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What You Need to Know Before Buying a Timeshare

In many cases, timeshare buyers have little background information on the reputation of the timeshare industry before making such a lifelong commitment. Whether it's the surprise maintenance fees, murky timeshare laws, or the lack of a resale market, the truth is, a prospective buyer may never get informed about the facts that they need to know in advance of the decision.

Picture this – you're at a popular vacation destination with your family when you're offered free tickets to a local show so long as you attend a sales presentation. You bite and attend the timeshare presentation, but hours later, you get pressured into something that wasn’t even on your radar before the presentation. It's important to educate yourself on all of the details that make up a timeshare purchase, especially if you consider yourself a seasoned traveler. Now, let's take a closer look at everything you need to know before buying from timeshare resorts.

Annual Maintenance Fees Are Permanent

Before buying anything, it's vital to understand what you're spending your hard-earned money on. Annual maintenance fees are a massive part of timeshare expenses. The resort company collects special assessments and maintenance costs every year for the regular basis upkeep of facilities and amenities around the property. Whether you know it or not, when you buy a timeshare, you agree to pay these fees for many years for as long as your agreement lasts. While a maintenance fee may seem harmless at first, being just a couple hundred bucks, it is prone to increase over time.

What They Don't Tell You About Your Maintenance Fee

Yes, it's going to go up every year. While your timeshare developer may lead you to believe it's a flat rate annual fee, in many cases, your regular maintenance fees will rise exponentially for years to come. Since the beginning of timeshares, the purchase price and maintenance fee have regularly increased. That is partly due to natural economic inflation but mainly because each resort is trying to keep up with vacation club competitors and the particular timeshare upgrades they might be making. Some owners are shocked when they see their maintenance fee invoice after owning their vacation spot for just a couple of years. It is essential to inquire about your timeshare property maintenance fee's potential to increase as time goes by. It will give you clarity outside of just your lump sum and help you better understand the kind of money you'll be losing on a year-to-year basis.

The Resale Market is Tough

Timeshare real estate is tough to navigate. When most people buy a deeded timeshare, they believe that they can easily resell it if they don't like it. That's not always the case. While the supply of timeshares is very high, the demand is low, if not next to none. It is very seldom that people set out to buy a timeshare as a financial investment. Many timeshare owners were preyed upon by sales staff that persuaded them into signing their agreements. Salespeople will do or say anything to make you believe what they say. These sales tactics have left some resort companies labeled "frauds" or "scam artists.” 

While salespeople might lead you to believe that reselling is a great way to get out of the ownership, no one wants to risk buying timeshare properties in the secondary market. The best way for an original owner to avoid timeshare resale scams is to contact a legitimate cancellation service like Wesley Financial Group, LLC ("WFG").

Your Financial Status Could Take a Hit

Like most significant purchases, your credit score could be a factor when making payments on your timeshare unit. Many people have to take out large timeshare mortgage loans, which on top of thousands of dollars in things like annual fees, closing costs, and high-interest rates, it's possible this ownership can lead to a missed payment or two along the way. While not every timeshare management company report to credit bureaus, some do so diligently, leading to negative marks on your credit score and making it difficult to qualify for other expenses like a new credit card or personal loan.

Availability Issues

Some people want to buy a timeshare but do so before realizing how useful they are. Availability can be a huge factor that leads people to cancel. Potential buyers often get promised, "you can go anywhere you want, anytime you want," but they find that not the case after a few months. Timeshare salespeople also indulge buyers with the benefits of timeshare exchange programs. While these programs may look like a good idea at first, you might spend more money in the long run. Timeshares don't have a single price tag on them as a hotel room would. Instead, you're stuck with an ungodly amount of vacation costs and fees that you might as well have just invested in an actual vacation home.

How Do I Cancel My Timeshare?

One of the few reliable ways to cancel and end the relationship with your resort is by contacting a timeshare cancellation company. Timeshare companies will always tell you that you can sell your vacation property anytime. When in fact, this is just another strategy used during sales presentations. If you try to get in touch with your timeshare company, you'll soon find out there's not much they will do to help. You're best reaching out to a legitimate exit service. Here are three characteristics that make up a solid exit team:

Long-Standing Industry Experience

With timeshare cancellation services, you want to make sure you're working with someone who understands what you've been through while owning a timeshare. That means your cancellation staff knows the ins and outs of the industry. They're going to be able to coach you through each situation and inform you of what to say and what not to say. As vacation owners, your knowledge of your timeshare agreement might be limited. A timeshare exit team with vast experience has probably seen it all and can easily accommodate your needs to ensure this experience is a thing of the past.

Previous Client Success

Like you would before buying a car, you want to research the company and read all customer reviews. When you find a company with plenty of reviews online, look for the pros and cons. If a company doesn't have many reviews, that could point out that it hasn't been around a long time. Many timeshare owners are tired of being misled, so the reviews on these websites are usually quite transparent and lead you to believe that what they're communicating is true.

100% Money-Back Guarantee

A money-back guarantee is what separates the rookies from the experts. It's understandable to be hesitant when signing up for a cancellation service. You've likely already lost a ton of money on your timeshare, so why would you want to risk more on the cancellation process. But what if you could have the satisfaction of a money-back guarantee? If your timeshare ownership doesn't get canceled within an agreed-upon period of time, you should receive a full refund right back into your pocket.

Wesley Financial Group, LLC is one company that meets these standards. This exit company has helped over 15,000 families since its doors opened in 2011. With long-standing success, it's nearly impossible to find a bad review from clients on sites like Trustpilot and Best Company. That is not to mention the overflowing testimonials that you can find on the WFG Youtube Channel. It doesn't stop there. A 100% money-back guarantee makes WFG one of the industry's best. If they can't cancel your agreement within the agreed-upon time frame, you'll receive all your money back.

Summary

We all yearn for more vacation time, especially when it feels like our workload never ends. But why make future vacations more stressful by purchasing a timeshare from a resort company. Sure, they'll make it seem like the best idea in the world, but you have to remember that not everything they feed you is true – "You can go anywhere you want, anytime you want." or "If you don't like it, you can always sell your timeshare." Whether it's pricey annual fees, limited availability, or the lack of a reliable resale market, you must know what you agree to by purchasing a timeshare.

=However, there's always a light at the end of the tunnel. Companies like WFG exist for your help and assistance. WFG has an exit staff ready to prove why its services rank among the best. With a money-back guarantee, there's no risk involved. Contact Wesley Financial Group, LLC today if you're interested to see if you qualify for their timeshare termination services.

*Wesley Financial Group, LLC, and its affiliates, successors, or assigns are not lawyers or a law firm and do not engage in the practice of law or provide legal advice or legal representation. All information, software, services, and comments provided on this site are for informational and self-help purposes only and not intended to substitute for professional advice, legal or otherwise.

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