Why Are Timeshares A Bad Idea?

Timeshares have been a popular form of vacation property in the real estate market for decades now. Over time, their reputation has weakened and many are questioning if they’re a smart or a poor investment. If you constantly invest in something for years, it should result in some sort of profit for you. However, purchasing a timeshare will actually do the opposite. Owning a timeshare may mean making payments on it for as long you own it and never reaping any benefits from the supposed investment. 

If timeshares were a good idea then more people would show interest without having to be harassed and bribed into their sales meetings and misled into purchasing. The timeshare industry is known for using deceitful approaches and unethical devices to sell timeshares. Their excruciating sales meetings are full of lies, misrepresentations, and false hopes told to push potential customers into purchasing a timeshare.

Most timeshares are not an investment, but more so a trap that requires constant payments and is difficult to get rid of. This is why there is a new industry, timeshare cancellation, which started to help people out of their timeshare. An example of this would be Wesley Financial Group, LLC, which is a pioneer of the industry. Wesley Financial Group, LLC specializes in terminating timeshares and financial debt associated with the timeshares for families and individuals who have been lied to or misled into purchasing one.

No Value, No Profits

Just like all real estate, timeshares aren’t cheap. But unlike other areas of real estate, timeshares do not carry any value and therefore are usually unable to produce any sort of return. Salespeople will lie about the worth of timeshares, and make it seem that they are a great investment for families who vacation. However, it’s really just a never-ending financial burden for them. With all the fees attached to these properties, they are practically never paid off and will become more expensive over time. So while it may seem like you’ll be saving money at first with a timeshare, you will instead be agreeing to a lifetime worth of payments for yourself and future generations.

Timeshares lose value over the years while the annual costs for ownership escalate drastically. Why keep it? Well, timeshares have almost no interest from the secondary market to either sell or rent out. The salespeople will tell you that it can be easily sold or used as a rental, but they are also the same people undermining your efforts by offering a better deal to future customers. You cannot successfully rent out your timeshare when the resort always has much more discounted rates for the same unit. Remember, you never needed your timeshare, so don’t be surprised to find out there’s not a large following looking to rent or buy them.

Booking Complexity

Let’s look at some other promises that timeshares fail to deliver on time and time again. Ask any timeshare owner and they’ll probably say planning vacation trips was much easier before they purchased a timeshare. They are sold as vacation packages that are supposed to make traveling stress-free and effortless, but ironically, they cause quite a headache for owners when it’s time to plan a trip. Once again, it all starts in those initial sales presentations. Timeshare sales people sell clients on the false hope of being able to travel anywhere in the world and have the freedom and convenience of booking whenever. Timeshare owners will quickly find out this is not the case when they attempt to book a trip for the first time. It could be over a year or more before you can find availability at your location. If you want to visit a new location, expect more fees to accumulate with that endeavor. It is never as easy as the salespeople make it out to be, and the lack of booking availability plays a great factor in timeshare owner’s many displeasures.

Maintenance Fees

If you’re a timeshare owner then you, unfortunately, have been responsible for annual maintenance fees. These are the annual payments that owners must pay to remain in good standing with the timeshare company. There is no expiration for maintenance fees, so they are expected to be paid during the whole time you own a timeshare even after the mortgage is paid off. When you pass away, that doesn’t mean the end for your timeshare. The financial responsibility can often then fall upon the shoulders of your loved ones to keep paying. Lifetime payments that increase every year and last for generations just sound like a trap. That’s why, oftentimes, these fees are kept under wraps and not brought up during the sales pitch but after the deal is complete instead. Now imagine experiencing those issues with booking your timeshare even after paying up to thousands of dollars in maintenance fees a year. The timeshare industry is designed for clients to just keep investing in it with these fees, but it goes nowhere in compensating the owners.

Summary

If you are looking for a vacation plan for your family, there are far too many alternatives to follow through with than timeshares. If you’re in search of real estate investment, this should be a last resort and even then, you should second-guess yourself. The timeshare industry has become more exposed in recent years for its deceitful sales tactics and depreciating value. With this has come the emergence of the timeshare cancellation industry and the likes of Wesley Financial Group, LLC. Companies like Wesley Financial Group, LLC hope to reverse all the wrongdoings done by the timeshare industry and alleviate the innocent people who were burdened with the financial struggles they caused.