When considering a tropical vacation in the U.S., many people turn to the sunny state of Florida. With breezy beaches, rousing theme parks, and historical cities, Florida has something for everyone.
With millions of tourists coming to the Sunshine State every year, accommodations are critical. The timeshare industry, in particular, has noticed a high number of vacation-goers and is willing to welcome guests to their resorts. Yet, many folks are still skeptical about this method of vacationing.
This guide will examine why Florida is such a hotbed for timeshare resorts, answer some frequently asked questions, and also point out the potential scams within this industry.
Florida is the number one state in the timeshare industry. Whether it is students on spring break, families on vacation, or retirees, Florida is always full of visitors. Offering the perfect balance of family fun and nightlife, tourists can dip their toes in the Siesta Key sand, visit a theme park in Orlando, or experience the action-packed clubs of South Beach Miami.
Resorts often align with Florida's tropical peninsula attractions. Therefore, finding stuff to do or places to visit is simple.
Below are the Sunshine State's three significant features attracting vacation-goers:
Florida is home to more than 350 timeshare resorts, making it the state with the highest number of such. According to the American Resort Development Association (ARDA), it makes up almost a quarter of all U.S. timeshare units at 24 percent. That is a significant margin over the next-highest state, California, at 9 percent.
That is because many Florida cities are already considered favorite destinations. Whether it is near a beach, an amusement park, or a golf course, individuals and families continue coming back. A few examples of popular timeshare destinations in Florida include:
Get answers to common timeshare questions, such as how they work, how much they cost, and whether you can cancel the purchase of one.
Timeshares are a form of vacation ownership where many people can own a share of the same resort unit, permitting each to use it during reserved periods. It is as if you are pre-paying and booking future vacation trips for the same place and time each year. The most common timeshare interval provides one week a year at the property, but that varies. For example, one timeshare unit can be split amongst 52 owners, allowing each a one-week reservation per year, 26 owners with two weeks' worth of vacations on the books, or as low as 12 owners with one for each month.
The costs get divided amongst owners. Timeshare expenses can be broken down into upfront costs (i.e., deposit) and ongoing costs (i.e., mortgage and maintenance fees). According to ARDA, the average price of a timeshare interval in 2022 is over $24,000, though some resorts charge more. In addition, the annual maintenance fee averages exceed $1,000. While many resorts will frame these expenses as "discounts" or "bargains," these so-called savings are often short-lived.
Timeshare agreements follow the rescission laws of the state in which they get purchased. Most states provide a "cooling-off" period that allows buyers to get out of their agreements, but these often last only three to ten days. Alas, if you change your mind after that time has passed, exit options become limited and risky. Albeit, hiring a timeshare cancellation company is a reliable method for some aggrieved owners.
Be aware of two scams.
The first is the timeshare itself. While not always the case, many timeshare purchases result from being misled. The vendors for these resorts have a reputation for deceptive sales tactics, as many former buyers have pointed out. Whether spreading falsehoods on the actual costs of ownership or omitting vital information - such as that maintenance fees are being charged in perpetuity - timeshare sellers may not be dependable.
The likelihood of a second scam increases for those who purchase a timeshare. Owners who grow unhappy and look to sell it might face resale scams. Considering the number of timeshares in the Sunshine State, this is consequential. A recent investigation in Central Florida took place looking into a “resale company” allegedly fleecing owners for thousands of dollars.
Florida makes for the perfect beach getaway. However, you will likely have a run-in with timeshare resort vendors. If you have purchased a timeshare but regret it, you may try your hand at the resale market, but that can be risky for what is best to be lackluster results. On the other hand, timeshare cancellation companies, such as Wesley Financial Group, LLC (WFG)*, are an exemplary option.
To learn more about timeshare cancellation, call WFG and speak with one of their representatives at (800)-425-4081.