You’ve probably heard a lot in regards to timeshares. It’s understandable to assume that a timeshare could mean having a wonderful space of your own, oftentimes in a beautiful setting. More often than not, many timeshare owners find themselves dealing a lot of stress and financial woe. With that in mind, here are four reasons it’s best to stay away from timeshares.
- The Sales Pitch
Many people target those who are on vacation with the prospect of having a timeshare. In many cases, these people will begin the sales pitch by offering you something that is hard to turn down. For example, timeshare sellers will try to secure tickets to local sporting events or theme parks for you to have. However, these tickets come at a price and usually end up causing you a lot of stress. You’ll often have to sit through a presentation in order to receive your free tickets or another gift. However, these presentations are often stressful and pressure filled environments. Certain timeshare presentations could mean sitting in a strange room while being sold to for hours.
- Massive Drop in Resale Value
It’s not likely that someone would try and sell a car they’ve bought at comparable new car prices. The reason for this is that automobiles drop dramatically with regard to selling price after they’ve been driven off of the lot. Statistics show that the average price for a new timeshare is about $21,000. However, like the automobile, timeshares lose massive amounts of value the second you sign any papers.
- Scammers Plague the World of Timeshares
Almost any industry has to deal with a few scammers. Unfortunately, the world of timeshares is plagued by those who seek out people to deceive. Typically, timeshare scams will approach someone with an offer that seems too good to be true. Certain buyers will think they’ve made a wise decision and jump at some ridiculously low price to have a timeshare. Unfortunately, these buyers will receive nothing and are now the victims of timeshare fraud. After signing a contract, those running timeshare scams vanish with a fraud victim’s money in hand.
- Having to Pay Costly Maintenance Fees
Statistics gathered from a 2016 survey found that 66% of those owning a timeshare wanting to get out of their current contracts due to costly maintenance fees. That being said, getting out of a timeshare contract is much easier with the right help. Considering that, it’s wise to consider contacting timeshare lawyers in your area. In fact, a study by Ernst and Young found that 56% timeshares that are reclaimed take place due to the properties entering a state of foreclosure.
To summarize, there are several important reasons to avoid getting a timeshare. Many who are only considering the thought of a timeshare find themselves dealing with lengthy and stressful sales pitches. A timeshare drops dramatically in value after you’ve signed a contract, making it nearly impossible to recoup the amount of your purchase. Certain timeshare scams involve taking an innocent person’s money without providing them with an actual property. Timeshare owners are at the mercy of having to pay yearly fees, including those associated with maintenance.
Trackback from your site.