Confusion is often a keyword when it comes to how many people perceive the timeshare industry, which has contributed towards a raft of misconceptions doing the rounds. In order to debunk several of the most popular timeshare myths, it is time to separate fact from fiction.
One of the biggest preconceptions about timeshares is that most of them are scams. The truth is that the vast majority of people operating in this industry are honest and reputable. Sadly, the occasional horror story can easily tarnish the reputation of the industry as a whole. Yet, a timeshare can be a great investment for someone, and may even save them money over a period of time.
Many people also believe that receiving an invitation to attend a presentation about a timeshare is a manipulative and crafty way to get people to part with their cash. The actual fact is, the best way for most reputable organisations to give information about timeshare opportunities is by presentation. What you do need to be aware of, however, are those companies that lure you to a presentation by offering fantastic gifts, some of which could well be scams.
One reason some people may be put off buying a timeshare in the first place is that they think it might be too difficult to resell, if they ever needed to. Timeshare resales can be as easy or as hard as you want them to be. If you decide to sell under your own steam, you may well encounter difficulties and leave yourself vulnerable to fraudsters. If you undertake your timeshare resales through a reputation organisation or broker who acts as a third party, the process could well be much easier than you imagined. The broker is there to handle all aspects of the sale, and has expert knowledge of the industry, ensuring as smooth a transaction as possible.
It is crucial to note, however, that should you sell your timeshare, it is not the same as selling a house. If you have a deed for the timeshare, this is not the same as having full ownership. Equally, you can not refinance a second mortgage on a timeshare in the same way you could a home. If you do decide to refinance, a personal loan or a credit card are the best options. If there is a right-to-use agreement in place on your timeshare, this may exclude certain benefits, such as not being able to leave the timeshare to your heirs.
Some people view the concept of timeshare as having to holiday at the same resort, for the same week, each year. This idea may be appealing to some, but others may not like the idea of such rigidity. The reality is, timeshare is actually much more flexible than that. Not only can you decide when you go by trading weeks with other owners, but through the use of a reputable exchange company you can choose to swap destinations, if you so wish.
- Friday, 19 September 2014 10:38