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How Much Is A Timeshare Worth
If you’re thinking about buying a timeshare or joining a vacation club, make sure you know exactly what you’re getting into. You don’t want to be surprised later by unexpected charges or challenges when trying to book your timeshare or vacation club. And if you’re trying to sell your timeshare or membership, watch out for resale scams.
Hotels Vs Timeshares: Why Hotels Are The Cheaper Option
When you enter into a timeshare agreement, you pay for the right to use a vacation property for a specific length of time and with a specific frequency—for example, one week each year. Typically, timeshare properties are located in resorts or condominiums in desirable vacation destinations. Timeshare “owners” usually pay an initial fee to get into the timeshare agreement, plus regular maintenance fees and other charges later to continue ownership.
The laws governing timeshares are specific to the state where the property is located. The sales staff may tell you that a timeshare is a solid financial asset, but the value of a timeshare is in its use as a vacation destination, not as an investment.
You may have seen ads—or received promotions in the mail or your email—for vacation clubs. Some vacation clubs are a variation of a timeshare: you pay an initial fee, and once you’re enrolled, you select resorts to stay at. The difference is that you pay each time for the cost of staying there. Other vacation clubs claim that once you sign up, you will receive discounts on travel, lodging or other amenities related to a vacation.
Before you sign up for a vacation club, be clear about what you’re getting. Even if marketers and salespeople use the same term “vacation club,” they may be talking about different things.
Is Timeshare Resale Worth It?
Consider whether you will have the points you need to take the kind of vacation you want. Find out if you are allowed to buy points and how much it costs.
You may have received flyers in the mail or seen ads inviting you to attend free live presentations to learn about timeshares or vacation clubs. Promoters often offer free vacations or other prizes for attending the sales pitch. In the presentation, the whole atmosphere is set for you to feel like you are already on a vacation. They show you amazing blown-up photos of luxurious resorts, or they may take you on a tour of a similar unit you may be buying as part of the timeshare.
Sales staff sometimes use tactics designed to pressure you into buying. They may, for example, make you wait a long time between parts of the meeting, and you may have to meet with several people. They tell you that the offer is only available now and won’t be there tomorrow to make you act fast. They hope that at the end of the presentation you are so exhausted that you will sign something just to get out of there.
It can be difficult to get out of a timeshare. Before you pay a company to help you exit or sell your timeshare, contact the timeshare developer or the resort’s management company and ask about your options. The American Resort Development Association (ARDA) has a tool that can help you identify the company you need to contact, along with other resources.
Timeshare Resale Market, Is It Worth It?
You will see or hear a lot of ads from companies that claim to be experts in selling timeshares – they are online, on the radio and on social media. But sometimes these companies exaggerate or flat-out lie about what they can do for you. They take your money and then do little to nothing to help you.
Be careful – these may be ads from timeshare resale scammers that will take your money, but won’t help you sell your timeshare. The truth is, the timeshare market is crowded, and it can be difficult, if not impossible, to sell a timeshare. And no one can guarantee a sale or great returns.
Don’t assume you’ll get your purchase price back for your timeshare, especially if you’ve owned it for less than five years and the location is less well-known. To get an idea of the value of a timeshare you might want to buy or sell, consider using a timeshare appraisal service. The appraiser should be licensed in the state where the timeshare is located. Check with the state where the timeshare is based to see if the appraiser’s license is current in that state. I recently wrote about how Solaz Los Cabos (which is a property with both a hotel and timeshares) suddenly and mysteriously closed last week. An interesting discussion emerged in the comments section about timeshares. Some readers have asked why I never write about timeshare deals, or what a great value they can be.
In this post I wanted to share my take on why I would never consider buying a timeshare. This is just my opinion, and I invite readers to help me understand what I’m missing.
What Is A Timeshare And How Does A Timeshare Work? (my Timeshare Presentation Horror Story) [ultimate Guide]
To begin, I wanted to briefly share the concept of a timeshare. Although the exact details vary considerably, the idea is that you are buying fractional ownership of accommodation at a resort:
Those are the basics, though hopefully this is a useful summary for those unfamiliar with the concept.
I have a confession to make, because to this day I have a guilt that is guilt. I grew up in Tampa, and when I was a young child I managed to convince my parents that we needed to get a timeshare.
More specifically, we got one of those deals where you could go to Orlando for a long weekend for a small amount of money, and just have to attend a timeshare presentation. Of course, the presentation made the concept sound amazing.
What Is My Timeshare Worth?
A week in Orlando every year for the rest of our lives, all at an affordable price? What could possibly go wrong? We’ve said what a fantastic investment timeshares are. We were told how to trade our week for destinations around the world. We were told how hot the timeshare market was, and that if we ever wanted to sell our timeshare, we could probably do it at a profit. We have been told that time can be given forever, and that will be the greatest gift we can ever give. Children and grandchildren.
Well, fast forward a few years. As it turns out, while at 10 years old we thought vacationing in Orlando every year for a week would be the funniest thing ever, that feeling didn’t last. Exchange options are extremely difficult, and my dad spent 10 years trying to get rid of the timeshare. He can’t even give it away for free, and just have someone take over the maintenance fees.
Eventually he paid a company to take it off his hands and transfer it to someone else. To this day I feel guilty about it, and have committed to never even 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 tyshares:
The Complete Guide To Buying And Selling A Timeshare
Timeshares are a phenomenal investment. Even if you hate the idea, you can’t argue that the cost of space is much cheaper compared to inflation. I have yet to meet someone who owns a timeshare and uses it who doesn’t love it.
There are various reasons why I would personally never consider buying a timeshare, which I will describe below. Let me acknowledge that everyone is entitled to their own opinion, and I would welcome timeshare owners to correct me on any points I am wrong on.
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 basically forced into it. 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 (allegedly an “art museum” that they show all guests while checking in), but then they badgered me and wouldn’t let me leave until I agreed to attend a presentation.
How Much Is My Timeshare Worth? Timeshare Market Value
I find everything about the process of selling a timeshare to be sleazy at best, and predatory at worst. They use their pushy sales technique to get you to agree to a commitment that will last 20+ years (or in some cases forever):
Why would anyone voluntarily want to do business with such germs? A timeshare presentation makes me long for interaction with a cable or cell phone company.
Below is an actual timeshare sales staff meeting clip – this is not a parody. The strategy is to convince people who sell timeshares that they are saving lives, because people who vacation more are less likely to have a heart attack. Therefore, timeshare salespeople are like doctors, nurses and firefighters. Right.
Airline contracts of
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