Most of us know objectively that timeshares are a poor investment. A timeshare basically means that you’re stuck with a specific vacation time every year for the foreseeable future. It’s nice to take a vacation and stay in a hotel. It’s also nice to have a vacation house that you can visit whenever you want. While a merging of those two concepts sounds like a good idea in theory, the reality is actually stressful, expensive and inconvenient.
How People Get Roped Into Timeshares
One of the biggest misconceptions about timeshares is that only “dumb” people sign up for them. That couldn’t be further from the truth. People with top-level degrees and prestigious jobs get suckered into signing contracts on timeshares. This is because the tactics used by the people who sell timeshares are so incredibly insidious, manipulative and dangerous.
Timeshare salespeople use a few different tactics to get people to sign up. First and foremost, they sell the properties as being the epitome of luxury, only for their unsuspecting customers to realize that the properties are actually rather lacking after they’ve already put ink to paper.
Furthermore, people in the business of selling timeshares use a myriad of selling tactics that most reputable salespeople consider unethical. One of these tactics includes explaining to customers that timeshares will increase in value, making them a solid investment. The truth is that statistically, timeshares are extremely unlikely to rise in value. In fact, they tend to depreciate, which means they’re worth less in a few decades than they were when they were initially put on the market.
Furthermore, if customers try to sell their timeshares, the owners will usually go out of their way to try to prevent the sale. This is because the owners of timeshares are desperate to unload these properties and don’t want to have any vacant units.
There Are Options
Getting out of a timeshare contract on your own can be extremely difficult. Luckily, there are companies such as American Settlement Services that are in the business of helping people to escape these terrible contracts.
If you’ve been tricked into signing a contract on a timeshare, don’t beat yourself up over it. You’re not the first person to be tricked by these unscrupulous salespeople and you won’t be the last. Instead, contact a reputable organization who can give you the assistance you need to be free from your timeshare contract.