If you are considering buying a timeshare, think again. Here are the most important reasons why you should avoid this costly mistake.
1. Timeshare Salespeople Are Trained to Hard Sell
Ever wonder why you’re offered a free vacation or a free meal in order to sit through a presentation? Because most people aren’t actively seeking a timeshare. Once they get you on site, you become a sales challenge. You’ll be promised all the perks and pressured to sign a contract before reading the fine print.
2. Timeshares Are Not a Good Investment
If you change your mind, good luck selling your timeshare. If you happen to find a buyer, you will likely get pennies on the dollar. It is a depreciating asset rather than an investment.
3. Fees. Fees. And More Fees.
In addition to a mortgage payment (unless you have cash), you will also be responsible for maintenance fees, assessments, property taxes and utilities regardless if you use the timeshare or not. If you don't pay, they can foreclose. These fees are notorious for increasing each year.
4. Blackout and Unavailable Dates
The salespeople will tell you booking your preferred dates and locations are easy. Unfortunately, this is not always true. In fact, misrepresentations about scheduling became such a problem that some states passed laws that specifically outlaw such deceptive statements.
5. Timeshares Often Cost More Than Traditional Booking
You’re told what a great deal your timeshare will be, yet most of the time, booking direct at the same resort turns out to be cheaper. And without lingering and unexpected fees.
6. Resale Scams Are Common
Timeshare resale brokers are scammers and are a dime a dozen. You’ll be told they have a buyer for your timeshare but only if you pay hefty upfront fees. The sale will not materialize and you’re stuck.
Yes, you can get out of that timeshare! We'll show you how.
