There are people who found themselves suddenly owning a timeshare without knowing what it’s about.
They hear keywords in presentation like “stress-free vacation” in top-notch destinations and immediately get sold to the idea. Considering that a timeshare is expensive, one must weigh the pros and cons of owning one. The seller might be remiss in explaining the product thoroughly, so it would be helpful to the soon-to-be timeshare owner to do his own research.
- It would be nice to own a condominium unit in a high-end vacation spot, but not everybody can afford to buy one. There are timeshares that can allow you to live in the same condominium unit during the time-frame you reserved. You enjoy the same perks even if you don’t own the unit. And, because you don’t own it, you don’t have to worry about the maintenance. You also don’t have to worry about the security when you’re not in the property.
- Large families need not feel cramped when they go on vacation. There are spacious two- or three-bedroom condominiums that have multiple bathrooms, living room, dining area and kitchen. Families can enjoy meals together as a whole, without having to reserve several tables when they go out for every meal. Plus, if you’re the type who enjoys cooking for your family, you can continue lording it over the kitchen even during holidays.
- Timeshare can be an investment when you sublet your unit to others. You can sell your week of vacation and make a profit if the sublet fee is higher than the monthly fees you pay.
- If you enjoy going to the same place every year (pretty much like going to your summer home every year), a timeshare can ensure that you stay at a particular resort during the time-frame you reserve. This saves you from the hassle of looking for a holiday destination.
- There are many costs involved in owning a timeshare. Maintenance fees can go up every year. There are claims that the maintenance fee can go up by 12% annually. There are special assessments and taxes involved, too. Sometimes, there is a mortgage to be considered.
- A lot of timeshares carry a lifetime contract that can be hard to get out from. This lifetime contract can be passed on to future generations through the perpetuity clause.
- Pretty much like a car, the value of a timeshare goes down as soon as you buy it. The difference is, it’s easier to sell a used car than a timeshare. This is because the supply of timeshare is much greater than the demand for it.
During a timeshare presentation, it can be expected that they highlight the pros of owning a timeshare. Some don’t even bother discussing the cons.
If you already own one and realise that keeping it no longer makes you happy, there are legitimate ways you can leave timeshare. You can either do it on your own or get the services of an exit company.