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Why Are Timeshares A Bad Idea?

Why Are Timeshares A Bad Idea?

Ask a timeshare representative and they’ll tell you it’s a great idea, but that’s what these highly-skilled salespeople are paid to say. The truth of the matter is, these vacation rental properties are a bad idea, and the best advice we can give is to stay as far away as possible from them. Not only are they already an outrageous expense, but they are essentially a money pit that will follow you for the rest of your life, wasting your hard-earned money. These properties are not a one-time payment sort of purchase. Instead, they include fees that must be paid every year for as long as you own it, and trust us, it is not easy to get rid of.  

What Is A Timeshare

Timeshares are a popular form of vacation rental property that are shared by many different owners, so you’ll have a specified time to spend there each year. In theory, it sounds like a good deal with the costs being split between multiple owners so you are not paying for a full property if you don’t plan to visit more than once a year. However, there are many hidden fees and costs that creep up on owners and also increase over time. Timeshare salespeople know exactly what to tell you and also what not to tell you to secure a sale. Timeshares will be pitched as the greatest experience for vacation trips and a tremendous investment for families. According to their clients, neither of these claims appear to be true though. 

Poor Investment

The idea of an investment is that you are putting your money into something that will result in profits for you eventually. So technically, a timeshare cannot even be considered an investment. Granted, if you own a timeshare then you will be putting a great deal of money towards your property, but the result will give you nothing to show for that. The most you can get out of a timeshare is the chance to stay at the property once a year, and sometimes that privilege can also be lost. Over time, your payments will far exceed your expectations. What you thought would be an investment to save money, has now turned into the most expensive form of vacationing with the least amount of benefits. 

Costly Expenses

If you have already been a victim to the notorious timeshare sales presentation, then you know exactly the lies that are told or omitted about timeshare fees. If you have not had to witness such a horrendous show, then pay attention. While these purchases do come along with troublesome fees, we’ll get into those details later. First, let’s discuss the initial costs of these vacation properties. Many people will leave these sales presentations thinking they just landed a great deal for a timeshare. There is no great deal. What the salespeople will do is start with an unreasonable listing price for the unit at the beginning. Over time, while going through their dreadful sales tactics, they will continue to drop the price until there is an interest shown. So while it may seem like you got a steal of a deal, you still paid more than what it’s worth and also fell into the trap of the timeshare industry.

Why Are Timeshares A Bad Idea?

Now that time has passed from the initial purchase, the shock of the rising maintenance fees is setting in. Maintenance fees are the big kicker when it comes to purchasing a timeshare. Sometimes the salespeople won’t even mention these during their pitch and if they do, they will downplay the effect they will have. They could seem minimal at the beginning but will increase with each year. They have no cut-off date, so you will be required to pay them for as long as you own the timeshare. So far this is investing a substantial amount of money. Let’s see what the results will be.

Lack of Value

So you have now come to terms that buying a timeshare was a bad idea and are tired of paying the crazy amount of fees for something that’s not getting used. In your mind you have two options, to sell it or rent it. The timeshare salespeople probably told you that both are great options and that there are successful markets for both. Well, we hate to break it to you, but that’s just more lies they gave you. Yes, you’ve put a lot of money into this property over the years so there should be something to show for it. Unfortunately, you should not expect to get back anywhere close to what you paid for it. In fact, just expect to lose money if you are deciding to purchase a timeshare. 

Renting out a timeshare seems like a doable concept, but when your resort is undercutting rental prices with their discounts it can be quite difficult to find renters. Selling your timeshare is a dead-end also, as there is not a market. Think about it, were you ever thinking about buying a timeshare before those salespeople upsold it and threw in promotional benefits for you? Doubtful. After making payments for years on end, the results are fruitless.

Recap

What more is there to say other than timeshares being a bad idea. There are too many better alternatives in today’s vacation rental market for your trips, that timeshares seem useless and worthless. If you do happen to find yourself trapped in a timeshare purchase that you feel you were lied to or misled into, then you may be in luck. Wesley Financial Group, LLC is a timeshare cancellation company that specializes in terminating timeshares and the debt associated with them for those who were pressured into buying. They have received many enthusiastic reviews and hold credibility throughout the industry. Giving hope to those who are desperate to get out of their timeshare, Wesley Financial Group, LLC is a trusted expert in timeshare cancellation. 

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