Myth: In order to purchase a timeshare you need to listen to the high-pressure sales pitch at a resort.
Fact: Totally unnecessary! By visiting a timeshare resale website such as, www.timesharebrokersmls.com, anyone can purchase a timeshare at a great buy and get assistance from a licensed broker as well!
Myth: Timeshares are expensive and they drain your bank account.
Fact: Not true! Attending presentations at timeshare resorts and financing at a high interest rate over 5, 7 or 10 years can be very expensive. There is another option. Buy resale. You'll save money, have a greater selection and have the opportunity to do your research on your own instead of touring a resort and dealing with a “Buy Here, Buy Now” attitude.
Myth: I can resell back to the resort.
Fact: Rarely. Some resorts have something called Right of First Refusal in their contracts. Basically, this clause states that if an owner has a contract to sell, the resort has the option to either match the price offered or allow the sale to take place. Most resorts have no interest in owning additional inventory, especially since owners are already paying maintenance fees. This right is exercised. It will depend on the developer. A Licensed Timeshare Resale Broker should be able to advise you which Developers are exercising on their units.
Myth: I got a great deal!
Fact: Only if you bought resale! Everyone buys at a different price. When you’re at the resort, the price is always negotiable. The more you haggle the better your chances for paying less. No one buys at “bad price”. Owners typically buy at a price they feel comfortable with. However, the best value can always be found on the resale market.
Myth: If I stop paying, the resort will take the timeshare back.
Fact: By foreclosing on the property. If you stop paying on a timeshare loan, the resort will typically hand you over to a collections agency or begin the foreclosure process and eventually reclaim the deed.
Myth: I can refinance my high interest timeshare loan.
Fact: On a personal credit card or loan, only. Banks don’t usually loan money for timeshare. From a bank’s standpoint, if you were to default on a loan on a timeshare, what would they repossess? They cannot take the unit or building because the resort, not you, owns them. Although you own a deed, it is only deeded interest in the resort.
Myth: My timeshare is a financial investment.
Fact: Timeshares are not a financial investment because it is not profitable and does not return in any financial means. Timeshare ownership is simply a vacation experience that allows you to stay in a resort of your choice that ordinarily would be financially unavailable.
Myth: My timeshare value is worthless.
Fact: Some companies will convince you that your timeshare is worthless. Those companies employ unethical individuals who are looking to resell your timeshare at 100% of the value, while only returning a fraction of that income to you.
Myth: Timeshares that have a fixed week mean that you may vacation any week of the year.
Fact: If you own a fixed week that means you have it that week every year.
Myth: My timeshare is a floating week which means I have a vacation for the same week every year.
Fact: If you own a floating week that means you have the opportunity to contact the resort of your choice to determine which week you may vacation.