Are you contemplating buying a timeshare or are you already in a timeshare? Well, if either of these scenarios applies to you, you’ll want to take a look at this article.
The truth is, timeshares are a scam. If you’ve already bought into one, you probably know that by now.
But for those of you who are considering it, check out the information below to learn why you should be very cautious about purchasing a timeshare:
1. Aggressive Sale Pitches
One the ways that timeshares suck you into a scam is through the sales pitch. Most of the sales agents are very cunning in the way that they present the details. It all sounds nice and they hook you with the glitz and glam.
However, they tend to leave out the important details and the fine print. Also, if you try to walk away from a presentation, they are forceful with trying to get you to sign on the dotted line.
That’s how many people end up buying a timeshare. Simply put, timeshares are a scam.
2. Extra Fees
One of the cons of timeshares is the long list of fees associated with purchasing one. Most people are under the impression that the mortgage is all they have to pay. That’s not true.
In addition to the mortgage, there are assessment fees, maintenance fees, property taxes, and utility costs.
All of these expenses quickly add up and if you can’t pay it, the contractor can block your contract.
3. No Tax Deductions for Losses
Another one of the reasons why timeshares are a scam is because they rarely ever benefit the owner. If you sell your timeshare, and you sell it at a loss, you probably won’t be able to get a deduction for that deficit on your tax returns.
If you do, it’s usually a complicated process.
But that doesn’t mean you can’t get a deduction at all. You’ll just have to do some research to find out how to recover your losses. Sometimes there are exceptions.
4. Difficult to Rent
Don’t get a timeshare if you are planning to rent it out. Most people assume that once they’ve bought into a timeshare, that essentially it’s theirs and they can do what they want with it. But that’s not the case.
Renting out a timeshare is extremely difficult, and many timeshare companies don’t allow it. This creates a headache for the buyer because they have to continually pay into a property that they may or may not visit.
There’s no way to really get a return on the initial investment.
If you are someone who has already bought a timeshare and you want out, read here to learn how to write a great timeshare cancellation letter.
Timeshares Are a Scam
As nice as the sales pitches are for timeshares, they’re not worth the hassle. If you are someone who enjoys traveling or you want to have a vacation home, there are other ways to do it.
You should just rent a resort whenever you want to go on vacation. Doing so will save you the cost of a mortgage, utilities, taxes, and other fees.
If this information helped you understand that timeshares are a scam, read more of our website. We post content related to a variety of informative topics.