even add up to good value, and they certainly aren’t free.
If you’re facing the truth about timeshares and need to get out, we’re here for you. We specialize in helping people get out of unwanted timeshares safely, ethically, and forever. And we’ll tell you the truth up front in a free, no-risk consultation. Contact us today to see what we can do for you.
How to choose the right company to get me out of my timeshare
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