Timeshares are a controversial topic. Some see this $70 billion industry as a great way to improve their ability to travel, others believe them a scam to pray off the ignorant. But like most things, there is no real true answer.
While there is a lot about time shares that might make people queasy, the truth is for some people, times shares are the right choice. For those people, they know the risks and the financial burdens that come as a result of timeshare ownership. They understand what to expect.
Unfortunately, many people who purchase timeshares do so with unrealistic expectations or a poor understanding of what owning a timeshare really means.
This five-minute guide is designed by our timeshare attorneys to point out some of the very common misconceptions about time shares that can lead people astray.
- Myth: Most People Are Happy With Their Timeshare
While the timeshare salespeople are skilled at creating a rosy picture of the benefits of timeshare management, the reality is that only around 15% of buyers do not regret their purchase.
That means 85% of people think they made a mistake, whether it is the result of high-pressure sales tactics, confusion, or a change in financial situations. Considering that the average timeshare cost is $20,040, that is an awful lot of money to regret.
- Myth: Timeshares Are a One Time Cost
Many people are comfortable paying the high cost for a timeshare because they assume that they will be spared the day to day burdens of owning a vacation home. Unfortunately, timeshares almost always include maintenance fees, meaning that even if you pay off the timeshare, you will still be financially on the hook.
What’s worse, the maintenance fees rise by 8% every year. Considering the average timeshare owner is just under 47 years old, that means that they have another 30+ years of ever increasing payments.
- Myth: Your Timeshare Debt Won’t Affect Your Family
Did you know that many timeshare contracts are in perpetuity? That means that your timeshare and the financial burdens such as maintenance fees pass on to your children when you die. As we already said, these fees continue to grow each year. That means that your children could be inheriting a very substantial cost when you pass away.
Knowing what you are signing up for can make all the difference when you are looking into purchasing a timeshare. Hopefully, this guide has helped you understand the financial obligations that come, should you decide to purchase a timeshare.
My TimeShare Attorney was founded to protect the rights of timeshare owners who feel they have been taken advantage of by timeshare scams. Contact us today to see why we’re among the leading timeshare attorneys in Florida