Timeshare properties look great and so do the terms and conditions outlined by the sales agent during the presentation. However, many people who decide to buy a timeshare sign the contract without actually understanding all the pros and cons of owning a timeshare. While the pros of timeshare property ownership are obvious (the resort is located in a spectacular place and you can be sure that the property is yours in the interval that you bought), there are some cons that you should also know about – here are a few reasons why you may want to avoid buying a timeshare.
Financial Aspects
Timeshare property bought on an impulse, without a careful assessment of your financial situation might easily lead to payment difficulties. If you cannot afford to pay the maintenance fees, assessment costs, property taxes, utilities and other fees that come with the property that your have bought, you might need to take out a loan or a mortgage to finance your timeshare, which can easily lead to spiraling debt that can be very difficult to get out of. Help from Timeshare Termination Team might be the way to get rid of your timeshare if that is what is needed.
Another aspect related to costs is that most timeshare companies retain the right to increase the fees and costs to be paid by the owners of the timeshares without having to obtain the owner’s prior consent, so the rates and fees that initially looked affordable can quickly become way too expensive and there isn’t too much that you can do about those hiking fees.
Difficult to Sell
The value of timeshare property decreases much faster than the resale value of standard residential property. Over time, they may begin to ask how do I sell my timeshare? Timeshare owners who decide to sell their property are often very disappointed that the price they can get for their asset is actually around half of the price that they initially paid for it, so timeshares are not among the best form of investment.
Spending Your Vacations in the Same Place
Your timeshare property might have a pool, direct access to the sea, great walking trails, the nearest town might be a friendly place with lots of great people and good restaurants, but even so, after a few years, you might start to want to spend your vacation elsewhere. As a matter of fact, boredom is among the top reasons why people want to get rid of their timeshare – even the most exotic scenery, even areas that have a lot of attractions and opportunities to offer can become boring after a time, so make sure you take this aspect into consideration before getting a timeshare.
Taking Your Time Off Work in the Same Interval Each Year
Whatever your line of work and position, taking your yearly sabbatical in exactly the same period each year might be problematic either because business life can be hectic and peak periods are not always calculable or because your co-workers might want to or have to take their time off in the same period. To make the most of such situations, you may try to swap your timeshare week or to cut your vacation shorter, but it adds unnecessary stress to your vacation.