7 Reasons Against Buying Timeshare & What To Do If You Did
You’ve always been familiar with the term “timeshare”, and it has probably always sounded so elegant and sophisticated. Owning a timeshare would make you a serious investor who knows what they’re doing with their money, right? Well, not quite! In fact, it’s actually the opposite. This page will explain why this is a bad idea.
Sure, while the word itself can sound elegant and appealing, the actual deal that you’ll get will be anything but. Given the aggressive selling strategies and convincing argument of the salespeople trying to persuade you into this, falling for it is pretty easy. After all, isn’t the idea of owning a certain property so tempting, and especially so when you can own it for a fraction of the money? Of course it’s tempting, but temptations are often there to be resisted.
This temptation is definitely better resisted. If you’ve been drawn in by certain stories and pitches that explain why buying a timeshare is perfect, you should better look at the other side of the coin before making any moves. In short, you should look into the reasons why this may not be such a good move.
Reasons Against Buying Timeshare
If you’re ready for those reasons, here they are. It is important for you to think with a clear head and look at all the cons while you’re being bombarded with the pros from those aggressive salespeople. That’s how you’ll make an informed decision, and I bet I know what the decision will be. You’ll opt out. So, let’s check the reasons why you should opt out.
If you’ve already opted in and now you’re looking for an exit, this can help: https://www.forbes.com/sites/christopherelliott/2022/06/18/how-to-exit-your-timeshare-after-the-pandemic/?sh=7f4b3d7d562b
- It’s Like A Very Expensive Vacation
Imagine this. You claim to own a property, but you can only visit it for a week or so during the year, because other people who own it also need to get their own chance to visit. So, you pack your bags in the summer, for example, visit the resort that you’ve bought timeshare for, you spend some time there, relax and then get back home and back to work. You’ve essentially taken a vacation, and when you put everything on paper, you’ll see that it’s been a very expensive one.
- Plus Annual Maintenance Fees
Now, think of this as well. You’ve taken a vacation at a certain place, and you’ve paid dearly for it, but now you have to keep on paying. There are annual fees you’ll be subject to regardless of whether you’ll go there or not. It’s like paying for the possibility of going somewhere. And, not to mention the lump sum that you’ve paid to actually own the timeshare – it all adds up to, well, an unreasonable sum.
- And You’ll Be Paying Taxes On It
As if the above wasn’t enough, you’ll also have to pay taxes on it. How ludicrous is it to pay taxes on a property you don’t really own? Oh, okay, you’ll own it for a small period of time, but does that make any sense at all? It shouldn’t. So I hope it doesn’t, because if it does, falling for such a trick will be easy.
- Ownership Is Quite A Relative Term
You’re not clear on this whole ownership deal, are you? Because, the salespeople that you’ll listen to will tell you that you’ll actually own the property, and if you wind up listening to them during those promotional weeks that are a great marketing ploy, you’ll think that you’ll own it for a very small price. Fact is, though, you won’t own anything. Sure, you’ll be paying taxes as if you owned it, and you’ll also be paying annual maintenance fees, but you’ll essentially be getting nothing in return. Not even the possibility to visit when you want, because it is a timeshare and the ownership is, thus, time sensitive.
- It Actually Loses Value When You Buy It
Timeshares will be pitched as amazing opportunities to won luxurious properties that are valued quite a lot. In reality, though, they’re anything but. In fact, they will lose money the moment you buy, because not many people will agree on sharing ownership with you and 50 other people. So, if you’ve thought that you’ll see an increase in value after some time, think again. After all, that very value is based on nothing else but marketing.
- Selling Is Impossible
Given that very few people will like the idea of sharing ownership with 50 other people, you can come to a simple conclusion. Selling it will be impossible. And, trust me, you’ll want to sell it at some point, after you realize that you’re practically throwing money into a hole and then filling the whole up with dirt. Except that, in this case, digging that money up will also be impossible.
- And You’ll Get No Income In Return
So, you can’t sell it, you can’t visit anytime you want, and you can’t even claim that you own it. What can you, then, do with it? Get income in return perhaps? Unfortunately, no! You’ll generate no income from a timeshare property either, once again confirming that there’s not one good reason to buy it.
What To Do If You Did
What to do if you already bought it, though? Should you make peace with it and agree on throwing your money down that hole for the rest of your life? Or, should you think of finding a way out (additional info), if there is any? You should definitely find a way out, but rest assured that it won’t be easy!
It will, however, get just a little bit easier when you have the right solicitor on your side, ready to fight for you and win. So, that’s what you should do! Find a solicitor ready to fight this battle, present them with the facts and watch them do their best to get you out of this. This is your best, if not only, shot at getting out of a timeshare.
*This is a collaborative post.
