While resort time shares companies continue to sell millions of timeshare vacation accommodations each week, there are a lot of secrets that the time share industry would rather potential buyers not know.
A time share can make sense for some people, but for most people, they aren't near the great deal that they are made out to be by the timeshare sale people.
Here Are Some Secrets That The Time Share Industry hopes You Never Discover.
1. Time Shares Are a Lousy Financial Investment
In fact, they aren't an investment at all, since it makes little sense to put money into a depreciating asset and expect a return. That is why today so many want a timeshare cancellation.
While most people already know time shares are a bad investment, however, timeshare sales representatives are still pushing time share sales as a quality investment.
They still use words during the sales presentation to give the impression that purchasing a time share is a good financial investment, when in fact, it’s far from it.
2. You Can Get The Same Time Share For Far Less Money
When it comes to a timeshare resale. Time shares are notoriously difficult to sell if not impossible. That means that those who have purchased a time share but no longer want it have to keep paying all the annual cost of owning the timeshare.
3. You Lose Big Time When You Sell – (If You Can Ever Sell It)
As mentioned above, timeshare resales are extremely difficult even for the best of them. It’ is very similar to a car driving off a dealer’s lot, most time shares will lose 80% to 90% or more of their value the second you sign on the dotted line.
In most cases, the timeshare owner will be trapped with a time share unit (and the yearly fees) that they can’t even give away. You read right, they can’t even give the timeshare away.
4. It’s Cheaper to Rent a Time Share Than To Own
Every year there are lots people who can’t use their time shares for all kinds of reasons. Instead of just letting the time share sit unoccupied during the time for which it is already paid, many time share owners try to rent out their weeks to recoup some of their money.
In many cases, you can rent the same week at the exact same resort for far, far less than it would cost to own the same timeshare unit (and many times for less cost than the time share annual fees would be) and without any of the buying risks that come with time share ownership.
If you are a timeshare owner that wants out of your timeshare, here at the Timeshare Cancel Center we have valuable FREE information that will help you discover how you can permanently cancel your timeshare payments, all maintenance fees and your entire timeshare contract.
5. Miss One Year And You Would Be Better Off Not Owning A Time Share
All the calculations the time shares sales people offer will be assuming that you use the time share each and every year for years into the future.
One reason so many people want a timeshare cancellation is, when all costs related to the time share are taken into consideration, a time share’s price can be much more expensive than non-timeshare vacations. But this by itself, does not mean that it’s a timeshare scam.
6. Time Shares Ownership Comes With Many Risks
When you purchase a time share, you purchase a part of that building. That means that if there is a disaster, you are responsible for a portion of rebuilding the time share.
While time share resorts are supposed to retain adequate insurance, many times they don’t always carry the amount they are supposed to, and there are certain disasters for which coverage may be too expensive.
This leaves you the timeshare owner responsible for covering these losses if and when the unfortunate should happen and you cannot send a timeshare cancellation letter or just cancel timeshare whenever you want too just because something bad happens.
7. If You Can NOT Pay In Full – A Timeshare Is A Very $$$ BAD $$$ Investment
Another issue that the time share sales people will often leave out during the calculations is the cost of financing a time share, which is always very high.
Banks know very well that time shares will lose their value and therefore do not even consider them in the real estate loans they offer.
Instead of low rates that are tax-deductible, a time share loan will come with a very high double-digit interest rate and in most cases will not be tax-deductible.
When you add the cost of this financing to the overall cost of the time share, it makes little financial sense to purchase a timeshare if you cannot pay for it in cash.
8. Hotel Prices Are Increasing (but so are time share prices and the annual fees)
Another one of the tricks time share sales people use is telling you how much hotel prices are increasing and then telling you that your time share will remain the same price 15 to 20 years from now.
What they fail to tell you is that the time share fees are not locked at the current rate and will also increase as time goes on so the time share can be upgraded to keep up with newer competition.
This means all that money you were supposed to save is unlikely to never materialize.
This is a big reason so many people want to cancel timeshare contract and why many people call them timeshare scams.
9. Trading A Timeshare Is NOT As Easy As They Claim
When you hear the time share sales pitch, the sales people will make it sound like you will be able to trade your timeshare unit around the world with ease.
The truth is rarely is it easy to trade or exchange, and often you will have to pay additional fees to make a trade possible and once the trade is started the timeshare cancel is also very hard to do.
If you won’t be going to the exact same place each year, a time share won’t save you any money and will likely cost you a lot. This is another reason many people call time sharing timeshare scam.
10. Travel Is Not Calculated When Comparisons Are Made
One of the BIG, BIG tricks time share sales people use when trying to show you what a “great deal” time shares are is, they will include your travel expenses when calculating the cost of your current vacation, but very conveniently NOT include travel costs when calculating the cost of buying the time share.
If you are not paying close attention, you may believe you’re getting a great deal when in reality all or most of the savings came from simply leaving out the travel expense that you must still pay.
If you own a timeshare and would like know how to cancel a timeshare, to learn more about a time share cancellation see our frequently asked questions at: www.timesharecancelcenter.com/faq
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