Any previous timeshare owner or any person who have dealt with a timeshare company, would agree that timeshares is a horrible investment. If you are giving timeshares some thought, here are 4 reasons cited by timeshare attorneys as to why you should never go for it.
1. An Antithesis of Investment:
When it comes to investments, time value of money is of prime importance. This means that the money you have in hand today will grow in value tomorrow or any time in the future. With timeshares, however, you are already charged a big chunk of money upfront. Add higher maintenance fees and massive depreciating value of timeshares the moment you leave the sales office, it’s simply opposite to the concept of investment.
2. Exit Barriers:
Timeshare attorneys specify that the timeshare market is overcrowded by sellers than buyers. This not only significantly reduces the chance of your timeshares being sold, it is virtually impossible. Timeshares are sold everyday on Ebay® for one dollar just to get out of the annual maintenance fees. So, if are desperately in need of exiting your timeshare, you should contact an experienced timeshare attorney to discuss your options.
3. Plummeting Resale Value:
It is estimated that the value of timeshare properties reduces 80% or more of the original value right from the moment you own it! Timeshare value depreciates extremely fast, which is why timeshare attorneys suggest keeping them away from your investment dollars.
4. Other Factors:
When timeshare owners aren’t able to use their weeks, they try to rent them out, however most developers are renting directly themselves so it is very difficult to find a renter. Exchanging your timeshare? It is going to cost you more! You’ll have to pay a fee every time you exchange. Gifting it to someone for a week? There’s a fee for that too!
These are some factors highlighted by timeshare attorneys, which represent the fact that timeshares can be better called a lifetime expense rather than as an investment. If you need help cancelling your timeshare contract, get in touch with a timeshare attorney today.