3 Falsehoods and Truths About Timeshares
False: I can buy a timeshare for a great deal and then go on vacation every year. Plus if I get tired of it, I can always sell it for the same amount of money or more than I paid originally.
Truth: One of the greatest rip-offs on the market today is timeshares. You stay trapped in a money pit once you're locked into one.
Timeshares are something you should stay far away from. If someone tries to invite you to a timeshare sales meeting for a gift, don't go. However, if you do find yourself in front of someone trying to sell you a timeshare, do not stay there and talk to them. Get out of that room or area as quickly as possible.
Consider this for a moment. Why in the world would you spend thousands and thousands of dollars on a property that you may only visit once a year? Throw in the fact that you have no equity, and there's also an additional monthly or yearly maintenance fee that's mandatory whether you use it or not. Selling it is near impossible. And it's basically just an expensive, ongoing nuisance.
It's hard to believe why anyone would think this is a good idea. We believe this is due to not knowing all of the facts up front before purchasing. This leads us to our next set of falsehoods and truths.
Falsehood: Timeshares are an investment.
Truth: Timeshares are the opposite. They're a liability.
To be an investment, by definition, the item must go up in value over time. Timeshares are worse than used cars. Look no further than eBay.com for owners by the thousands trying to offload their timeshares for 1 cent. That's right, one penny. The worst part is, they're not even able to get rid of them for that tiny amount of money. Why? Liability. Just like you, nobody wants to be shackled to a lifetime of debt and headache.
Falsehood: With a timeshare, I can travel anywhere at any time.
Truth: All timeshares are different but they're all subject to availability, usage types, etc. We'll explain.
If you've been to a timeshare sales presentation or are already a timeshare owner then you know that resorts have different membership levels. This applies to almost every timeshare resort company today. They offer everything from a "sample package" all the way up to a "diamond status member", "gold status member", and so on. The names and terminology differ from resort to resort but at the end of the day it all comes down to this. Although a timeshare company may have 1,000's of resorts worldwide, you're only able to get into the ones that you have a membership level equal to. The same goes with who has priority when it comes to availability. If your membership level doesn't meet certain criteria, you'll never even get into most of the resorts you're dreaming of. You'll then realize this and be told that you need to "upgrade" from the current membership level to a higher one. This goes on and on and on until you've realized that you've now spend 10's of thousands of dollars or maybe even hundreds of thousands and for what? With all of the money you've now spent, you could've just paid to go on those vacations a few times over without ever getting locked into a timeshare.
These are just a few of the falsehoods and truths when it comes to timeshare. There are probably more than anyone can count. However, if you've liked this article and want us to talk about more falsehoods and truths concerning timeshares and the timeshare industry, send us an email to: Support@TimeshareHelpSource.com and we will be happy to read your feedback! Thanks for reading!