Most people are intimidated by the very mention of the word “timeshare”. Timeshare properties are not always a scam or do not always end in a cancellation. The decision to buy or not to buy a timeshare depends on the vacationing pattern of the individuals and their financial stability to afford it. In any case the right legal advice on timeshares is mandatory.
Read on to find out about some common myths revolving around the industry and the true picture behind it.
Myth 1: Timeshares are a Smart Investment for the Long Run
Timeshares are not an investment option as reselling the property at a profit rate is very rare. Also, the value of the property depreciates with time and some timeshare property locations also run the risk of being subjected to natural disasters.
Myth 2: Timeshares are for All Regular Vacationers
It is true that an occasional break in one of your favourite holiday destinations is a good way to unwind and rejuvenate. However, with time, people change and so do their lifestyles and ideas. A timeshare in fact locks you down to one location and kicks the novelty factor out of the holiday. Several timeshare consultant report this to be one of the main reasons for cancellation.
Myth 3: Renting the Timeshare Is a Good Source of Income
Renting the timeshare is not as easy as it is proclaimed to be by the salesperson. Individuals who invest in a timeshare with the aim of renting it for extra income end up disappointed due to the lack of demand for the property.