As the leading timeshare cancellation experts, we’ve heard every reason imaginable for why buying a timeshare is a great idea. Unfortunately, most of these are either half-truths or outright lies. Here are five reasons to avoid buying a timeshare.
Scheduling Your Time is Hard
One of the simplest reasons to avoid buying a timeshare is that they are not as easy to utilize as you are led to believe by the salespeople. Scheduling your time at the property you own a stake in can be surprisingly difficult. And if you aren’t available to use your timeshare, renting it out can be hard as well. You’ll find that more often than not, your timeshare will be underutilized simply because it is difficult to book it when you want it.
Maintenance Fees Can Escalate
At first, a timeshare may seem like a great deal. Once you realize how dramatically your yearly maintenance fees can escalate, you’ll reconsider that train of thought. Many timeshare contracts do not include a cap on maintenance fees either. This means that your fees can double, and there is no recourse. What was originally a decent deal for a weekly stay at a nice place quickly turns into an expensive headache that won’t go away.
Timeshares are Hard To Resell
You might think that buying a timeshare is a great investment. Unfortunately for you, timeshares do not appreciate like normal real estate. Conversely, they usually lose value the moment you sign your contract. The market is flooded with timeshares, making it a buyer’s market in the truest sense of the term.
When you buy a timeshare, you are spending a large sum of money up front. Let’s say that you buy a timeshare for $10,000. As we mentioned above, timeshares are notoriously hard to sell, but let’s say you can sell yours for $9,000 after owning the timeshare for a decade. Now, you haven’t only lost the $1000 on the purchase. You have also lost the yearly maintenance fees, and, more importantly, the opportunity to put the original $10,000 to better use. If you had just kept that money in your savings account, you would have come out ahead. And if you had invested in a mutual fund, you’d have come out much more ahead.
Timeshares Aren’t Always the Best Deal
You might be convinced to buy a timeshare because you are told that it is an amazing deal. The fact is, for it to become an amazing deal you often have to own the timeshare for decades, utilizing it at every opportunity. If you skip it every third year, for example, you quickly begin to lose out on any supposed deal. When you consider the yearly maintenance fees, you can see how this “great deal” is actually a drain on your wallet. On the other hand, booking similar accommodations through a vacation rental service, or even at a nice resort, is going to be more convenient, and cheaper over the long run, than owning a timeshare.
If you are ready to get out of your timeshare, give us a call. We started the timeshare cancellation industry, and we can help you get out of yours successfully. Call us today!