If a timeshare looks good to be true, it often is. Statistics show that the average age of timeshare owners throughout the United States is 46.8 years old. This means that timeshare companies will usually target almost any type of adult. Considering that, it’s understandable to learn about the truth behind these properties. In this post, you’ll learn about the dangers of signing a timeshare contract.
The Enticing Sales Pitch
Statistics show that 25% of all timeshares throughout the United States are located in Florida. This makes sense, timeshare companies want to entice visitors with a piece of property located often near a beach. In addition, Florida remains a popular state for those looking to retire. Unfortunately, timeshare companies are extremely aware of the previously mentioned information.
Timeshare companies look to entice potential buyers with a sales pitch or presentation. That being said, it often doesn’t end with a presentation. A presentation by itself could be easy to walk away from. Instead, many timeshare companies try to offer gifts to further make people pressured into signing a contract. These gifts often include dinners or attractions paid for on behalf of the timeshare company. In certain cases, these companies might try to entice you by purchasing an automobile or boat for you.
The Hidden Expenses
While owning a timeshare might seem nice, many potential buyers are unaware of the many hidden fees that come with these properties. One of the most notorious costs in the world of timeshares are maintenance fees. In fact, statistics from a 2016 survey found that 66% of those owning a timeshare wanted to get out of their contract due to maintenance costs. Many people seek the help of timeshare attorneys in an attempt to get out of these contracts.
Another problem associated with a timeshare is renting a property that has little to no resale value. After learning the truth about timeshares, it makes sense that someone would want to get out of this situation. Timeshares depreciate in terms of value in a similar manner to new automobiles. While it’s easy for someone to purchase a new automobile or timeshare, you’ll find it nearly impossible to sell either of these and recoup your costs.
The Fake Sale Scam
If you’re still thinking of signing a timeshare contract, you’ll want to know about the resale scam. Imagine that you’ve regretfully signed a timeshare contract. Wanting to get out of this contract, you try to sell your timeshare to anyone that take it off your hands.
Unfortunately, timeshare companies will contact these sellers as interested buyers. These buyers will ask for your information and promise to purchase the timeshare from you. Unfortunately, many hopeful sellers are shocked to find that they’ve just been ripped off all over again. This deceitful practice started in the late 2000s. In fact, statistics from 2013 found that the FTC or Federal Trade Commission filed 191 separate cases against timeshare companies targeting those looking to sell. Timeshare cancellation attorneys have also been working to ensure that these scammers have their day in court.
To summarize, timeshares are often an extremely risky investment. There are much wiser things to do with your spare income. For one, you could avoid the likely potential of being involved in a timeshare scam and keep your money in the bank. If you’re paying for one of these properties and want out, contact timeshare cancellation attorneys. Many people find that hiring timeshare cancellation attorneys gives these owners their best chance at escaping these contracts.
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