The Essence of a Timeshare
What is the essence of a timeshare, really? No doubt, your timeshare developer sold it to you as a real estate ‘investment’. Chances are good you were told that it would appreciate in value, that there were other investors ‘waiting in the wings’ to jump on the opportunity, and that they even had resale department in house to buy it back when if and when you wanted to sell.
By now you understand that these were a pack of lies. Not only can you not sell it, but you can’t even get out from under the perpetual debt associated with continue ownership. And the reason for that: simply because it’s a net liability. We’ve extensively documented in past segments of this blog the ways in which vacation ‘ownership’ makes absolutely no sense from a financial standpoint.
But at the most fundamental level, a timeshare is different from any other interest in ‘real estate’ that you could possibly have. Ostensibly, you have bought into a resort facility in the nature of a condominium, the unit owners of which have 1/52 divided interests in any given unit on an annual basis, as well as the common elements of the facility. This is in contrast to any other legal interest in deeded real estate, which invariably give you an undivided interest in the property. “Undivided” simply means that you have total access to the real estate all of the time, although it may often be shared with a spouse or other family member.
But even more fundamentally, all legalese aside, what have you really purchased? The right to occupy several hundred square feet in space at some elevation within the confines of some walls that currently exist, for a certain duration each year? Pretty ethereal stuff, huh (?), especially when you stop and think that the building itself is only temporary and depreciating as the clock ticks away.
But did you really get even that much? Stop for a minute (or more), and read the fine print of your contract. Better yet, I’ll save you the time. Invariably, there will be some red tape in the contract in the nature of a ‘floating use plan’. This floating use plan gives the timeshare developer the right, unilaterally (no one’s saying that this is necessarily legal) to deny you access to your deeded unit and make you occupy another one. If you don’t believe me, read the whole contract, top to bottom. It’s in there, somewhere. Or, if your developer is still on the deed system at all, insist on occupying your unit this year during your vacation. Chances are good that you’ll be disappointed.
So now we’ve reduced your legal interest in the timeshare purchase to, at best … the right to possibly occupy a certain unit at some elevation in space within four walls of a facility that currently exists, while it exists, for one week a year, in the discretion of the timeshare developer.
We would suggest to you that such an interest is so tenuous, so ephemeral, that it’s beginning to resemble more and more the last fading smile of that proverbial Cheshire cat.
Please feel free to call at any time if you’re interested in getting out from under your timeshare obligation. We can protect your credit while engaging in this process, endeavoring to rescind your timeshare.
If you are in need of Wyndham Timeshare Cancellation we can help also.