For many vacation-loving Americans, purchasing a timeshare can sound like a great deal. However, there are plenty of downfalls that come with making this financial investment, all of which can cause someone to need to look into selling a timeshare with the help of our timeshare lawyers.
When buying a timeshare, it can be easy to get caught up in the excitement of it all. So here we have compiled four financial myths that have to do with timeshare sales to help you know more about this complicated process. Unfortunately, you aren’t likely to hear about these harsh truths from timeshare salesmen.
Myth: A timeshare is an investment property
On average, you can expect to pay $20,040 for a timeshare. Many homeowners believe that this is a great deal as the investment it will bring will soon pay for itself. But this is untrue. Over time, your timeshare property will depreciate in value, making it almost impossible to recover your investment capital. Not to mention that the fees, maintenance, and everyday repairs you will have to pay every year will slowly increase in cost, forcing you to pay thousands in unexpected expenses over the years.
Myth: The other tenants will take care of the property to the same standard you will
You should never assume that the other tenants will take care of your property to the same standard you will. Because of this, you may be saddled to pay for expensive repairs during your stay due to someone else’s negligence.
Myth: No matter the fees, it is worth buying a timeshare because I will want to return year after year
Even the most exotic destination can get boring after a few visits. This means that you may not want to keep going back, so consider spending your hard-earned money on visiting different places around the globe.
Myth: Timeshares are easy to sell
Selling and/or cancelling a timeshare is easier said than done. The market for timeshares changes with the economy, and many times there are few incentives for buyers to purchase the property for the full amount you bought it for. Many homeowners believe that canceling a timeshare is an easy thing to do, but in reality, it can be especially overwhelming and close to impossible, leaving you with unwanted properties and growing debt.
Investing in timeshares is a tricky business. If you need help canceling a timeshare and don’t know where to start, call us today.