Most people hate timeshares after buying in. They heed the siren call and stumble into the opportunity to own a portion of a pretty hot and tempting piece of real estate before realizing their mistake.
Many find themselves trapped in timeshare hell, never to leave, always holding until they find someone else to transfer their suffering to. The experienced timeshare buyers plead with those they love to flee with high speed from a timeshare purchase.
Why do these investors and renters loathe timeshares, and are the new modern solutions that improve the process?
Let’s find out.
The False Narratives of Timeshares
Investors in timeshares think that they are obtaining a fantastic deal on timeshares. They fall for the notion that they can purchase a timeshare and visit their pleasant real estate item regularly. Further, they believe that they have full liquidity, meaning that they can get out of it at their discretion.
Nothing could be further from the truth.
The reality is that timeshares are akin to feasible scams. Once someone opts into a timeshare, it seems as if they are stuck forever. Potential purchases should not fall sway to the visualizations present within the pitch of the high-pressure salesman.
Buyers should avoid timeshares because it is a mirage. It looks and sounds great, but there is nothing there. It requires an upfront investment for a potential opportunity to relax and enjoy the setting. Further, buyers don’t own the real estate at all but still have expenses related to that of being an owner. Timeshare owners incur property upkeep fees and must struggle to get rid of their purchase.
Timeshares pose difficulties in that one can choose times to stay at the place but might not have the opportunity to go if there’s significant demand.
It is a purchase that keeps on giving…pain.
Even still, people may continue the trend and fall for it when regular times return post-2021.
People Still Fall For The Idea of Timeshares
Most individuals might not know that the idea of timeshares came about in 1863 in Europe and is now a $9.2 billion industry. That might make one think that many wealthy people are purchasing timeshares. Nothing would be further from the truth.
It has grown at a steady rate since then because those who can not genuinely afford one opt into the scheme. It would likely be better to buy bitcoin instead of a timeshare. With bitcoin, one does have full liquidity and the chance of gain to buy up a property overlooking a decent beach potentially.
It is amid this current backdrop that PrimeShare seeks to redefine and present a better option.
A Modern Timeshare for the Modern World
PrimeShare is about fractional homeownership. The company seeks to provide people with ways to buy a compelling property without having to fork over a substantial portion of their cash.
Here the Major Differences
Buyers of real estate slices offered by PrimeShare are equity owners of the property. Their equity ownership of the home depends on the fraction of their investment and slice in the house. The firm states that individuals are not tied to a single location and can have an income-producing asset when not in use.
What’s even more interesting is that the company notes that your asset will pay you back when it isn’t in use, one may expect to receive 8 – 15% returns.
What about maintenance? The firm notes that it will manage the property at a discounted rate or for free, depending on the situation. Further, individuals can stay at properties when they wish, depending on the schedules.
The difference between a traditional timeshare and Primeshare is that the buyer has equity and can earn money by being an owner.
What I love about the concept is the simple idea of equity and productivity. It’s a great piece of real estate, it is there for you at specific times, and it allows for passive income.
PrimeShare has the incentive to keep the property up to par as it is a part of its more extensive portfolio and helps to attract more interest. Maintenance and upkeep here mean that PrimeShare will remodel and conduct repairs and management of the home as necessary.
Technology is bringing about access, distribution, ownership potential and redefining concepts across the board, why not real estate and vacations?