The Truth About Timeshare
Almost everyone I know has been offered a timeshare or vacation club opportunity at one time or another. But are timeshares and vacation clubs really worth the investment? Before you even think about forking out your hard-earned cash on a timeshare investment, there are some things you need to know.
Timeshares Don’t Appreciate
I love it when timeshare salespeople talk about timeshares as if they were an investment. Folks, investments are supposed to appreciate — timeshares do not. In fact, timeshares do a lot worse than just not increase in value… Most timeshares I’ve run across actually decrease in value.
Don’t believe me?
Ask someone who paid full price for a timeshare from a resort how much they can sell their timeshare for today. Probably not nearly near what they paid for it. In fact, if they could even sell the timeshare, they’d likely end up selling it for thousands less.
The Upside of the Ugly Timeshare Situation
There is an upside to the downside of the timeshare market. If you do want a timeshare, you can get it at a bargain basement price if you buy it from a timeshare owner who wants to sell. Don’t believe me? Check out eBay.
You can buy almost anything on eBay, and timeshare ownership is one of the many things you can bid on. I’ve seen timeshares that originally sold for $14,000 go on eBay for $500 or less. Want a timeshare? eBay’s probably your best bet.
Some Things To Consider
If you do want a timeshare, even if you get it for $1, remember that the purchase price isn’t the only expense associated with timeshare ownership. Timeshare owners are responsible for annual fees that usually start at about $400 and go up from there.
You’ll also likely be responsible for a closing fee or ownership transfer fee when you purchase the timeshare. This is usually about $100 to $300 depending on who you’re buying from.
Unless you really like to travel and you’ll be taking a trip every year, timeshare ownership probably isn’t for you. However, if you’re one of those who have the travel bug and will make the most of your timeshare, then by all means, hit eBay and find an awesome timeshare deal.