During a timeshare presentation or simply a discussion with someone that owns a timeshare, you’ll almost always run into some of the following lies. Keep in this in mind when dealing with those that sell timeshares. Almost everyone who purchases one retail ends up disappointed in their purchase because of these myths.
Myth #1:
The timeshare salesman is your friend, and is interested in your happiness. They’re working for you much like a financial planner helps you invest. For this reason they will respect your wishes.
This couldn’t be further from the truth. The salesmen will only respect your wishes if they coincide with his. Your money becoming their commission is the only object of interest here.
Myth #2:
Timeshares force you to take a vacation. How many people take real vacations yearly?
Wasting thousands of dollars will not cause your schedule to suddenly free up more time for trips. You’ll just be more miserable having an overpriced off season week at the same vacation spot every year that you can’t use.
Myth #3:
Your spouse will love you more.
Wasting your child’s college fund on an expensive resort will not make your marriage better. As stated above, almost everyone that purchases a timeshare at retail later regrets it. Wasting your life savings is a recipe for disaster, not love.
Myth #4:
The best part about a timeshare is you don’t have to keep going to the same place. You can trade for any exclusive resort worldwide.
It’s true that you can in theory trade for other resorts. In practice however, you must pay a large fee, and good weeks are generally unavailable unless you pay another huge fee. When you add this to the maintenance fee you already pay on your timeshare, you’re paying far more for that trade than you would have to simply rent any resort you want at any time. And all those points you purchase will have variable weight. That means inflation may render your trading points useless in the future.
Myth #5:
A timeshare is like a mortgage. But once it’s paid off you own it forever. That’s why it’s such a great investment.
This is a huge lie. You only own a small weekly use of a property, and essentially have locked yourself into a liability. Timeshares are not investments. Due to ever increasing maintenance costs, your timeshare will never bring you a profit, or even come close to covering the purchase cost. If you want an investment buy a condo or house and rent it out.
