How Much Can I Sell My Timeshare For – I recently wrote about how Solaz Los Cabos (which is a property with a hotel and timeshares) suddenly and mysteriously closed last week. An interesting discussion arose in the comments section about timeshares. Many readers have asked why I never write about timeshare deals, or how big they can be.
In this post I want to share my thoughts on why I should not consider buying a timeshare. This is just my opinion, and I invite readers to help me understand what I’m missing.
How Much Can I Sell My Timeshare For
To begin, I would like to briefly share the concept of a timeshare. While the exact details vary greatly, the idea is that you buy fractional ownership for accommodation at a resort:
Things To Know Before You Buy A Timeshare
Those are the basics, although this is a useful summary for those unfamiliar with the concept.
I have a confession because until now I have timeshare related guilt. I grew up in Tampa, and when I was young I was able to convince my parents that we should get a timeshare.
More specifically, we got one of those deals where you can go to Orlando for a long weekend for a small amount, and only have to attend a timeshare presentation. Of course the presentation makes the concept look great.
One week in Orlando every year for the rest of our lives, all for an affordable cost? What could go wrong? We are told what a fantastic investment timeshares are. We were told how we could trade our week for destinations around the world. We were told how hot the timeshare market was, and that if we wanted to sell our timeshare, we could make a profit on it. We are told that a timeshare can be passed down forever, and that it is the best gift we can give to children and grandchildren.
Timeshare Resale Anatomy
Well, fast forward a few years. As it turns out, while 10-year-old me thought vacationing in Orlando every year for a week was the most fun thing ever, that feeling didn’t last. Exchange options are very difficult, and my dad spent 10 years trying to get rid of the timeshare. He can’t even give it for free, and someone else will replace the maintenance fees.
He eventually paid a company to take it off his hands and transfer it to someone else. To this day I feel guilty about that, and have vowed never to consider a timeshare.
A reader left the following comment on my post about Solaz Los Cabos, which I think basically sums up the argument in favor of timeshares:
Timeshares are a fantastic investment. Even if you hate the idea you can’t argue that the cost of the room is very cheap compared to inflation. I have yet to meet a person who has a timeshare who USED it who didn’t love it.
Comparing Hotels, Timeshares & Vacation Rentals: How Do They Measure Up?
There are various reasons that I personally would never consider buying a timeshare, which I will outline below. Let me acknowledge that everyone is entitled to their own opinion, and I welcome the timeshare owners to correct me on any points I’m wrong.
It’s also worth mentioning that not all timeshares are created equal, and I’m sure some do business more ethically than others. However, I think the points below are generally true.
The only timeshare presentation I attended as an adult was at Solaz earlier this year, and I was compelled to do so. To be clear, I didn’t book a special timeshare rate or anything, but I did redeem points. During check-in, I was directed to a room (supposedly an “art museum” that they show all guests during check-in), but then they scolded me and wouldn’t let me leave until I agree to attend a presentation.
I find everything about the process of selling a timeshare to be disingenuous at worst, and predatory at worst. They use a very aggressive sales technique out there to get you to agree to a commitment that lasts 20+ years (or in some cases forever):
How To Get Rid Of A Timeshare Legally
Why would anyone voluntarily want to do business with such nonsense? A timeshare presentation makes me long for the interaction of a cable or cell phone company.
Below is a real timeshare sales staff meeting clip — it’s not a parody. The strategy is to convince people who sell timeshares that they are saving lives, because people who take vacations are less likely to have heart attacks. So timeshare salespeople are like doctors, nurses, and firefighters. That’s right.
Airline contracts of carriage are extremely one-sided. Airlines hold all the control, and consumers have little control. But the sad truth is that you have no alternative, because all airline contracts are like that, and there are many situations where you cannot avoid flying.
Timeshare contracts are very one-sided, except it’s a much bigger commitment, and it’s easier to avoid. Generally speaking:
Sell My Timeshare Now Targets Expanded Presence In The International Vacation Market
Timeshare properties are only motivated by the hope of selling more timeshares to more people, because there is no incentive to take care of existing clients, because they are already on the hook and gone’ y out.
I think the current situation at Solaz Los Cabos is the perfect example of how shady timeshares can be:
In theory I can see the draw of buying a timeshare if you plan to go to the same property every year. Personally I don’t know where I want to live in five years, let alone where I want to go on vacation then, because life circumstances are always changing. We all evolve over time, and I think that applies to travel preferences as well.
One thing I often see promoted about timeshares is how you can “trade” your week for a stay at another property. However:
Clever Ways To Get Out Of A Timeshare
I think there are time-sharing opportunities in the second-hand market. There are many people who have success in getting timeshares for nothing while others try to throw them away, and in those cases I believe that sometimes there is value for timeshares for certain types of travelers.
Of course that’s not how most people buy timeshares – instead they buy them directly from developers during a period of high selling pressure. But for those who invest a lot of time in research, I suspect there are some opportunities.
While I fully believe that some people get a good amount from timeshares, this is something I can’t imagine. Maybe it’s because of the guilt I feel from my childhood for convincing my parents that an Orlando timeshare was a good idea.
But personally I find timeshares to be the least appealing accommodation concept out there, and everything about them seems dirty to me — the sales process is bad, you’re entering into a one-part contract that’s usually valid. for the rest of your life, and the The sole motive of timeshare properties is to sell more units, rather than taking care of the owners.
Here’s Why Timeshares Are A Bad Investment
While I’m all for getting a deal, to me timeshares are the wrong kind of deal chaser – you’re paying a lot of money up front for a lot of uncertainty. There may be some opportunities on the secondhand market, but if not… Tired of paying maintenance fees for a timeshare you won’t use anymore? Are you ready to part with your timeshare or get rid of it as soon as possible?
If you need to sell a timeshare, don’t wait. There are buyers on our site right now looking for timeshares just like yours. In fact, every day we connect timeshare owners with buyers in more than 217 countries and territories around the world.
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Can I Sell My Timeshare Now During The Pandemic?
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