For many people who have invested in timeshare condos, the experience hasn’t been a totally happy one. Timeshare condominiums were trendy back in the 1980s and 1990s, but today many real estate investors have soured on the idea of “sharing” a vacation property. The idea behind timeshares is valid, but the contracts many people signed on to when purchasing a timeshare were problematic. The idea is that if a person buys a share in a condo property in an attractive vacation spot, like Hawaii or Las Vegas, they can work out a schedule with other owners to use it when they want to stay. Though all of this sounds great, there can be complications involved.
Putting on a Show
Timeshares are often sold to prospective owners during “getaway” weekends, where the guests stay at the timeshare property for a nominal fee, in exchange for sitting through a lengthy sales pitch. Some of these sales pitches are held during glitzy dinners in which the guests are wined and dined and told how having a partial ownership in the property will change their lives in all kinds of fantastic ways. If it sounds like a bit too much, it is.
The reality of sharing a property is that sometimes it just isn’t available when an owner wants to use it, which can make certain holidays problematic. Some owners just find that their family’s needs have changed, and they no longer are able to get away as much. For many owners, the problem comes when they realize that trying to get rid of your timeshare isn’t always easy. Many contracts have confusing clauses that make it complicated to sell them. This has become such a problem that consulting businesses have formed to help people deal with the legal issues involved.
No one should feel tricked into buying a property that is impossible to sell. So, if you have a timeshare you need to unload, talk to a consultant who understands the laws pertaining to these sales, and find out what your legal rights are.