Are Timeshares Actually Scams?
There have been lots of arguments among different categories of people about timeshares. For instance, while some people believe that timeshares are worth it, there are those who feel they are scams. It is possible to have such negative mentality when you don’t understand much about this subject matter.
Today, we are going to be discussing a lot about timeshares. In the end, you will see why they aren’t scams. It is all about making you see reasons to become part of such programs being offered by companies.
Are Timeshares Scams?
The truth is that timeshares are not scams. However, there are people who consider them as such due to some reasons. For example, people believe they are paying heavily for properties they only visit weekly on yearly basis. Even though they don’t have any equity in such property, they are expected to be paying maintenance fees regularly.
The idea of timeshares being considered as scams is based on the cost that people incur over time. To them, these costs are unnecessary and will only put a hole in their pockets. A recent survey conducted showed that many people preferred putting their money in mutual funds to making any commitment in timeshares.
If you lack in-depth knowledge about something, seeing its true benefits will be almost impossible. In other words, the mentality that timeshares are scams can be traced to lack of understanding about how they work.
The first thing to note is that timeshare vacations are different from the conventional real estate property. Even though the latter isn’t your primary place of residence, it can be rented out. You can also decide to sell it in the future for profits.
A timeshare vacation property doesn’t work the same way. Once it has been bought, you still do not have complete ownership. You have only succeeded in purchasing the right to make use of such property indefinitely. It can neither be rented nor sold out.
A common language that most timeshare companies use today is “vacation ownership”. The problem is that most buyers don’t understand such terminology. Timeshares simply implies that you are purchasing the right to go on vacation in a place. Even if you aren’t using the place, its maintenance will still need to be paid for.
Why Timeshares Are Not Scam
Having said the above, there is something you must understand. This is the fact that timeshares have lots of benefits that you can experience. Just like every other investment model, it has some risks. However, the benefits are more than such risks. These will be highlighted and briefly explained below.
There Is Always A Place For Your Next Vacation
Do you like the idea of going on vacation in a given location every year? Timeshare options can make such happen. There are people who love relaxing in one place instead of visiting different countries around the world during their holidays. Timeshares ensure you don’t have to bother about where to go on your next vacation.
Please note that your vacation options don’t have to be fixed. This is because you can explore other options in the portfolio of your preferred timeshare company. It only requires adequate planning.
No Need To Worry About Property Maintenance
Trying to handle maintenance of property is one complicated and difficult task. For instance, you need to have adequate knowledge about the right facilities to be installed in such property. With timeshare, there is no need racking your brains about all of these.
Your preferred timeshare company will take care of the maintenance process. All you need to do is meet up with your financial obligations. Simply put, pay up all the necessary expenses required for maintenance.
Their Financial Accessibility
As compared to buying a conventional property, timeshares are a much better option. You could spend a small amount to acquire a timeshare. A study conducted in US revealed that many people didn’t spend up to $10,000 before acquiring their timeshares. Please note that this doesn’t include maintenance, exchange and financing fees.
It is even better when you decide to buy a timeshare from someone else. There are people who must have been tired of using their timeshares or probably can’t afford them any longer. You can search for such individuals to save money while buying from them instead of a timeshare company. It has been discovered that used timeshares are valued between 0-10% of their retail prices.
How To Avoid Timeshare Scams
Just because it was said earlier on that timeshares aren’t scams doesn’t mean you won’t get burnt when things go wrong. Below are some tips that can help you avoid such scams.
Ignoring High-Pressure Sales
Have you ever been convinced about buying an expensive car? This is what most timeshare agents do. They try to pressure you into purchasing a timeshare that you can’t afford in the long run. Try to avoid agents like these before they put a hole in your pocket.
Evaluating Your Timeshare Options
Before deciding to attend any meeting, it is important to evaluate all the timeshare options available to you. Find out more about a timeshare developer. If you notice any red flag, walk out without sentiments. You can use the internet to find out about a developer. Local real estate agents are also another reliable source to dig up facts.
Watch Out For Bogus Reseller Claims
In most cases, you will come across desperate agents who claim they can help you unload a timeshare almost immediately. This is a trap that you should avoid because reselling timeshare is almost impossible. There is no problem giving them the chance to try though. However, never fall for their tricks of paying mysterious fees.
In fact, the word “after-market” doesn’t exist when it comes to timeshares. Therefore, watch out when someone is offering you deals that sound too good to be true. You could end up getting scammed.
Final Thoughts
Based on the above, it is very clear that timeshares are not scams the way you are thinking. It is all about understanding their features and using such to your own advantage. It could end up being a win-win situation for every party.
