Understanding Why Buying a Timeshare Property Is a Bad Idea
Many an impulsive timeshare purchase has been made over the years. Complimentary drink in hand, the salesperson makes the timeshare sound like the one thing that’s been missing from your life. But what they don’t advertise are the many downsides of buying a timeshare property.
Have you purchased a timeshare property and are now regretting it? Are you considering buying one, and having second thoughts?
Read on for our guide to why buying a timeshare property is a bad idea.
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Additional Payments
Being saddled with the mortgage payments for a timeshare is one thing. However, there are often many additional charges you are liable for buried in the small print.
These could include maintenance charges, property taxes, and utility fees. These can sting many people and make buying a timeshare much more expensive than you first thought.
Of course, we generalize. But the fact is that the after-market for timeshare property is as flat as a pancake. In fact, timeshare properties can sell on the after-market for discounts of up to 70%.
The only reason for buying a timeshare is because you love the location and are happy to enjoy timeshare vacations there year after year. Don’t think of a timeshare property as an investment, because you’ll almost certainly lose money when you come to sell.
One option open to you: try to legally cancel your timeshare. Timeshare laws provide for canceling if certain conditions are met.
Even legitimate timeshare salespeople are notorious for their hard-sell tactics. But what’s far worse is that there are many unscrupulous timeshare property scams around.
You need to be very careful when selling a timeshare property. Common scams include people posing as timeshare exit companies. They then request an upfront fee and you never hear from them again.
They’re Hard to Rent Out
It’s easy to think – it’s no big deal if I don’t want to use my timeshare. I’ll just rent it out.
Depending on your contract, you may legally be able to do that. The problem? Loads of other timeshare owners have the same idea.
There’s little demand for renting timeshares. Plus, some contracts either don’t allow you to do this at all or include lots of restrictions.
They May Not Work Out Cheaper
The whole concept of timeshare vacations is that they work out considerably cheaper than paying for hotel rooms. If you use it to its fullest, this can work out.
What actually happens though, is that many people find that it’s difficult to schedule time at the timeshare. And then when you add up all the different charges you have to pay, it probably wouldn’t cost you that much more to stay at a hotel.
The beauty of staying at a hotel? Zero legal responsibility. The same cannot be said for a timeshare property!
Owning a timeshare property is one of those ideas that sounds great on paper. The reality for many, many people is very different. Our advice is to stick to hotels, and avoid buying a timeshare property like the plague!
If you’ve enjoyed this article, check out the rest of our blog for more great hints and tips on all things legal.
