There are many contradictory opinions when it comes to the topic of timeshare, with those reflecting the points of view of owners who are very content with their purchases and who take advantage of their yearly vacations and those that view timeshare as an unnecessary expense out of their budget. Unfortunately, there are also those who completely and utterly bemoan the experience, having been one of the unlucky few that fell foul to a timeshare scam. Nevertheless, there are a number of simple ways to ensure that your timeshare purchase is a positive life-enhancing experience rather than an unforgettable nightmare.
Firstly, and perhaps most importantly, the caliber of the operator you work with has a lot to do with your experience. Buying with a reputable, established company is a must when it comes to timeshare. Avoiding smaller or new operators will save you a lot of hassle as well as reduce the risk to your investment, especially if you are buying unfinished properties in foreign countries. Most of the serious nightmare situations described by owners are related to scams rather than any inherent problem with the timeshare produce itself. Therefore, if you avoid potential fraudulent companies, you can safeguard your money and your future experiences. A simple Internet search can quickly sort the trusted companies from the swindlers.
Knowing what you want from your vacations is key to your happiness. If you know that you never want to return to the same location, then you would be best to avoid fixed date options and purchase with a plan to join a vacation club, which allows you to exchange your points all over the world. If you are clear with the timeshare seller from the get go, it is very likely that they can work the plan that suits you.
Investing in timeshare as a money making scheme is also a sure way to find disappointment. While your hard earned cash is safe and you can be confident that you have bought a worthwhile asset, your financial benefits arise from the money you save on future vacation rentals and hotel rooms rather than from the resale of your property (although there is money to be made). This leads directly to another source of timeshare nightmares, and that is fraudulent resale companies who ask you to pay a fee in advance of listing your property. If you do opt to sell your timeshare, always use a reputable and licensed agent – again, a little research can save you a lot of tears.
Finally, keep up to date with your maintenance fees. Stopping paying your maintenance quotas is an easy way to cause yourself a legal nightmare. The fees are intended for the general upkeep of your unit and the resort itself; they are an essential part of your continued enjoyment. To protect all owners, legal action will be taken against those who neglect their payments. Always contact your timeshare operator if you are unable to pay on time.
The majority of the timeshare fraud victims that contact us are embarrassed about their mistake of purchasing a timeshare without doing their research beforehand. Timeshare Fraud is not something to be embarrassed about, it is a multi-million dollar industry that preys n timeshare, timeshare scam, timeshare fraud, timeon trusting vacationers and needs to be stopped. In order to do this, we urge all the people that have been scammed by timeshare developers to take action and work to resolve their issues and prevent the perpetrators of fraud from harming others.
Timeshare fraud has been around since the timeshare idea was created, but they increase during poor economy. When times are difficult, timeshare owners are stuck with properties they can´t travel to or even afford. Desperate to recoup some money to pay for bills, they can easily become victims to scams artists pretending to be their timeshare salvation who will take upfront fees -as much as five number figures in some cases- but fail to fulfill their promise.
Timeshares can be a considerable option for those who love traveling, but they come with huge financial risks. Besides the initial purchase price and the down payment, there are other fees to consider. Timeshare maintenance fees are the most important charge that the resorts make to the owners.
Unfortunately the timeshare industry is riddled with scam and fraud companies that are linked with each other. Many of the rental or resale companies that the timeshare developers recommend charge upfront fees, and are another scam. If the company is willing to work on a commission basis for a successful outcome, then they are likely reputable, but if they ask for fees in advance, this is the first sign to walk away.
These are 10 reasons why not to buy timeshares:
You will have to pay expensive timeshare maintenance fees, which are likely to increase each year
It will be extremely difficult to sell it, not to say almost impossible, being that the resale market poor is
If a natural disaster occurs, or if there is a remodeling taking place at the resort, you will have to pay special assessment fees
Timeshares do not increase in value, in fact, they devalue almost 70% at the moment that you first purchase it
There are lots of hidden fees, and all of them need to be paid on time, whether you use your timeshare or not
Doing a timeshare exchange is a difficult process, and perhaps it may be more trouble than it’s worth.
Timeshare salespeoplewill tell you that you can rent your timeshare in case you don’t use it. What they don’t tell you is that renting your timeshare requires a lot of paperwork and the payment of extra fees.
If you do not do your payments on time, they will send you to collections very quickly.
Contrary to what you might believe, timeshare travel is expensive, being that you have to cover a lot of yearly fees
They are definitely not for spontaneous traveling. You are attached to a specific week of a year