What they don’t tell you about timeshare
While you are busy soaking up what the timeshare salesperson is saying to you, you should consider all of this as well. I am very sure most of these things skipped his mind while he was talking to you. We have taken our time to ensure that this information gets to you before you buy that timeshare. We don’t want you to make a mistake for your family.
- Timeshares are not actual investments
I know this is such a bummer because the salesperson must have made statements such as “lifetime investment”. An investment is supposed to appreciate in value and most importantly bring in income. A timeshare does not do that, in fact it does the exact opposite of that. It gradually becomes one of the worse liabilities one can own.
- Risks of default payment
Did the sales person mention to you that you cannot afford to miss your payment? Most timeshares require large upfront down payments, with ongoing mortgage payments. Some think that if you default on the mortgage, that the resort will take back the timeshare. Unfortunately, timeshares do not have value like regular real estate. The resorts do not want to take back the liability. There are all sorts of reasons for this, but what is important is that you cannot just dump a timeshare by stopping paying. Stopping payment triggers a list of collection activities that are never ending. For most, their credit is important, and when you stop paying on the liability, your credit can be trashed. It pretty much affects you as an individual and your future plans. Why take such risks over a property you cannot even claim to be yours?
- You share the loss too
If you get your timeshare based on a deeded contract what your sales person would not tell you is when natural disasters occur, you alongside the 51 other owners of the unit and 1000’s of others in the development would share in the loss. This simply means if the company has to rebuild the property you would have to pay more money to build it. This is called a Special Assessment. And remember this is not really your property. You don’t own the whole building, just a week of time in one unit…but you still share in the loss. Historically, these special assessments can be $1000 to $5000 per occurrence.
- Almost impossible to trade
One thing that attracts a lot of people to timeshare is the idea of trading a place with another. Well that is because that is what you were told. What they fail to tell you is the fact that this trade is near impossible. You would apply for the trade and pay extra money for the trade which at the end of the day (most of the time) does not happen. Remember, there are limited A+ and five star resorts, in A+ and five star locations. Remember, everyone wants to go to the best places during peak season. Not everyone can go at the same time. Also, if your resort rents units, it is possible they have already rented out the premium units at the premium times. You are then stuck with the same vacation location which you are already bored of. What’s the point then?
- Travel costs are not included
Yes. I’m so sure you did not think about this. Or you were probably told you can use your timeshare point to sort out travel expenses. News flash, even those points cost money. That timeshare in Mexico or Europe looked so good and seemed like the best deal but I’m pretty sure you did not think of the cost to transport the whole family there. Timeshare sells the idea of a place to you no matter what part of the world it is located but they do not tell you that you have to transport yourself there. The ridiculous maintenance fee does not cover your transport cost. Why pay so much for a timeshare then?
one thing we know is that these salespersons never tell you that getting out of a time share can prove to be near impossible. it is one of the most frustrating liability you can own. the maintenance fee never drops but rather keeps going up and you would always want out.
we have also helped you search our liable firms and timeshare elimination firms that can help you. check out tselimination.com and tsgetout.com for a easy and convenient way out.