10 Reasons Timeshares Are A Bad Deal

February 24, 2007

For the vast majority of people, timeshare resort units are a huge waste of money. Here are 10 things that that the timeshare sales rep won’t tell you, but you really should know before you consider buying one:

1. Time Shares Are a Lousy Investment
2. You Can Get the Same Time Share for Half the Price
3. You Lose 50% or More When You Sell
4. It’s Cheaper to Rent a Time Share
5. Time Shares Come With Multiple Hidden Risks
6. Miss One Year and You’re Better Off Without a Time Share
7. Trading Isn’t Near as Easy as Claimed
8. If You Can’t Pay in Full, It’s a Terrible Deal
9. Travel Is Not Calculated When Comparisons Are Made
10. Hotel Prices Are Increasing (But So Are Time Share Fees)

You really need to be careful with these because they will suck your savings dry if you purchase on the image (what the timeshare sales reps sell) and not the financials of the deal. To this day, it’s still the issue I get the most emails about - people stuck with timeshares that they don’t want because the maintenance fees are killing their finances, but they aren’t even able to give the timeshare away (known as the Timeshare Trap - the timeshare resorts won’t take it back even for free because they want your yearly maintenance fees).

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Information: February 24th, 2007; 10 Responses

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Categories: Holidays; Personal Finance; Travel

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Reader Comments

Comment Number:: 1
Written by:: Harrison (Subscribed)
Posted on:: February 26, 2007 at 6:08 am

Yes I also heard that timeshares travel packages are bad deal and many people get cheated in these traps. But I just curios, it there any good timeshares company that really provides some good and honest service to customer?

Comment Number:: 2
Written by:: Teri
Posted on:: February 26, 2007 at 10:36 am

We went to a timeshare presentation in Vegas to get $50 free chips (well worth it since we turned it into cash pretty fast).

BUT we had not intention to buy a timeshare. I fudged our income way down on the form, they had dollar signs in their eyes when we said we were from the Bay Area - LOL.

Anyway, the price was around $15k and as we were walked out they were pretty much begging us to take the dang things for around $5k. We were staying at the Hilton for $30 that night and I Wasn’t very sold how this timeshare would save us money. But the quick drop in price made it pretty apparent what a bad deal it was. I imagine though Vegas is a particularly difficult place to sell a timesahre.

My question is what happens when you inherit a timeshare? My well-meaning relative wants to give us her timeshare, we don’t want it. I am worried we will inherit it.

Comment Number:: 3
Written by:: pfadvice
Posted on:: February 26, 2007 at 4:06 pm

My question is what happens when you inherit a timeshare? My well-meaning relative wants to give us her timeshare, we donâ€™t want it. I am worried we will inherit it.

You want to use a Quit Claim Deed to refuse it and not have it transfered into your name.

Comment Number:: 4
Written by:: derrik
Posted on:: February 28, 2007 at 10:36 pm

And you can buy resale timeshares on ebay for 10 cents on the dollar. Its an industy that should really be looked at harder. And the salespeople are SOOOO high pressure.

Comment Number:: 5
Written by:: janice y dotson (Subscribed)
Posted on:: April 5, 2007 at 6:10 pm

IS
IT SAFE TO BUY ON EAY AND WHICH IS BETTER TO BUY POINTS WITH FAIRFIELD,WYNHAM OR RCI

Comment Number:: 6
Written by:: pfadvice
Posted on:: April 5, 2007 at 6:17 pm

I would stay away from timeshares all together…as mentioned in the article, not worth the risks. If you are asking basic questions like this, you need to do a lot more research before thinking about purchasing one.

Comment Number:: 7
Written by:: joe vlasek (Subscribed)
Posted on:: June 19, 2007 at 10:39 am

TIME SHARES SUCK!
TIME SHARES SUCK

Never Ever Ever Ever Buy A Time Share….Pretty Strong Words You Think? Wait till you Try To Sell It…Try To Trade it…Try To Resolve Ownership Issues with the Management company. Having owned a time share Managed By Marriot Corporation and Vacation Resorts International (VRI) I Can Say Truthfully…………..DON’T DO IT! The Time Shares Hall Of Infamy or Worlds Greatest Quotes (Lies). “we really wan’t to make you part of the Marriot Family!. At VRI we pride our selves on excellant Customer Service. Your Getting a Great Deal…It’l Only Appreciate It! Fix your vacation costs now…The Unit’s Will Only Get More Expensive Over time. And…If You Ever Wan’t To Trade Your Unit…It’s So Easy! Forget The Huge Expenses Charged You When You Try!. What I Know For Certain….Ren’t some Dummys Unit You Bought One At 40cents on the Dollar….Run….Do,’t Hide From The Nex’t Presentation….If You Do Weaken And Buy One…(GOD HELP YOU) but Complain To Your Legislatures for Regulation and Rules To Control The management and Sales Companys Who Prey On You Like The Vultures You Are. You Can Always Ren’t For Less…NEVER EVER BUY THE DAY YOU GET THE PRESENTION! Take Your Thousand Dollar Deposit And Throw It a Slot macfhine…You Have A Better Chance Of Winning then Coming Out On Top With A Time Share. AND DID I MENTIO…TimeShares Suck!

Comment Number:: 8
Written by:: William
Posted on:: July 11, 2007 at 9:41 pm

If Quite Claim does not go through, you may be out of luck. Selling off timeshares are a bigger scam than the timeshare itself. I had my own timeshare, but after 5 years, I just got bored with it. Ultimately I found a company called timeshare relief that took it. Their service probably applies to inherited timeshares too.

Comment Number:: 9
Written by:: Steve
Posted on:: October 19, 2007 at 12:58 pm

Timeshare is a great product as long as you know what you are buying into. There are two kinds of people those that love it and those that hate it. Unfortunately because of scams and other high pressured techniques the larger companies that offer good products now get a rougher deal. In my opinion.

Comment Number:: 10
Written by:: Conston Taylor (Subscribed)
Posted on:: October 31, 2007 at 8:45 pm

I could not agree with you more.

I just wrote a blog on it before finding you page on digg.

Check out my page when you get a sec.

Nice Job!!!