Timeshares have been relatively popular since the 1960s and 70s when families first started investing in the shared ownership of holiday properties in order to guarantee themselves a holiday every year. However, in recent years, timeshares have started to fall out of popularity as more people have found that their timeshare deal was too good to be true and they are now left with mounting costs that they see no escape from.
So, if you are considering investing in a timeshare, we have compiled three of the most convincing reasons to not do so!
#1 – Hidden Costs Make Timeshares a Costly Investment
The upfront cost of a timeshare can often be pretty steep, but when you look at it as a lifelong investment that will serve your family for years to come, it may not seem too bad. However, this upfront cost is not the only payment you will be expected to make.
In fact, ‘maintenance fees’ can be surprisingly expensive, negating any promise of a cost-effective holiday option. These maintenance fees can often rise over the years and you may end up paying more in hidden fees than you did for the timeshare in the first place. Whether you use the property or not, you will still be expected to pay all fees anyway.
#2 – There are Cheaper Ways to Enjoy a Holiday
One of the main reasons people choose to invest in timeshares is because of the promise of cost-effective holidays as they save money each year by not paying for different hotels for each holiday. However, this is often not the case as hidden costs can make timesharing the most expensive way of holidaying.
By looking for deals and packages, families can find perfectly good holidays for great prices that work out to be far more cost-effective than the timeshare option. Best of all, you are able to visit a different country or city for your holiday, rather than being tied down to one destination.
#3 – Timeshare Contracts can be Incredibly Hard to Get Out of
Signing a timeshare contract is something that should be considered particularly carefully, ensuring that you fully understand any conditions. This is due to the fact that contracts can be incredibly difficult to get out of. In fact, you may have to pay a substantial sum of money to secure your exit from the timeshare.
It’s also important to be aware of the fact that there are countless scammers out there who prey on vulnerable people looking for a way out of their timeshare contract. This is why it is essential that there are organisations such as Timeshare Consumer Association who are able to offer reliable advice to help those in a timeshare agreement they would like to get out of.
While there are companies out there who are able to assist consumers if they want to get out of their timeshare contract, it is always better to avoid entering into timeshare agreements in the first place.