1. Timeshares Are Financial Investments:
Many prospective timeshare purchasers are told that their timeshare is a financial investment and their property will increase in value. This is a lie. Timeshares depreciate in value as soon as the contracts are signed. In the current economy, they could depreciate by almost 100%.
2. Timeshare Rental and Resale:
Timeshare salespeople often say that owners can rent out their units for easy money when they don’t use it, and be able to quickly resell the timeshare if they aren’t happy with it. Unfortunately, the rental market is flooded with timeshare units. This makes renting out a timeshare very difficult. Even worse, the timeshare resale market is saturated with owners selling their timeshare for pennies, as well as unscrupulous companies waiting to scam owners to make a quick buck.
3. Timeshare Maintenance Fees:
Timeshare maintenance fees are the annual costs associated with the upkeep of a timeshare unit. Consumers are often promised that these fees will never increase. But maintenance fees increase steadily each year. In 2005, the average maintenance fee was $471, while in 2013 average maintenance fees rose to $822.This means that, on average, timeshare maintenance fees have increased by 75% in those 8 years.
4. False Sense Of Urgency:
Many times, timeshare salespeople will say that the “deal” they are offering at the sales presentation is a “once in a lifetime opportunity”. This is a double misrepresentation because salespeople are never offering any kind of “deal” or “discount” and the price from a timeshare developer will always be available.
5. Tour Length:
Most timeshare developers tell prospective owners that the tour and presentation will only last 90 minutes. In reality, these tours can extend for hours. Some of our clients have reported SIX HOUR tours.
6. Timeshare Rescission:
Every timeshare contract has a built-in time period for owners to cancel their timeshare contracts called a rescission period, but timeshare salespeople rarely, if ever, tell owners about this legal right.
7. Timeshare Exchanges:
One of the “features” that timeshare salespeople like to push is the idea that a timeshare owner can vacation anywhere in the world with their timeshare.What they don’t tell you is this is only possible using a timeshare exchange service (RCI) with additional annual fees, booking fee and scheduling headaches. Most times it’s impossible to find a timeshare that will allow you to exchange based on your points or weeks.
8. False Meetings:
After a consumer buys a timeshare, they are often invited to “dinner parties” or “owner meetings” that are really just a ploy to squeeze more money from the owner by way of upgrades or even purchasing new timeshare units.
9. Timeshare Tax Incentives:
Timeshare salespeople often tell prospective buyers that they can get a tax break by purchasing a timeshare to sweeten the deal. Unfortunately, it’s simply not true and you will never get a tax break from a timeshare.
10. Timeshare Closing Process:
If you’ve ever experienced a timeshare closing, you know that the process is extremely fast-paced and rushed. The timeshare salespeople give little or no time to look over the contract and owners don’t realize what they’ve purchased until it’s too late.
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