What Is a Timeshare and How Does It Work?

Who doesn’t love to go on vacation? There’s something magical about getting away for a bit and taking some time to rejuvenate. That’s why timeshares are so popular. Plus, timeshare salespeople are just very good at selling dreams. However, the reality is more like a nightmare. Read below to learn more about how timeshares work and why you should avoid them at all costs.

What is a timeshare?

A timeshare allows a group of people to share a vacation property. The property typically resides in a resort. Essentially, the group of people can divide the time spent at the territory as they see fit. Timeshare holders can choose to operate under a fixed or a floating schedule. A fixed schedule is when someone chooses the exact dates they want to spend at the property—there’s no wiggle room. A floating schedule is a little more flexible. Here, a person can say they want the place during a particular season, not necessarily exact dates. There are also different methods of timeshare ownership. Each member of the group can either own a percentage of the property itself, or the resort can maintain ownership while the group leases it.

Who sells timeshares?

Salespeople who work at the resort sell timeshares. Most of the time, they’re very good at their job. These salespeople make false promises to prospective buyers all the time. They sell timeshares under the guise that the property will result in a dream vacation and no issues will arise whatsoever. Don’t listen to them. Of course, they’ll tell you about all the benefits of owning a timeshare, but they’ll completely ignore the negatives. They won’t tell you about the insane interest rates or maintenance fees. So be sure to ask them the tough questions, and don’t let them fool you.

Is it smart to buy a timeshare?

Now that you know how timeshares work, you may be asking yourself: is it smart to buy a timeshare? The simple answer is no. The return on investment is meager, and the additional fees are daunting. Timeshare salespeople are also notorious for putting things in the fine print of contracts. You may think your monthly payments are one number when really, they’re a different number altogether. The smart thing to do is to avoid the timeshare process altogether. Save yourself the hassle.

How can you cancel a timeshare?

If you do end up buying a timeshare or you’re under contract already, you need to know how to get out of it. The most important thing to remember is you need an ally by your side. Our expert team at Preferred Cancellation Services will be with you every step of the way. We’ll help you explore your options and make sure no one manipulates you further. We also work with the best Myrtle Beach timeshare cancellation attorney that’ll help you understand any legal jargon thrown into your contract. We promise to provide you with the best services possible so you can cancel your timeshare and be rid of it once and for all.