Timeshare Frustration
Timeshares can be a life changing decision
Timeshares can be a life changing decision. What many don't realize is that once they purchase that timeshare, whether it is through a presentation or a telephone call, it becomes a life time commitment. In this day and age there is no way for a consumer to cancel a timeshare contract simply because he no longer wants it. The only choice he has is to sell it, transfer it, or donate it.
Let's go over the basics first. What exactly is a timeshare? A timeshare is a kind of ownership someone has of a property. Many times a timeshare ends up being a condominium unit. These units are usually used by other parties who also hold the right to it. Each timeshare owner is given a period of time in which they are allowed to use this unit, which most likely is a week. If you are unable to use your unit during that allotted week then you would have to wait until the next year to use it. However, even though you did not use your timeshare you are still responsible for the maintenance fees and other costs related to the property.
Now there are two different types of timeshare property: right-to-use timeshares and deeded timeshares. A right-to-use timeshare gives the timeshare owner a specific number of years in which they can use that timeshare. The number of years varies but it is usually between 15 to 30 years. Right-to-use timeshares are purchased by intervals and companies who own these timeshares own several in different locations which make it easier to timeshare hop. Deeded timeshares allow its owner to use the same unit year after year. If you purchased a deeded timeshare it is considered property so it will be passed down to any heirs you may have. With both types of timeshares the owner can use the property for himself, exchange it, rent it out, or give it away. However, one big difference between right-to-use and deeded is that right-to-use is considered a leased property while deeded is considered purchased.
Since each and every timeshare is different it would stand to say that timeshare prices depend on its location and size. Timeshares can sell anywhere between ten thousand dollars to fifty. A timeshare in the Bahamas is most likely more expensive than a timeshare in Mexico. However, the initial price is not what timeshare owners have to worry about. What owners must realize is that, like a house, even after you pay off the purchase amount that doesn't mean you are done. You still have to keep up with the house maintenance, utilities, and any damages it may encounter.
This is where all the hidden costs of owning a timeshare come to play. What these resorts fail to inform the buyer is that they will be responsible for any renovations, repairs, transfer/recording fees or extra taxes. Added along with these fees is the yearly maintenance fees and of course the cost of travel, if one decided to vacation at his timeshare.
With all this information readily available online it is shocking that thousands of people have purchased timeshares and still continue to do so. On the other hand, there are timeshare owners who have realized their mistake in purchasing and are currently seeking a way to escape their timeshare. Many of these owners have tried paying listing companies to list their timeshares for them. This does not work for several reasons. First of all, this is a scam. Second, all that the company does is list your timeshare along with thousands of others in a magazine or newspaper. Lastly, there is no guarantee that anyone will contact you to buy your timeshare. Your timeshare could be listed for months or even years without hearing from an interested buyer.
Another way timeshare owners have tried to get out of their timeshare contract is by contacting their resort. Some resorts have a clause called Right to First Refusal, which states that the resort will buy back your timeshare week at a reduced rate. Though it is not a full refund to what you spent it is better than trying to sell your timeshare on eBay for a dollar or less.
However, the best and probably most effective way to get out of your timeshare permanently is to donate your timeshare. By donating your timeshare you can get out for good while helping charities around the world. Though it is not as easy as it sounds it is still a better option compared to selling it. When you contact companies who help you donate your timeshare, like Donate Timeshares, they practically do all the work for you. Many times timeshare owners will never get back what they have spent on their timeshare if they try selling it or listing it. On the other hand, when you donate your timeshare to charity you become eligible for a tax deduction! This is probably worth more than if you ever tried to sell it yourself.
In conclusion, this article was designed to help those who own a timeshare and those who are thinking about purchasing one. What most fail to do before they act on impulse is to do some research on the topic. You would be surprised at how viable much information is out there for you to discover. Therefore, do not forget to do your research. Remember everything is just a click away.
by: Sarah Lyn
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