In theory, a timeshare can be quite appealing. When buying a timeshare, you’re purchasing a share of a network of properties, which would give you points or weeks through which you could book stays. This may even sound ideal to those who want to take regular family vacations. Additionally, timeshare salespeople often claim that timeshares are good investments, which you can potentially sell in the future for a profit, or rent out.
In fact, these selling points either don’t hold up at all or pale in comparison to the headaches caused by timeshare rules and regulations. It’s no wonder that people are searching for timeshare exits now more than ever before. Let’s look into some of the main reasons why you should think hard before buying a timeshare.
1. Once You’re In, They’re Hard To Get Out Of
Typically, when you buy a timeshare you will have a short time frame called a rescission period, during which you can rescind your purchase. However, there may be loopholes that keep you locked in on some level sooner than you would think, and once that rescission period is over, it will be difficult for you to get out of your timeshare. About 95% of buyers will return to a sales team and ask further questions about their purchase after it is made. But by the point, you may be looking at time-consuming strategies for timeshare exits.
2. Maintenance Fees Are Expensive
When buying a timeshare, you’re committing to something that is akin to a mortgage in terms of time and money. But, that’s not all you will be paying for. You will also be responsible for expensive maintenance fees which will be added on top of your bill every month.
3. The Value Is Exaggerated
Timeshares have little to no value on the resale market, and you will either break even (at best) or take a loss in most cases. Additionally, renting your timeshare often won’t cover your maintenance fees.
4. Owners Have Limitations
Ultimately, you won’t own any property. Therefore, your developer can place restrictions on what you can book and when, which means that your vacations may be more limited than you thought.
Timeshare exits are possible, but they take a lot of effort. Think hard before you commit!