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In part one of our Timeshare Guide Series, we covered timeshare vocabulary. Now let’s turn to a more serious topic: timeshare myths. Like any good sales person, the timeshare industry does its best to portray its products in a positive light. Unfortunately, many consumers believe the hype and get trapped in timeshares they can’t afford or don’t need. Here’s the truth about some common timeshare myths.
One of the most common and destructive timeshare myths is that a timeshare is an investment. The truth is that timeshares aren’t investments by any measure. First, they don’t increase in value over time. And in fact, timeshare values plummet as soon as the contract is signed. Further, unlike traditional real estate, the timeshare itself doesn’t have any intrinsic value. Sure, you might have fun at your timeshare, but it’s no more of an investment than a trip to the amusement park would be.
Timeshare companies rely on lengthy sales presentations to sell their products. And many reps offer tantalizing “free” gifts such as meals, rental cars, and travel vouchers to convince people to attend these presentations. On the surface, it seems like you’re getting, say,
Remember those sales incentives we were just talking about? Ask yourself whether sales reps would be offering them if it was easy to sell a timeshare. As it turns out, timeshares are hard to sell. In fact the timeshare resale market is flooded with timeshares at rock bottom prices. With so much competition, you may have trouble finding a buyer. On top of that, resorts are making it harder for owners to sell their timeshares with Right of First Refusal clauses or scaling back on perks for timeshares purchased on the resale market. If you were hoping to get out of your timeshare by selling it, you may face an uphill battle.
Timeshares are often presented as one-time purchases in exchange for a lifetime of free vacations. However, buyers soon realize they’ll be paying for their timeshare forever. Maintenance fees are the most significant ongoing cost. These fees cover routine maintenance, housekeeping and other costs. And like most costs, maintenance fees increase year after year. In addition to maintenance fees, you may also pay special assessments to pay for unexpected repairs or big upgrades. Finally, you’ll always pay for travel to and from your timeshare. And since your location is fixed, those highly coveted cheap fares are harder to find.
If you’ve fallen victim to these or any other timeshare myths, there’s still hope. We specialize in helping people like you get out of their unwanted timeshares. Contact us for a free, no-risk consultation today.
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