4 Ways to Fight Timeshare Scams
3 min read
The timeshare industry does a great job of publicizing timeshare benefits. In fact, those timeshare benefits are exactly why so many of you end up buying timeshares! Unfortunately, the truth behind the promises of great deals and stress-free vacations isn’t always so rosy. Let’s look at some of the top timeshare benefits and find out the truth behind the hype.
It is true that your rental costs will not increase from year to year. As with other real estate purchases, your payments will be stable. And once you’ve bought and paid for your timeshare, you own it. But, you will be subject to rising maintenance fees for the length of your contract. And those fees will definitely go up over time, just like the cost of renting would. What’s more, with rental costs, you control when you pay. If money is tight this year, you can choose a more budget-friendly location or choose not to go at all. But with maintenance fees, you’re contractually obligated to pay every year, by the due date, whether you use your timeshare that year or not. So, yes, you’re safe from rising rental costs. But that rising cost will be replaced by a new one over which you have no control. Find out more about the true cost of timeshare ownership here.
Sales reps and timeshare websites are quick to show off the many luxury amenities at their resorts. Many units are fully equipped with granite countertops, flat screen televisions, and relaxing hot tubs. And the resorts themselves give you access to golf courses, water parks, fitness centers, and more. What they don’t tell you is that you can stay in these same units at the same resorts without buying. You can easily rent a timeshare. Rent a room, suite or villa from the resort or even from a timeshare owner. Sometimes for less than the cost of annual maintenance fees. And if you like, you can go back next year. And if you don’t like it, go someplace else. There’s really no need to buy a timeshare to experience luxury.
It’s true that timeshares are located in premium locations all over the world. Maui? Las Vegas? Orlando? Yes, please! But while that first, second or even third trip might be amazing, the twentieth might be a different story. Even if you don’t get bored, many people find that between maintenance fees and travel expenses to their timeshare, they don’t have the time or the money to go anywhere else. Some timeshares offer exchange programs so you can trade your interval or location for something else in their network. However, there’s no guarantee that you’ll find something else you like. And you may end up having to pay more if the new interval or location is pricier than yours.
Once, again, this is technically true. You can leave your timeshare to your heirs. Unfortunately, many owners find that their children don’t want their timeshare. Maybe the resort doesn’t suit their lifestyle or maybe they just don’t have the money for the always-rising maintenance fees. After all, a timeshare is a financial obligation. And this generation is projected to be worse off financially than their parents. If your heirs don’t want your timeshare, they can refuse to take it. Unless you or the resort put their name on the deed. So, if you do buy a timeshare that you plan to pass along, keep their names off the deed so they can make that decision themselves when the time comes.
Although at first glance, timeshare benefits seem to make ownership worthwhile, a deeper look reveals the truth. In the end, we don’t think the benefits outweigh the risks. In fact, every day we help people get out of their unwanted timeshares. If you need help getting out, contact us for a free consultation today.
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The timeshare industry has spent a tremendous amount of time and money to delay, confuse and deter you from canceling your timeshare contract. Your team of timeshare elimination experts act as your consumer advocate and will work tirelessly to free you from your timeshare contract, mortgage, and maintenance fee bill.Give it a try