Going on a vacation is something everyone
looks forward to and the fun factor doubles if everything is well-planned in
advance. Many people in the US prefer buying a timeshare property for
vacationing with their family every year. As they find it difficult to manage
the hassle of making reservations at hotels, airlines, etc. for trips, they
consider Timeshares to be a good option for going on trips without much chaos.
As per industry experts, most people might
use their timeshare only once in five years which makes their purchases
absolutely worthless. Irrespective of the fact that Westgate timeshare resorts are beautiful and have all the amenities
inside, paying a heavy maintenance cost every year without knowing if it will
be used every year for vacations, purchasing a timeshare property is certainly a
bad decision. While some people keep paying the maintenance amount over and
over again every year, one can get out of the contract with help of an
experienced timeshare attorney.
Why
is timeshare bad?
The
way timeshares work- A timeshare purchase gives a
person a partial ownership in a vacation property. One has to pay an upfront
amount to purchase the vacation unit and an annual maintenance fee. A person has
access to the vacation property for a specific period of time. Since most
timeshare agreements are indefinite contracts, a person is obliged to pay the
maintenance fee indefinitely, which comes across as a financial baggage.
The
missing investment factor- One can’t get the true
worth of Westgate resorts timesharecontract due to the following reasons.
·
There is a huge resale market,
but a person may only be able to sell his/her unit for less than half of what
was originally paid.
·
Similar to a car, the value of
timeshare property only decreases after driving it off the lot (owning it).
·
It’s a rare possibility that a
timeshare increases in value. One should acknowledge the fact that it will only
lose value in future, as the total cost of the ownership was marked up to cover
sales presentations, giveaways, and incentives.
·
Usually, timeshare companies target
people when they are on vacation and their defenses are low.
·
The maintenance cost for most
timeshare properties is high and it keeps growing at a higher rate. The amount
a person spends on paying the maintenance fee of a timeshare property could be
more than enough to stay at a decent hotel for a week.
Despite all these drawbacks, the timeshare
industry continues to attract more and more people every year, who are willing
to acquire the liability of timeshare for no significant reason.
Timeshares
don’t generate income- People, who buy a timeshare
have only partial interest in the property. They need to understand that it
doesn’t give them all the advantages that people get for owning real estate
property.
As several people have interest in the same
property, it doesn’t offer standalone ownership of the property. One cannot do
anything with the vacation unit as he/she pleases. Unlike a true vacation unit,
one can physically occupy the timeshare resort only for a specific time of the year.
Considering the negative points of
purchasing Westgate resorts timeshare,
industry experts suggest that staying at a hotel for the vacation week is much
cheaper than getting into a timeshare contract.
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