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Approximately 10 million American households currently own timeshares according to the Shared Vacation Ownership Consolidated Owners Report released earlier this year. This figure reflects an uptick of just under one percent over last year's totals. Despite the slowly growing number of people getting in on timeshares, many are expressing severe cases of buyer's remorse.Looking Back at the Rise of Timeshares
Though information varies slightly across some sources, timeshares were first officially introduced to the public about 50 years ago. Tropical destinations, like as Hawaii, Saint Thomas and Saint Croix were among the first popular locales in which consumers were allowed to buy shared properties. Across the globe, families also began to co-purchase and share vacation properties on a seasonal basis. Before long, developers began to see the potential profits of building lavish getaways and allowing consumers to share in the costs and use of these resorts.
Timeshares were, and still are, promoted for their possible benefits for consumers. Offering those who are unable to purchase vacation homes outright a chance to own partial rights to such a property is a key selling point. Dividing the costs of maintenance rather than having a sole owner cover such expenses is also touted as a benefit. Of course, a number of timeshare owners insist these opportunities are not living up to their advertising claims, an issue now prompting buyers to turn to companies like Timeshare Release for a way out.
Common Complaints among Timeshare Owners
Depending on the property in question, its managing company, location and a number of other factors, ample complaints have come into play during the past half century. During the 1970s and '80s, overselling became a major issue among timeshare developers. This posed certain difficulties for owners in terms of being able to book stays. Though legislation was put into place to protect consumers against this issue, many continue to struggle to schedule getaways for their desired dates.
Pressure tactics during sales presentations are likewise common. Prospects are promised gifts and incentives for attending sales presentations whether they purchase a timeshare or not, but many say those offers are reneged if they opt out of buying. Some sellers go as far as to make attendees feel inferior for not buying into their properties. In certain cases, participants are even mocked and humiliated during presentations, leading many to sign on the dotted line in a simple attempt to thwart insults and be allowed to leave in peace.
In addition to those problems, the growing costs of timeshares are becoming a burden for many owners. Annual maintenance fees alone averaged almost $900 at the end of last year based on information from the American Resort Development Association, a considerable uptick from just a few years ago. Analysts expect these fees to continue to rise during the years to come. Improvement fees and other hidden expenses further drive up the cost of ownership.
Finding a Solution
With so many complaints rising to the surface, numerous people are now asking how to get out of Bluegreen timeshares or those with other companies. Experts note state lawmakers have made provisions for those who regret their purchases early on in the process. Most states offer periods of five to seven business days during which buyers can cancel their purchases without fear of repercussions.
Buy-back programs are also in place for certain timeshares although owners typically receive a much lower price than they initially paid. Selling a timeshare to a third-party buyer is an option as well.
In Short
Consumers continue to purchase timeshares because of their advertised benefits. Some ultimately find these shared-ownership vacation properties do not quite live up to their marketing hype. Those who find themselves in such situations do have alternatives though they may be forced to take losses. Many financial experts and consumers with firsthand experience insist this is a small price to pay considering the long-term costs.
Contact Info:
Name: Timeshare Release
Email: Send Email
Organization: Timeshare Release
Website: http://www.timesharerelease.com
Release ID: 88913410
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