Did you do it?
Agree to attend a 90 minute presentation in exchange for free stay on the property, a free adventure tour while on vacation, or a chance to win an awesome prize?
Why do they claim the presentation is only 90 minutes? They never are!
I’m talking about a timeshare sales pitch.
We’ve taken are fair share. Generally just to get the free gift and normally never would dream of buying in. However, we fell for the pitch, hook-line-and-sinker one fine day in the Bahamas. It’s been about 10 years. In all this time, purchasing a timeshare is on my top list of decisions I would not repeat.
Thankfully, my irritation with the timeshare have been minimal. We haven’t had a horrible stay yet. We haven’t been surprised with any last minute fees at check out. However, we are stuck with bill that I’d rather not have.
We also haven’t used our timeshare in the past 3 years, but we still owe the maintenance fee.
I’ve received a number of request for help with timeshares over the past few years. So this podcast is way overdue. I reached out the the Timeshare Users Group for some help on dealing with a timeshare gone wild.
An Objective Critique
Now that I’ve been a timeshare owner and user for more than a decade, I can objectively look at the pros and cons (at least for my situation) and say without a doubt that I would not do it again. There are, however, some pros:
Pros
- If researched well, you can actually stay in a larger unit with kitchen accommodations which works better for my growing family and particular eating habits.
- Because of the difficulty reserving popular destination, we’ve traveled to a few wonderful, less popular places that we might have overlooked otherwise.
- Group travel accommodations are fairly easy and comfortable with larger groups.
That said, I do not think the downside of timeshare ownership are worth the hassle – especially when you can rent them to achieve the same end.
Cons
- The resale market is nonexistent, in that selling a timeshare to recoup any cost is the exception.
- The maintenance fees continue to rise and special assessments can be assigned.
- If the property upkeep dwindles, you have no recourse. This is what happened in my case.
- Exchanging with other timeshare properties is a time consuming process. You have to rely on user feedback and a rating standard that may not be timely. The worst thing I can imagine is to spend valuable time booking a timeshare resort only to arrive and have a miserable experience. All properties are not maintained equally.
- You sign a contract with no legal exit other than to sell. As I mentioned earlier the resale market is virtually nonexistent. Giving your timeshare away is sometimes your only out.
- Given what you pay overall and annually, travel using a timeshare is not a cost savings…especially if you don’t use it every year.
I invited Brian Rogers from the Timeshare Users Group on this episode of the Midday Money Show to share tips that might offer some relief for those burdened with timeshare ownership. There is not magic pill to make it all go away, but Brian did offer helpful insight into options available for timeshare owners.
This Podcast Episode Covers:
- Services and solutions offered by the Timeshare Users Group
- Recognizing and avoiding timeshare scams
- Plan of action if you have been scammed
- Tips for selling a timeshare you no longer want
- How to value your timeshare to determine a listing price
- Foreclosure and bankruptcy options related to timeshares
Show Notes
Visit the Timeshare Users Group for more information about their services.
Before you go, get your FREE copy of our tips to save more money!
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