Despite the fact that the number of people purchasing timeshares has been dwindling for the past couple of decades, hundreds of millions of people still own timeshares and many more are still buying. To save as many of that number their savings, time and what can prove a lot of stressas possible, here are just 5 of the major reasons to reconsider before ‘investing’ in a timeshare.
1. Timeshares Promise Little to No Investment Potential
The term ‘timeshare investment’ is the perfect example of a misnomer. That is, purchasing a timeshare may be described as an investment, but this is misleading as most people consider the term ‘investment’ as synonymous with the potential promise of financial gain – and timeshares offer little to no financial investment potential.
In actuality, timeshares depreciate in financial value year on year. Hence, the word ‘investment’ these days is used to describe the fact that those investing in the purchase of a timeshare are investing in a longterm holidaying solution.
To learn more about why a timeshare does not provide a viable financial investment, read on at the Investor Junkie website which currently features the article: ‘Why Timesharing is a Bad Idea’. Whilst written by an American, the timesharing model is a universal one. Therefore, the information contained in the article is true whatever country you happen to live in.
2. Timesharing Scams and Mis-selling
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Timeshare scams have become so well known of due to the amount of scams and scammers out there and the ingenuity of those operating timeshare scams that in 2016 it is arguable more people associate the term ‘timeshare’ with the term ‘scam’ than they do ‘investment’. Sadly, the reality is that people are wise to do so as the number of those stung by timeshare scams and scammers is in the millions.
Further, it isn’t just those who are looking to buy a timeshare who are vulnerable to being conned; recognising the difficulty current timeshare owners face when attempting to re-sell their ‘investments’ (and due largely and rather ironically to the bad reputation the timeshare industry has earned itself), many of the scams perpetrated today target current timeshare owners. Fortunately, there is an easy way of avoiding falling into the timeshare scam trap and that is to avoid investing in a timeshare.
Meanwhile, and even more fortunately for the millions who have bought and continue to be tempted into purchasing timeshares, there are a number of organisations which have been specifically set up to help timeshare victims exit mis-sold contracts and escape their timeshare hells, such as the TESS organisation. TESS, or the Timeshare Exit Support Service, also provide those looking to learn more about timesharing with a number of articles via the TESS online News blog which keeps up to date with all things relating to timesharing and the ever changing and complex laws surrounding the timeshare industry.
3. Costly Annual Fees
Tmeshare fees are determined and included as part of a timeshare agreement to cover the costs of maintaining a timeshare property. This means that timeshare owners pay a percentage towards any year round maintenance often not only of the property they timeshare but as well the complex upon which it is located, as well as paying towards any repairs the property might need over the years. Failure to pay these fees (whether you make use of your timeshare or not) is illegal and could land you in court or heavily fined.
Timesharing is an idea which was devised way back in the 1960s. Despite the fact that times have definitely changed, the timeshare model remains pretty much exactly the same as that first devised over half a century ago. Hence, whilst holiday makers might have once felt stumping up for the annual fees attached to most timeshare agreements was worth it back in the 80’s, when timesharing was at its peak in popularity, today there are a wealth of far more financially savvy ways to jet off on an annual holiday.
4. The Problem of Resale
As the Telegraph Newspaper article referred to in the previous point explains, of the 600,000 people who currently own timeshares a staggering 250,000 report that they want rid. Why then haven’t these people sold their timeshares?
Well, the reality is that because timeshares are no longer desirable, few if any people want to buy them. Hence, even those who manage to secure a genuine sale stand to make a loss on their ‘investment’, further proving that timesharing is neither a viable investment option for your savings or the best way to holiday in 2016.
5. Timesharing Ties You To Taking the Same Holiday Every Year
Timesharing is the surest way to consign yourself and your family to living a groundhog day style holidaying nightmare. Firstly, a timeshare property is fixed in one location which means holidaying in the same country, the same region and even the same accommodation every single year. Meanwhile, the alternative is to continue to pay for your timeshare whilst also forking out for an alternative holiday, should you grow bored.
On top of that reality is the fact that the window of time holiday makers have to use their timeshare property is usually nonnegotiable meaning that if you cannot free up the week or two in which you are contractually able to make use of your timeshare, the chances are you will be waiting another twelve months before you get to go on holiday at all. Therefore, timesharing is a specifically and especially inflexible means of holidaying which quite simply and as such fails to meet the needs or fulfil the desires of most holiday makers in 2016.