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What You Need To Know Before Buying A Timeshare

It seems that in most cases, timeshare owners usually have no previous background information before buying their timeshares. Whether it's the surprise maintenance fees, murky timeshare laws, or the lack of timeshare resale, most timeshare owners aren't informed with the real facts that they need to keep in mind.

Picture this – you're on vacation with your family when you're offered free tickets to a show so long as you attend a presentation about buying a timeshare. You decide to bite and attend the presentation, but hours later you find yourself getting pressured into something that wasn’t even on your radar before the presentation. This is why it's so important to educate yourself on all of the details that make up a timeshare purchase. Especially if you consider yourself a seasoned traveler. Let's take a closer look at all of the things you need to know before buying a timeshare.

Annual Maintenance Fees Are Permanent

Before buying a timeshare it's important to understand what exactly you're going to be spending money on. Annual maintenance fees are fees that the resort collects at the end of every year for regular upkeep on facilities and amenities around the resort property. Whether you know it or not, when you buy a timeshare you're agreeing to pay these fees for many years to come. While a maintenance fee may seem like just a couple hundred bucks at first, it is very prone to increase over the time in which you own the timeshare.

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 most cases your maintenance fee will rise exponentially after the first year. Ever since the beginning of the timeshare, maintenance fees have been on the rise. This is partly because of natural economic inflation, but mostly, it's because each resort is trying to keep up with its competitors and the certain types of upgrades they might be making. Most timeshare owners are shocked when they see their maintenance fee invoice after having owned their vacation spot for just a couple of years. This is why it's so important to inquire about the potential for a timeshare property maintenance fee 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 Timeshare Resale Market Is Tough

Timeshare industry real estate is very hard to navigate. When most people buy a timeshare, they're made to believe that if they end up not liking the timeshare they can easily resell it. This is not the case. While the supply of timeshares is very high, the demand is very low, if not next to none. It is very seldom that people set out to buy a timeshare or want to find a timeshare. Most timeshare owners were preyed upon by sales staff that persuaded them into signing their agreements. Timeshare salespeople will do everything in their power to make you think you can leave your timeshare behind in the blink of an eye. It's one of their many sales tactics that leaves them being called names like "frauds" or "scam artists.”

While you might be made to believe that selling your timeshare is a great way to get out of timeshare ownership, the fact of the matter is that no one wants to buy timeshare properties. The only true way to exit your timeshare is to get in touch with a legitimate timeshare cancellation service like Wesley Financial Group, LLC.

Your Financial Status Could Take A Hit

Like most major payments, your credit score could be a factor when making payments on your timeshare unit. A lot of people are forced 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 timeshare ownership can lead to missed payments. While it should be noted that not all timeshare companies report to credit bureaus, some report to them diligently and this leads to dings on your credit score and your inability to pay off other expenses like credit cards.

Availability Issues

Some people want to buy a timeshare but do so before they realize the amount of time they get to use it. Availability can be a huge factor that leads people to cancel. They remember being promised, "you can go anywhere you want, anytime you want," but once they're a few months in they find this is not the case. In most cases, timeshare sales representatives inform their owners of certain timeshare exchange programs. And while this may look like a good idea at first, you'll only end up spending 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 that you might as well have just invested in vacation homes.

How Do I Cancel My Timeshare?

As mentioned above, there's only one true way to cancel your timeshare and remove your relationship with it for good – contacting a timeshare cancellation company. Timeshare companies will always tell you that you can sell your vacation property anytime you want. When in fact, this is just another strategy used during timeshare presentations. If you try to get in touch with your timeshare company, you'll soon find out there's not much they can do. This is why, at the end of the day, the bottom line involves reaching out to a legitimate exit service. Here are three characteristics that make up a solid exit team:

Long-Standing Industry Experience

Just like any service, in timeshare cancellation, you want to make sure you're working with someone who understands what you've been put through during your time owning a timeshare. This will mean that 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. If the exit team you sign on with has vast experience, it's likely they've seen it all and can easily accommodate your needs to make sure your timeshare is a thing of the past.

Previous Client Success

This should be a no-brainer. Just like you would before buying a car, you want to know about all of the reviews and past intel. This is the ultimate "things to know" stage. When you find a company with plenty of reviews online, be sure to look for all of the pros and cons. If a company doesn't have that many reviews, it could point to the fact 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

This is what separates the rookies from the experts. When you're signing up for a cancellation service, it's easy to be hesitant. You've likely already lost a ton of money on your timeshare, so why would you want to risk it on the cancellation process. But what if you could have the satisfaction of a money-back guarantee? This means that if your timeshare isn't cancelled within an agreed-upon period, you'll receive a full refund right back into your pocket.

One company that meets all of these standards is Wesley Financial Group, LLC (WFG). This timeshare 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 BestCompany. This is not to mention the overflowing testimonials that you can find on the WFG Youtube Channel. It doesn't stop there. The money-back guarantee is what makes Wesley Financial Group, LLC one of the industry's best. If your timeshare agreement isn't terminated within an agreed-upon time frame, you'll receive all your money back.

Summary

Vacations are something we all yearn for, especially when it feels like our workload just won't stop. But why make vacations more stressful by purchasing a timeshare from a timeshare 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 annual fees, availability, the resale market, or your financial status, it's important to know what you could be agreeing to before deciding to purchase a timeshare.

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

Wesley Financial Group, LLC, and/or its affiliates, successors, or assigns are not lawyers and/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 are not intended to be a substitute for professional advice, legal or otherwise.

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