Why Should You Not Invest In Timeshares?
Timeshare properties are extremely expensive. As you may know, the inflation rates keep increasing globally. In this era, you should be saving money by investing your money in things you can earn profit from or other assets rather than wasting your money on timeshare properties.
- Due to the increase in inflation rates, the annual expenses of the timeshares increase as well.
- At the end of the day, these timeshare properties will leave you in debt.
- Apart from that, selling these properties is not easy at all. They lose most of their value right after you sign the contract.
- No one wants to invest their hard-earned money into these properties.
- The developer might have told you that these properties count as real estate, but we hate to break it to you; all of that was a lie.
- These timeshare companies just want to make sales; they do not care about their customers at all.
The last thing you would want to do is invest your money in these timeshare properties. Timeshare properties lose 80 to 90% of their value over time. You will never be able to get back the full amount you paid to purchase the property. Even though selling the property is a hustle, do not worry; we are here to help. Keep reading this article if you want to learn how you can get rid of your Embarc Resorts Timeshare.
Embarc Resorts Timeshare
Embarc Resorts has vacation homes in a lot of locations. The resorts can be found in popular ski, beach and golf destinations like Whistler, British Columbia; Zihuatanejo, Mexico; and Palm Desert, California.
- The timeshare properties at Embarc Resorts are points-based.
- People need to buy their memberships in order to gain points.
- The number of points depends on how expensive the membership is.
- Depending on the points, you can book your room in the resort. The location, services, level of comfort, and all the other amenities depend on the points.
- Sounds expensive, doesn’t it?
The annual maintenance fees, mortgage and all the other expenses are already hard to pay, but now you have to buy their membership as well.
Here are what a few of their customers had to say about them;
- Been a member since 2010. Only sometimes do you get a vacation reservation over a holiday period. Seems like “insiders” have access to the reservation board long before owners. Now, in 2022, HOA fees are raised by another 4%. No one in customer service can help and pass the buck to Diamond Resorts. Just a horrible mess and experience. No one is available to answer substantive questions. With the ownership passing to Diamond Resorts, it has become a nightmare experience… and now Hilton owns, with NO communication except “welcome”. Corrupt BODs elect themselves yearly, with no accountability nor availability to owners.
- Recently, I reviewed my statements and found that what the company claimed about the increment of resort dues was not true. They claim the resort dues were increased from 7.19/pt to 7.31/pt, an increment of 1.7%. But from what I checked on my bank statements, the resort due jumped from 7.16/pt to 7.31/pt, an increment of 2%. This may seem marginal, but if you think a hidden 0.3% is added, who knows how many hundreds of members? How much money are they getting out of this…I can’t even imagine. On top of that, this is only my second year with them; God knows how long they have been playing this trick on their members. I would like to raise this awareness to all the members out there.
If you want to read more of these remarks, you can read them here: Embarc Resorts Reviews.
Ways To Get Out Of Your Embarc Resorts Timeshare
The Rescission Period
The first way to get out of the timeshare is to rescind your contract. But the rescission period depends on your timeshare location. The rescission period or the cooling-off period is the timeframe in which you can cancel your timeshare contract by giving back the property to its developer. In this process, the developer will have to give you a full refund, and they can not charge you any extra money.
- In Canada, the rescission period lasts 5 days, but it can also depend on the province.
- The rescission period in Mexico is usually 5 business days.
- Lastly, the rescission period in the US is 3 days.
- You can learn about the rescission period of your timeshare property by reading your contract carefully. The rescission period is usually mentioned at the top or at the end of the contract.
If you have bought your timeshare property recently, you can avail this opportunity. All you need to do is write a rescission letter to the timeshare company. Make sure the letter is formal and fulfils all the legal requirements. If you are unable to write the letter, do not be disheartened. Contact us so our team can help you write your rescission letter accurately, or you can hire an attorney to help you understand the format of the rescission letter.
Rent Out Your Timeshare
Evaluate the Market:
- Research the current market to understand the value of your timeshare property.
- Understanding the dynamics of the market is a very important step.
- This value helps you set a fair price for the property.
- It will also help you understand the demand for your timeshare and find potential renters.
- You will be able to make the right decisions regarding the pricing and the description of the timeshare.
Rent It Out:
You can rent out your timeshare property by yourself, or you can take the help of other resorts or management organisations.
- You can rent out your timeshare by enlisting it on rental websites like Airbnb, etc.
- Prepare a good description before putting your timeshare on rental websites to attract potential renters.
- Make sure you post appealing pictures of the property.
- The property must be neat and clean before the renters arrive.
- Also, make sure you rent out your property to trustable people. Check all the rooms after the leave to make sure they have not damaged your property.
Before you decide to rent out your property, make sure you contact your timeshare company. Some timeshare companies do not allow their owners to rent out their property, so you need to be sure before putting it on rental platforms to avoid legal consequences. To learn more about how you can successfully rent out your property, read How to Rent Your Timeshare.
Sell Your Property
If the other options are not working, you will have to sell the property. Selling your timeshare is better than wasting your money on its annual expenses, which keep increasing. You have several options when you are trying to sell your timeshare.
By Yourself:
- Evaluate the current market and decide a price.
- Look through similar timeshare properties.
- Similar in terms of locations and amenities.
- Spread the word around by telling your family and friends that you are looking for potential buyers. This will help you advertise your property.
Work With Exit Companies:
Exit Companies are the companies that help people get out of their timeshare contracts. Their team will guide you through cancelling your Embarc Resorts Timeshare. These people are experts and know every single detail of the resale market.
- They will help you determine the true value of your timeshare property.
- They will prepare all the important documents.
- They will guide you about the legal rights you hold.
- Exit companies will also look for loopholes in your contract so you can get the best deal out of your timeshare property.
Exit Companies have been gaining popularity in the past few years. People who bought timeshares when considered a great deal or inherited these properties from their late relatives started approaching exit companies after realising the cons.
- When companies become successful, scams become common in the industry.
- Many exit companies have scammed people in recent years.
- We do not want to fall for these scams.
- If you want to avoid these scams, contact our team so they can help you find a legitimate exit company.
Hire An Attorney:
- Contacting an attorney is also a great option if you need more time to concentrate on selling your timeshare property.
- An attorney working in the industry will know what to do with your timeshare contract.
- They will guide you about the procedure’s legalities and ensure you take the right steps.
- But before hiring an attorney, ensure they have worked in the timeshare industry and have a good reputation. Research is a crucial step.
You can even donate your timeshare property. But donating your timeshare takes a lot of work. We know you think giving away the property for free should be easy, but that’s not the case. Timeshare properties require a lot of attention and money, of course. Charities mostly cannot pay the expenses of a timeshare property, so they refrain from accepting them. But trying does not hurt! You can still donate the property; you might be successful.
Exit Company Scams
Scams in the timeshare industry are very common. The first time they scam you is when you are about to sign the contract. Developers often lie about the price of your property; they do not tell you about the hidden costs of your timeshare and use sell tactics to pressure you into buying the timeshare. On the other hand, when you try to get rid of the property, exit company scams come into the picture.
- The exit companies who do not offer escrow are often trying to scam you.
- Escrow is a program where a third party holds your payment until the exit companies successfully remove your property.
- These scammers get half or even full payment from you and then disappear.
- Mind you, these payments are not small. Exit companies charge $ 5,000 to $10,000 depending on the complexity of the timeshare.
Whenever you decide to approach an exit company or any other company, research about them before paying. Make sure that they have a good reputation in the industry. Go through the reviews from their previous customers. We just want to ensure your safety. We can help you find a reputable exit company. Contact our team now so they can serve you.
Embarc Exchange Program
Some companies offer exchange programs allowing you to swap your timeshare for a different destination or resort. Research reputable exchange companies and explore this option if it aligns with your vacation preferences. Embarc Resorts offers exchange programs to its customers. As stated in the Exchange Program Guide,
“Owners may exchange Planned Time Weeks for exchange points (“Villas Exchange Points”) that can be used to travel to Embarc locations or select hotel and resort partners. This program is called the “Villas Exchange Program”, and the Embarc locations and select hotel and resort partners available through the Villas Exchange Program are called Exchange Program Destinations”.
If the other exit options are not working out for you, you can exchange your timeshare property. Remember that this option will not help you save money as you will still have to pay the mortgage and all the additional charges of the other timeshare property. So, if you are not financially challenged, go for the exchange program.
Final Thoughts
Cancelling a timeshare contract can be stressful, but we got your back. We review timeshare exit companies so you can easily find reputable exit companies and get rid of your timeshare property. We aim to save you from scams and make your journey of cancelling your timeshare contract easier.
Our team will provide you with assistance regarding any matter. Whether it is about which lawyer you should hire or what exit company you should work with, we will help you with everything. Go through our website to learn more about cancellation policies, ways to avoid timeshare expenses, etc. Or you can contact us to gain knowledge regarding your timeshare issues.
