Timeshare Myths to Avoid When Making an Exit Decision

Buying a timeshare is an exciting prospect if you visualize dream vacations at your favorite resort every year. But you may soon realize that it is a pain in the neck, and exiting the contract is the best option. However, it is easy to fall for the bait and continue again because the property owner wouldn’t want to lose business.

Knowing about the popular timeshare myths can save you from a lot of trouble. Here are the ones you must avoid believing when you make a sensible decision to give up your timeshare.

Myth #1- They are smart investments

If you bought a timeshare as a potential investment opportunity, you may have second thoughts while giving up. It isn’t a smart investment as your sales rep may have convinced you initially.

Timeshare owners rarely make money on a sale, so there is no reason to believe it and retain the investment. The sooner you exit, the better because you will only have to pay hefty annual maintenance fees on this investment.

Myth #2- They pay for themselves

Another myth that may keep you from exiting is that timeshares pay for themselves. They don’t, and you will be shocked about the amounts you will have to shell out every year as the cost of ownership.

Apart from the initial property payments, there are additional costs, hidden fees, and taxes you need to pay. The worst part is that you even have to spend on utility costs and maintenance even without using the property.

Myth #3- Exits are challenging

You need not worry about getting rid of a timeshare because it is a contractual arrangement. Thankfully, specialist exit service providers can make the process easy and hassle-free for you.

Consider partnering with experts like Wesley Financial Group which offers complete guidance and advice to terminate the contract smoothly and without delay. It is best to close things early to save your money and set up for financial recovery.

Myth #4- They are a safe bet

Like everything else you invest in, timeshares make a risky venture. If the sales rep tries to convince you about the safety of this investment, do not take their word for it. Natural disasters occur, and timeshare management companies go bankrupt.

The pandemic has been another unprecedented risk factor. The risk could be at your side, such as a change in financial status or a disability that makes it impossible to travel or bear the regular expenses related to the ownership

Myth #5- It makes a great inheritance

The agent will try to lure you into buying a timeshare by convincing you that it is a great inheritance for your children.  It is a myth because you may end up burdening your family with expensive vacation ownership that translates into hefty costs every year. Ask them and exit right away if they do not want to get this costly gift as an inheritance.

Now you know about these myths and truths, exiting will be a lot easier. Don’t think twice if you want to do a timeshare cancellation, do it right away!

Photo by Konstantinos Eleftheriadis from Pexels