Summer is coming to an end and many American families are soaking up the rest of the summer sun while they still can. Unfortunately, some Americans may be more susceptible to timeshare scams when they’re out enjoying their summer fun.
This is because many Americans have heard of timeshares, but aren’t sure what they actually are. They may have an idea that timeshares are vacation properties or vacation homes.
So what exactly is a timeshare and what separates it from other vacation opportunities?
What’s a timeshare property really like?
Timeshares are a way for many people to share the ownership of a vacation property. This vacation property is typically a condominium unit. It also often has a resort area.
This may sound like your average vacation home shared between multiple people, but a timeshare is more different than that. Each person who buys into the timeshare purchases a certain period of time in a given unit.
Many timeshares divide the timeshare property into periods of one to two weeks. This means, as a buyer, you can purchase a two week period where you can visit the timeshare property during the year.
What makes a timeshare different from other properties?
When you own a vacation home, you own the entire property and can visit at any time throughout the year. When you own a timeshare unit, you can only visit the property at your specified time during the year.
Those who buy timeshares may see the property as a good investment. Because they don’t need to pay for a hotel during the two weeks they vacation, they see the timeshare property as a better investment than a regular stay at a resort.
Likewise, timeshare owners may see the appeal in spending only a small amount of money compared to buying a vacation house. But unlike a vacation house where you’re paying off a mortgage to own the property, the value of the timeshare property isn’t increasing because it’s still owned by own people.
Where can I find a timeshare cancellation attorney near me?
The average price of a timeshare unit is $20,040 and 85% of timeshare buyers say they regret their purchase. If you’re looking for a timeshare cancellation attorney in Florida, Susan Budowski is the timeshare lawyer for you. To learn more about how to cancel your timeshare contract or how to get a deed in lieu of foreclosure, contact the law offices Susan Budowski today for a free consultation.