Timeshare industry has experienced a considerable growth over the last years. On the surface,Guest Posting it looks like it is a reliable market and an innovative way to vacation; on the other hand, timeshare frauds are happening on a daily basis, putting thousands of families in a critical financial situation and taking millions of dollars each year. Such conflict has created lots of misinformation about timeshares, and most timeshare mythscome from timeshare salespeople. In the following we will expose some of the most popular timeshare myths.
8 Timeshare Myths exposed
Timeshare Myth # 1: A timeshare is a good financial investment
Reality: Timeshare are not an investment at all. A timeshare is a purchase instead of a financial investment. You have to pay an initial purchase price and annual maintenance fees, which tend to increase each year.
Timeshare Myth # 2: You can rent your timeshare weeks and make a profit
Reality: Timeshares are not very demand for rentals. It is much easier and practical for people to rent a room in a regular hotel than renting a timeshare.
Timeshare Myth # 3: A timeshare can be easily sold anytime
Reality: Timeshare resale market is not robust, and never has been. There are owners who have tried to sell their ownerships for years without a success.
Timeshare Myth # 4: Timeshares are for everyone
Reality: Timeshare are not for everyone, in fact, they are not for a large range on people. Timeshares are for people who like to vacation in the same spot every year, not exactly for travel lovers.
Timeshare Myth # 5: Timeshares go up in value
Reality: When a timeshare is first purchased, it loses 40-70% of its original value. In fact, a big number of timeshare ownerships are being sold for a buck or even less.
Timeshare Myth # 6: Timeshares are Real Estate
Reality: Legally they are, but in essence, timeshares are not Real Estate. As a matter of fact, timeshares do not appreciate like regular Real Estate. A timeshare is a shared ownership that you partially own.
Timeshare Myth # 7: If you stop paying, the resort will take the timeshare back
Reality: There is no way the resort will take your timeshare back. It is likely that the resort takes your unit back by foreclosing on it, but this is not an option for them. It is more probable that take your debt to a collections agency, which ends up affecting your credit score.
Timeshare Myth # 8: You can easily trade your timeshare location to another location anywhere you want in the world.
Reality: Timeshares are not easy to swap, and the exchange process is more problematic than it’s worth. Usually, owners have to upgrade to be able to trade a location, which means they have to pay much higher fees.
Take your time when buying a timeshare
Don’t let yourself get carried away by fake promises made by the salespeople. Consider all of thetimeshare myths cautiously before putting your hard-earned money at stake. Know all the risks that owning a timeshare involve, as well as the terms and conditions established in the contract and your cancellation rights.