The timeshare concept has been imported from the IT field, originated by the meaning of “technology that allows multiple users to simultaneously access a central computer via distinct terminals.”
Acceptance of the concept in the field of the law has prompted it to designate the ownership or joint lease of a vacant property by several persons, who are allowed to use that property in rotation, each year, for specified periods of time.
The idea seems good, but many people regret purchasing a timeshare and here are their reasons:
First, the concept is not what it looks like. The timeshare system has been initially regarded as a real estate intended for families and seeking to solve their holiday accommodation problem. In most cases ownership is transferable to a third party, including through inheritance. A timeshare system imposes a certain amount of rigor in planning and organizing your holiday, which is not always convenient or possible, not to mention that there are fees to pay if you want to make a change, with another timeshare owner, to diversify your holiday destinations.
In addition to the initial investment, owning a timeshare also involves maintenance costs, other annual fees, lawyer or brokerage fees, and the list can go on. Many owners, after realizing the additional fees and associated costs of owning a timeshare, look for a timeshare exit strategy Colorado companies offer.
Owners can always try to resell the purchased package, but they will not sell it at the same price as they bought it, so timeshare holidays are just an illusion of investment.
The dream of having a timeshare can be ruined if you choose the wrong seller. Timeshare contracts are usually complex, and you should always read the small rows at the bottom of the pages. If you do not understand the contract, do not sign it, especially if you have not been able to review it or seek for impartial legal advice.
But if you have purchased a timeshare already and realized it is an expense that you cannot afford and even a financial burden, it is time to get out of it.
What happens if you want to give up your timeshare or sell it to someone else?
The resale price of a timeshare is usually significantly lower than the purchase price. Be careful of timeshare traps! For examples: a seller may offer to sell a timeshare on your behalf, for an upfront fee. Be careful who you choose to trust, there have been several cases where these sellers have disappeared with the money paid in advance! Or, you may be invited by an economic operator to a meeting abroad, at your own expenses, usually to negotiate the sale. During the meeting, you may receive a suggestion for a new holiday plan, using the timeshare you own as part of the exchange. Once again, be mindful of the content of these contracts. Some people later learned they still had their initial timeshare – plus another holiday plan!
For more on timeshare cancellation, see https://www.timeshareterminationteam.com/.
Timeshare holidays can be attractive because this system provides the opportunity to enjoy, for a certain period each year, the exclusive use of a property in a luxury resort in another state or even in another country. But the lack of information and the shift of those who sell such holiday deals can put people in extremely unpleasant situations, so it is more prudent to avoid them.
However, you do not have to own a timeshare to stay in a timeshare. This system is somehow like a hotel: you can book rooms directly from the operators. While you stay there, you can expect them to try to sell you a timeshare, but you are not obligated to buy anything, not even if you attend a sales presentation because it is included in your package. You can collect vouchers and gift certificates they offer, but when it comes to buying a timeshare, it is entirely up to you.
Renting a timeshare is more convenient, considering that owning a timeshare is a long term contract that may become a financial burden for you, after a while.
If you are interested in renting, don`t expect typical hotel amenities, because timeshares are only about having a place to stay during your vacation.
There are companies that will tell you to be wise in your decisions, while they don’t sell timeshares, they can help you legally get out of timeshare contracts.