Approximately 37% of American families report that vacations make them happy. For this reason, timeshares can often sound like a great deal for those who love to get away.
However, timeshares have more risks than benefits attached to them, especially when it comes to finances. That being said, here are a few myths about timeshare sales to keep in mind during the timeshare buying process to help keep you safe from these scams.
Myth #1: Timeshare fees are worth it because of the destination
Timeshares can sometimes seem like great deals because of their beautiful destinations. However, a destination can lose its glitz and glamour after a few visits.
Not everyone enjoys vacationing in the same space year after year, especially when you have hard-earned money that could be taking you to new places around the world. That being said, many Americans often regret purchasing a timeshare because they become bored with their vacation spot and don’t agree it’s worth the fees.
Myth #2: Timeshares are investment properties
Unfortunately, timeshares aren’t investment properties. In fact, like new cars, they often depreciate in value over time.
The average cost of a timeshare is around $20,040, but that’s without paying for maintenance, fees, and repairs every year. As a result, you can expect to pay thousands of dollars for something that won’t even increase in value.
Myth #3: Timeshares can be easily sold
For those who have purchased a timeshare, but now want a timeshare termination, timeshare reselling can seem like a viable option and a great way to remake some money. However, this isn’t true.
In fact, there are relatively few incentives for buyers to purchase your timeshare for the same price you purchased it for. What’s more, timeshare termination can also be incredibly difficult and often requires a timeshare cancellation attorney.
Myth #4: The other timeshare tenants will take care of the property
You may take care of the timeshare property you own to a certain standard, but you can’t assume the other tenants will take care of the property the same way. As a result, you might end up having to pay extra in order to make certain repairs during your own stay.
Many American families have been convinced to buy a timeshare and regret their decision later on. For more information on how to get out of timeshare ownership or how to cancel your timeshare contract, contact a timeshare cancellation lawyer today for a consultation.