Financial Risks And Warning For Investing In A Timeshare
If you own a timeshare or are thinking about purchasing a timeshare here’s news you can use. A leading news story reported that they spoke to timeshare owners, financial advisers, and industry representatives to help you identify the costs, benefits, and drawbacks of owning a timeshare.
Timeshare Ownership Pros And Cons
Pro: Save on travel expenses. Timeshares come equipped with a full kitchen and laundry facilities. And can save you money by cutting out extra expenses, like paying for a coin-operated washer-dryer. Access to a full kitchen also enables timeshare owners to stay in more often to make home-cooked meals.
Con: Timeshares can be very difficult to resell if not impossible to resell. It’s also important to know what kind of real estate interest you actually own when you purchase a timeshare.
In about 95% of timeshare sales in the U.S. you’ll actually get a deed to a property, called a “timeshare estate” under state law, which often means you can rent the share out, sell it or exchange it, and pass it on to your heirs.
What They Tell You
The timeshare sales people tell the buyers that timeshare is like any other deed in real estate you can hold it in perpetuity, though you have to pay the maintenance fees each year, just like property taxes.
And they also tell the buyers that the buyers can sell the timeshare anytime they want too. What they don’t tell the buyers is like I said before timeshares can be very difficult to resell if not impossible to resell.
Con: Timeshares outside the U.S., such as in Mexico, are known as “timeshare licenses” or “memberships” which typically only give you a right-to-use for only as long as the contract permits and can have many other restrictions. One important fact is that, if you sign a contract outside the U.S. for a timeshare in another country, you will not be protected by U.S. laws and it is also very difficult to do a timeshare cancellation.
Timeshare Scams And Fraud
Con: There is also a substantial amount of timeshare scams and fraud in the selling and reselling timeshare industry. Scammers prey on timeshare owners, promising to resell their timeshare for an upfront fee. So you pay the several hundred dollars upfront and never hear from them again.
Con: With traditional timeshares, not only do many buyers get involved in many timeshare scams but they also have to pay a lump sum upfront, which allows them use of a specific unit at the same time every year.
In today’s timeshare market, a one-week interval is most common, but the time frame can be shorter or longer depending on the unit. Timeshare owners are also required to pay annual fees that cover maintenance costs.
Average Price Of Timeshare
Con: Timeshare cost a lot of money. The average sales price for a one-week timeshare is approximately $16,000, with an average annual maintenance fee almost $700, according to the American Resort Development Association.
Con: These days, timeshares increasingly operate on a points system and these points cost a lot of money.
For all these and many more reasons today timeshare cancellation are on the rise, big time! If you have purchased a timeshare and would like to cancel but are not sure how to cancel the timeshare we can help you.
Most timeshare buyers are unsure that they can handle the task of doing a timeshare cancellation or they have succumb to the timeshare high pressure sales or one of the many timeshare scams and would like to cancel.
If you own a timeshare and would like know how to cancel a timeshare, to learn more about a timeshare cancellation see our frequently asked questions or give us a call.
To find out more about timeshare cancellation log onto our website:
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www.TimeshareCancelCenter.com
5036 Dr. Phillips Blvd. #221 Orlando, Florida 2819-3310 USA
5036 Dr. Phillips Blvd. #221 Orlando, Florida 2819-3310 USA
For A Free Consultation, Call 24/7: 1-855-600-9053
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