Timeshare contracts might look attractive at first glance – the properties are usually located in a beautiful spot, with direct access to the sea or with spectacular views and the sums to be paid monthly for the upkeep and maintenance of the property don’t seem that high either. However, purchasing a timeshare also comes with negative sides that you must know about and that you need to weigh very carefully to be able to make an informed decision about whether or not the purchase makes sense for you. If you are trying to find a detailed answer to the question “what are the disadvantages of timeshares?”, here is some input for you.
Timeshares Are Not That Cheap
Whether your seller told you otherwise or not, the vacations spent on timeshare properties are usually more expensive that the vacations spent in locations visited one time or in resorts that you return to, but only if you want to. The maintenance fees that come with timeshare ownership are usually low in the beginning, but most sellers retain the right to increase maintenance fees without the consent of the owner and without even having to notify the owner in advance, so they can freely increase fees to whatever amount they want, and leave you asking how to get rid of a timeshare legally?
If you are planning to finance your timeshare from a bank loan or a mortgage, things get even more complicated. Most financial institutions are reluctant to provide loans for properties that the loan applicant uses only foe a couple weeks a year, especially if you have only a right-of-use, not even a deeded contract.
Timeshare developers are usually required to include a grace period into their contract – a period during which the buyers can change their minds and the seller must take the property back. If you decide that you want to get rid of your timeshare after the grace period has expired and the contract cannot be attacked, all you can do to get out is to try and sell the timeshare.
Timeshares are notoriously difficult to sell. You can try to contact your initial seller and offer them the property for a buy-back or you can start advertising the property on real estate listings, on auction sites and on other type of media, but be prepared that supply currently is much higher than demand, so it might take a while to find the right buyer.
A Trip into the Unknown
Wherever your timeshare property is located, chances are that you have no or limited knowledge of the area where you promise to spend your vacations from the moment of signing on the dotted line. The property might look great, indeed, but your time slot may be in the middle of the rainy season there or maybe the crime rates in the area are very high.
The other problem is boredom. Even if the property, the area surrounding it and the timing are all good, chances are that after a few years you will want to start exploring other, new areas, but your timeshare is tying you to the same place.