The postcard says it all: beautiful beaches, calming sunsets, fantastic nightlife. How is it even possible to stay there for a weekend for $99? Welcome to the timeshare business.
Timeshares offer the average person the opportunity to own property in some of the most exclusive locations in the world. Shared ownership creates an affordable way to own a piece of a beautiful resort, where one can take a dream vacation yearly. Ownership within a large organization also allows a traveler to trade and use others locations around the world.
The way a timeshare works is you pay a certain percentage based on the amount of use. If you will be using the property for one week, you will own 1/52 of the property you are purchasing. You, therefore, will be allowed to stay in your property for one week in the year. Purchasing structures vary widely based on location, times of year for use, and all the other variables that affect the real estate market.
So what has that got to do with you? You don’t have $10,000 sitting around and you don’t have any margin in your budget for another house payment; you can’t even really afford that Starbucks you are holding. If you need to do some inexpensive traveling for the sake of your mental health, timeshare surfing is for you. Like waiting for a wave is not a structured “on time” thing, waiting for timeshare opportunities to come to you is the same.
How it works
Timeshares make money by selling shares in the property. There is a tremendous amount of competition in the market, so the marketers use very enticing promotions to lure or attract you to their destination. Big discounts, free nights, lavish treatments, spas, and any other ways they can get your attention are flashed at you. Their wish is to get you in their doors and have you enjoy their offering so much that you decide to invest.
Here is where the dance starts. You don’t want to give an extra nickel, and they want every extra nickel you may have.
If you have made it past their first requirements and have met whatever other requirements are in the fine print, you will have to face the inevitable: the sales pitch. Giving up part of your vacation to sit in a room or rooms to weather high-pressure pitches may not be your deal. If you’re not good at saying no, this may not be the bargain route for you. If you think you’ve got what it takes, be ready for:
- Overstaying the 90 min presentation
- Really good salesmen
- Multiple pitches
- Wooing you with options
These salespeople make their living doing this and the amazing pool you swam in is paid for because people before you bought in, just like you’ll be tempted to do.
So be ready with your “no” if you are just in it for the free lobster. If you are in the market for a steady vacation location and you love what you just experienced, take your time beforehand and research the organization and what they have to offer at your destination, and in other locations worldwide. Because, once you get in the whole timeshare deal, it might be difficult for you to get out of it. Sometimes, you might have to hire a lawyer or seek out the services of several timeshare exit companies to remove yourself from that bond. Stopping payments is one thing that you need to absolutely not do while taking this deal. It can affect your credit scores badly. Using the recission period to make the decisons could also be considered a prudent option.
Visiting timeshare offers can give you an inexpensive alternative to hotel or resort stays and can give you a tremendous vacation; just be ready to carry your end to the deal with your yes or no.