Owning a timeshare can bring you vacation highs and ownership lows. Many timeshare owners grow disenchanted with their properties over time for a variety of reasons.
Whether it’s the sales process itself or the costs that add up over time, you can end up having more complaints than glowing reviews for your timeshare property.
Here are four of the biggest complaints that timeshare owners have told Interval Relief about their timeshare properties.
The Cost is Too High
The maintenance fees required for timeshares on an annual basis can be very high. Over time, they can make your timeshare feel like a financial prison rather than a leisurely escape.
When compared to other vacation properties such as hotels, a timeshare can fail to measure up as an attractive vacation destination given the costs.
A timeshare requires that you pay a mortgage and maintenance fees and limits you to a fixed schedule and only one location. This makes ownership feel less like an investment that you can actually enjoy.
The Unpleasant Sales Process
Much like the auto industry, timeshare salesmen have developed a reputation for high-pressure tactics that can lead to poor purchasing decisions from buyers.
Creating a false sense of urgency by limiting the time of an offer is a common sales maneuver in many industries. But purchasing a timeshare should be done with careful consideration without unnecessary pressure from a salesperson.
So-called “cancellation waivers” are used in exchange for a lower price to entice buyers. But these are not legally binding in the United States. These and other tactics can be detrimental to the trust that buyers need in making a large purchase.
Buyers who get swept up in the high-pressure sales experience can end up feeling remorse over their purchase—usually when it’s too late.
No Resale Potential
A timeshare can lose up to 75 percent of its initial value immediately after you’ve bought it. Also, many units can be overpriced relative to their true value to begin with.
This makes it difficult to resell a timeshare. For owners who can no longer afford to pay the mortgage and associated fees, this situation could set the stage for a financial disaster.
It’s Difficult to Get Out Of
United States law allows buyers a period in which they can cancel a purchase without any penalty. This protects timeshare buyers who decide they’ve made a wrong decision.
There are also laws that help regulate the contracts associated with timeshare purchases within each state. A seven-day cancellation period is allowed in the state of California, while Florida provides ten days to change a buying decision. Mexico grants a five-day grace period.
When buyers fall victim to slick sales tactics, they can be in for a big surprise when they realize the terms they've agreed to and the fees that will result from them.
Timeshare contracts must be understood before making a decision. But most people lack the professional expertise to fully grasp all of the intricacies involved in a timeshare agreement.
These are just some of the complaints that timeshare owners have and the reasons that many choose to get out of their properties. But this isn’t as easy as it sounds, and it might require the help of an expert in timeshare contracts.
Knowing the complaints that owners have with timeshares will help you avoid some of these costly issues and ensure that you make the right investment for your future.