At first glance, owning a timeshare seems like a good idea. With an initial payment of a few thousand dollars, you’ll be able to spend time at a luxury resort. However, a number of disadvantages have been associated with such property resulting to the many owners trying to get out of their timeshares. What’s keeping these owners also in a trapped of buying such property is that most salespeople usually emphasize the potential savings on future vacations. Some of them even depict timeshares as sound financial investments with long term rental or high resale values. In reality, this can be far from the truth.
One of the disadvantages of timesharing is when comes to using it. Although fixed week timeshares guarantees you on specific dates of the year, you may end up in an undesirable time slot. Also, you may be unable to take your vacation during the assigned time and may end up missing out altogether.
Another downside of timeshares is the yearly maintenance fees. Generally, owners have to contribute money to the resort’s upkeep. These may range from a few hundred to several thousands of dollars a year and these costs continue to increase every year.
Lastly, the resale value of timeshares decline with age. The timeshare market is already flooded resulting to a very competitive price for resale units.
Timeshares have a number of disadvantages that you will never learn during sales pitches. As a result, many consumers were lured into buying such property but later realized how draining it is financially. That’s why many owners today are trying to get rid of their units. Some of them even hire a timeshare transfer company such as the Transfer Smart. Anyway, there are still some vacation offers available out there that you can opt to and have a fabulous vacation without the headaches of timeshare ownership.