It is important to do proper research before you decide to invest your valuable money in any timeshare property.
However, there are too many timeshare myths that spread wrong information which could potentially hurt an uneducated person who wants to invest in them.
Given below are some common myths about timeshares.
- Timeshares Are Good Investments
A timeshare shouldn’t even be considered as an actual investment. Instead of making money on timeshare purchases, most owners end up losing money.
It is quite difficult to receive a good resale value for timeshares since the value of timeshare properties depreciates over time.
All good investments are meant to generate extra income or increase in value. Since timeshares do neither of these, they are generally considered as bad investments.
- Timeshares Help You Save Money
This statement is just the opposite of the truth. Majority of the time, you end up losing money rather than saving money after investing in a timeshare.
Apart from the initial investment cost, you are continuously required to pay all sorts of expenses like maintenance fees, assessment fees, transfer fees and other hidden fees.
These expenses can amount to more than $1000 dollars every year and you have to pay this in addition to the timeshare ownership fees.
- Timeshares Can Be Sold Easily
There are more than thousands of timeshare owners who put their timeshares on the market every year. Very often, most of them end up being unsuccessful or they won’t receive a fair value in return.
The major reason is that more buyers are becoming aware of the reality of timeshare investments like the high maintenance costs and poor resale value.
These days you will be lucky if you manage to receive even 30% of what you originally paid for the timeshare. Further, there are many scammers out there who offer to sell your timeshare for huge upfront costs. Getting out of a timeshare contract can be quite difficult without professional help.
If you currently want to get out of a timeshare contract, it is recommended you consult good timeshare exit companies like Consultants Helping Individuals who can help you with the process.
- Timeshares Are Maintained Well By Their Owners
This myth is believed to be true by many people because timeshare properties have several owners. However, very often the maintenance staff is in charge of maintaining the timeshare.
Some owners don’t bother to check if the maintenance is being done properly and this often leads to other problems which demand extra money.
- Timeshares Are Easy To Trade
Even if timeshare companies are affiliated with good exchange companies, they have many rules and restrictions for their exchange programs.
Very often, people end up trading their location for a comparatively poorer location with bad amenities and fewer services. You will even be charged additional fees for trading locations.
- Timeshares Are Suitable For Everyone
This statement is often quoted by timeshare sales people who try to pressurize uneducated families into purchasing a timeshare.
If your family doesn’t want to travel to the same destination every year, stay away from timeshares. Timeshares are also bad options for people who are planning to move or start a family.
- Timeshares Are Cheaper Alternatives To Normal Vacations
This is yet another sales tactic used by timeshare sales people. While this statement could have been true many years ago, it is not the case today.
In fact the majority of the time, it is cheaper to go on a separate vacation than investing in a timeshare along with maintaining it.
- All Timeshare Offers Are Trustworthy
In timeshare presentations, timeshare sales people try to get you to make an investment by offering free tickets, gifts or other incentives which seem like a good deal.
They usually never reveal the additional expenses which come with owning a timeshare. Very often, people who end up accepting these deals end up losing more money in the process.
You must never make an impulsive decision to invest in a timeshare. You must carefully consider both pros and cons along with the possible risks. You don’t want to end up regretting your decision after you see that the investment wasn’t worth it.