For centuries, the commercial laws around the globe have always had a warning-“Let the buyer beware!” In Latin, the phrase is “Caveat Emptor.” These words of caution are extremely apt when it comes to purchasing a timeshare unit.
I personally have never bought a timeshare because too many things have made me wary.
Constantly, offers are being sent to me over the Internet and through the regular mail to buy a timeshare overseas. Computers keep track of the fact that I buy airline tickets and book accommodations and visit travel websites. The worldwide web knows that I am a good prospect, and I use spam filtering to protect myself from timeshare scams.
I have been offered a new car or a boat or a two week vacation just for showing up to a sales presentation. The chances of getting that type of gift are very remote. The one time I went to a sales presentation, the gift was a toy replica of a boat and I got an earful of high pressure sales tactics.
These are some of the horror stories I’ve heard about timeshares. The developer takes your deposit and within a month goes out of business. When the buyer gets to the advertised tropical paradise, no space is available. If the reservation is honoured, the property is in a state of deterioration and the suite is dirty and falling apart.
My friends have given me some advice on how to handle a sales presentation. Do not make a decision to buy on the spot; sleep on it over night and talk to your spouse or partner about whether timesharing is really the right vacation decision for you. Realize that the monthly maintenance and yearly assessments are always going to escalate beyond the initial charges. Ask the sales agent for actual references and the names and numbers of people who have actually bought into this timeshare. Quite possibly, paying for yearly vacations is much cheaper.
A lot of fees and costs are hidden in the small print of the purchase and sale contracts. You may be required to pay your pro rated share of the property taxes each year and you may have to maintain liability insurance on your particular unit.
One of the incentives to get you to buy is that you have the opportunity to exchange your time share weeks for another location. Many times, the choice of alternative places is very limited and you may have no interest in these other settings. Get the list of alternatives in writing.
Companies that use 1-900 numbers are generally a scam. Don’t even bother picking up the phone. Also, before you go to your sales presentation, have a lawyer lined up to read your documents especially if they are written in a foreign language. Some countries don’t allow foreigners to purchase or own property or timeshares and some limit the scope of how a timeshare can be operated.
When you go to sell, be prepared to take a loss on the selling price. You are paying a hefty purchase premium when you buy, and over the years these buildings age and the physical plant declines. You probably are required to consummate your sale using the onsite broker, and they charge large commissions and are not looking out for your best interests.
Timeshares can be a dangerous proposition especially in a country where you don’t know your way around.
No related posts.
{ 0 comments… add one now }