Most people are familiar with the concept of timeshares. They usually come in the form of apartments or condos. You spend time there once or twice yearly, and other individuals and families spend time there the rest of the year. It’s like owning a vacation home communally.
However, if you’ve ever wondered how do I get out of a timeshare, you may have learned what too many others have. Companies that sell timeshares often let their salespeople engage in all kinds of predatory practices to try and sign people up.
Here are a few of the lies timeshare companies might tell you. Be on the lookout for these if this is something you are considering.
It’s Easy to Get Out of Your Contract if You Want
This is probably the most egregious lie that timeshare companies tell potential buyers. They will say just about anything to get you to sign up, and they will almost always say it’s easy to get out of your contract if you’re not satisfied with your purchase.
In reality, once you’ve signed up, it’s exceedingly difficult to get free from that contract. There’s usually all kinds of fine print and clauses that you’ll need to navigate. The process can cost you tens of thousands of dollars in some instances.
You Will Get Something Nice if You Sit Through a Brief Presentation
Timeshare salespeople will often say you’ll get something nice, like a catered lunch, if you sit through a brief presentation with no obligation to buy. In truth, these presentations can last for many hours, and the salespeople will use all kinds of pushy tactics to try and get you to sign up.
This is a Great Investment
Property ownership is frequently a good investment, but timeshares are not. Very rarely do timeshares increase in value. Buying into one isn’t like purchasing your own home. If you’re interested in investing in real estate, this is one of the worst ways to do it.
You Can Visit the Timeshare Any Time You’d Like
A timeshare salesperson will probably tell you that you can visit the property any time you like, with very few restrictions. It often turns out that the limits are much greater than the salesperson portrayed them to be.
You usually only have a few specific months or weeks out of the year when you can visit. If you can’t make it, you’re not getting the benefit of buying into the timeshare that you wanted.
You Can Rent Out Your Timeshare if You Can’t Go One Year
You can sometimes find a way to rent out your timeshare if you can’t make it there one year, but usually, you’re once again hampered by the fine print in the contract. You must adhere to all kinds of rules the timeshare company has set in place. Navigating those restrictions can be an absolute nightmare.
Timeshare ownership is a notoriously bad move. If someone tries to sell you one while you’re on vacation, don’t fall for it.