Timeshare owners have their share of complaints, and for good reason. If you find yourself tempted to buy a timeshare, consider the following before you make your decision. We could save you tons of money, time, and headaches.
What makes these complaints so startling is how commonly we hear them from people who want to get rid of their timeshares. Read and absorb the following information before you sign a timeshare contract.
“I was told I could exchange my timeshare weeks to a different resort than the one I purchased. Turns out I can’t.”
This is one of the most common complaints from property owners. During the timeshare sales pitch, buyers are promised that they can exchange their week to a different resort owned by the developer with no hassle. All too often this is not the case.
We have received countless reports from our customers reporting that after signing their contracts, when they try to exchange their weeks towards a different resort the developer tells them this is not possible. Some have even been told that the only way do this is through high fees or worse – the obligation to buy a second property!
“The salesperson told me my property would appreciate as time went on, but I am having to sell my timeshare at a much lower price than what I put into it.”
In order to make a timeshare sale, salespersons will stop at nothing to hook timid targets. One of the most popular methods for getting some one to sign a contract is to tell them that their property will increase in value over time.
This is an outright lie, and should be a warning to any one looking to “invest” in a timeshare. These rentals are not like most real estate, as they do not increase in value over time. With houses or condos, you might make additions or improvements that will increase the value of the property. As resorts own timeshares, and you cannot personally do anything to affect the value, it stands to reason that they will remain or depreciate. Either way, it’s out of your control.
“I was already having a hard time paying the maintenance fees, but they keep increasing each year.”
Maintenance fees are the ultimate bane of all rental property owners. The biggest reason is due to the fact that they are monthly expenditures, and they increase anywhere from 5-15% each year. You’re essentially paying monthly fees to pay for the upkeep of a property you only get to use one week out of the year.
Does it make sense to spend more money than you have to? We didn’t think so.
“The salesperson told me if I wasn’t satisfied with my timeshare as the days went on I could sell it back to them. I’ve tried, and now they’re telling me I can’t.”
Salespersons, again, will say anything they can to get you to sign on that dotted line. However, there may be some truth to that claim.
While you can’t sell a timeshare back to a developer directly, if you are within your rescission period you can simply break the contract without financial or emotional harm. The problem lies in that salespeople tend to gloss over rescission periods during the presentation – sometimes they skip over that portion of the contract altogether.
When this happens you can still sell your timeshare, but it takes some hard work and a lot of patience. The best failsafe against this situation is to never sign a rental property contract to begin with.