Every once in a while I get a question from a reader about how to get rid of a timeshare. Sometimes the person is asking for themselves, but other times, they are trying to help a friend or family member.
The problem is that timeshares aren’t as amazing as the salesperson claims they are. They are expensive, you probably won’t use them as much as you think, timeshare resale values are incredibly low making them hard to sell, and more.
So, if you have been thinking about purchasing a timeshare or if you are wondering how to get rid of a timeshare, today’s article is for you.
Many adults have attended a timeshare presentation, and even more have been asked to attend one. You are usually offered something if you stay the whole time, such as a free vacation, an iPad, a cruise, or something else that is quite enticing. And, that’s how they get you interested.
All you have to do is listen to the presentation and get your free gift. Sounds simple enough, right?
But, after sitting through the timeshare presentation and listening to the salesperson talk about all the “benefits” of owning a timeshare, you may be intrigued.
Even though you told yourself that you weren’t going to purchase anything, the salesperson is well-trained and you can’t resist something that seems like such a good deal.
Many people cannot say no in these situations, and that is why around 10,000,000 households in the United States own a timeshare.
I had no idea that the timeshare business was this large. Maybe I’m missing something, but the negatives that I’m going to explain in this article seem to significantly outweigh the positives. I’m honestly shocked that there are that many timeshare owners out there, and many sadly end up regretting their purchase.
One of the issues with timeshares is that there are different types, some of which you pay for but never actually own. Those are called non-deeded timeshares, and they fall into two categories:
- Right-to-use systems- You sign a lease from anywhere from 20 to 99 years and pay for the right to use the timeshare. It would be very difficult to sell something you never own.
- Points-based system- You purchase points each year to trade for reservations at different properties owned by a timeshare company. Some companies let you “bank” points that can be rolled over to another year.
There are also timeshares called deeded timeshares. With these ones you share ownership of the timeshare with other people. These usually fall into two categories:
- Fixed-week system- You get to use the timeshare for the same specific week each year. That means you will have to be available that same week every year.
- Floating-week system– Same as above, but the difference is that you get to pick the week you use your timeshare. You may compete with other people for busy weeks or seasons.
Lately, I’ve been hearing about more and more people buying timeshares. It’s been brought up by my readers, in my Facebook group, and by my friends. But, at the same time, I have seen more and more people asking how to get rid of a timeshare.
Someone I know spent $15,000 on a timeshare. I know of another person who has bought multiple timeshares with their student loans.
I also once read a post on Facebook that said, “Please, help me sell my timeshare!” This person was trying to sell their timeshare for $1 and there weren’t any offers yet. They were looking to Facebook as a last resort and wanted friends to share their post.
Sure, I have an open mind and perhaps sometimes timeshares are an okay idea, so I won’t completely discredit them. However, I’ve never met someone who bought a timeshare and was happy with their purchase years down the line.
I’ve only heard horror stories about timeshares.
Due to this, I’ve never really understood the appeal of timeshares.
And I’m not sure I ever will.
I’m not writing this post to offend anyone. Like I said, I’m sure there are cases that exist where someone has found a great deal on a timeshare and they know they’re going to actually use it. I won’t ignore the possibility of that. However, I know that each and every year many people buy timeshares thinking they are a great deal when in reality most of the time they are not.
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In today’s post, I’m going to talk about why you should skip the timeshare, as well as what to do if you already own one and are looking for a timeshare exit.
Below are 5 reasons not to buy a timeshare.
1. Timeshares are expensive from Day 1.
Timeshares are expensive.
Even the people who’ve bought them told me that their number one hesitation was price, and it goes beyond the upfront cost.
Actually, many people end up taking loans out for their timeshares. This means that your timeshare might end up costing two or even three times the cost over the duration of the loan due to interest.
If you are buying a timeshare, then the cost of owning one is the main upfront costs being the lump sum price you pay to “buy” it. Then, there are also the interest fees if you are using a loan to buy your timeshare and also closing costs.
According to the American Resort Development Association, the average price for a one week timeshare is approximately $21,455, with an average annual maintenance fee of around $1,000 on top of that.
That is a lot of money. No wonder so many people want to learn how to get rid of a timeshare.
2. Timeshares have expensive annual maintenance fees.
Maintenance fees are something that you’ll have to pay if you own a timeshare, and you’ll pay them every year for as long as you own the timeshare. This annual fee is to pay for the cost of operating the resort. This covers the general upkeep up the timeshare property, landscaping, utilities, staffing, plus more for future upgrades and repairs.
As I said earlier, the average annual maintenance fee on a timeshare is around $1,000, and in many cases it can be over $1,000 a year depending on your timeshare agreement. I did some research and found some timeshares that had annual maintenance fees of over $2,000 a year.
Maintenance fees need to be paid year after year, regardless if you use the property or not. If you stop paying them, the resort your timeshare is at can begin the collections process. This can cause long-term negative effects to your credit score and finances.
Also, the annual maintenance fee can increase over time as well, in many cases, at a rate that is higher than inflation. It can more than double in just a few years, and there is no cap on how high a resort or timeshare company can raise your rates.
This is the number one reason that so many people want to learn how to get rid of a timeshare.
3. Timeshares are near impossible to sell.
If you want to learn how to get rid of your timeshare because of the high annual cost, you are tired of paying monthly payments on your loan, or if you simply just aren’t using the timeshare, you will have a hard time selling it.
Timeshares do not appreciate like normal property does. This is another reason I do not think they are suitable for the average household.
You know that person that I said was on Facebook trying to sell their timeshare for $1? That is not uncommon at all.
If you do a quick search online, you will find hundreds of timeshares going for just $1.
If they are such a great deal, why are people trying so hard to get rid of them?
Like I said, the number one reason that people want to sell their timeshares is because of rising maintenance fees. You hear one price when you are sold your timeshare, but the costs keep increasing making it harder and harder to budget for.
This is why people want to sell their timeshares for so cheap – anything to get out of the constant and increasing costs.
Because there are so many people trying to sell timeshares without any luck, there are companies popping up all over the internet claiming to help people get out of timeshares. However, many of these companies are scammers. This presents another danger to consumers who have purchased a timeshare.
4. You may not use the timeshare as much as you think.
When you purchase a timeshare you probably think that you’re going to use it every single year. You might even laugh at someone who says you’ll eventually want to learn how to get out of a timeshare.
You tell them and yourself it will be an easy way to go on an inexpensive vacation and that you’ll actually save money. However, there are many reasons why you might not use your timeshare every year, which then becomes a waste of your money.
Maybe you have a bad income year and can’t afford to travel to your timeshare, an emergency comes up, you want to take a vacation somewhere else, etc.
And, whether you use your timeshare or not, maintenance fees need to be paid year after year.
For every year that you don’t use your timeshare, that’s more money you’ve invested in it with no return, not even a fun vacation. Really, there are much better ways you could have invested your money.
5. You have plenty of other options for your vacation.
Timeshare salespeople try to find buyers by claiming that timeshares are a great way to save money on a vacation. They tell you that every year you’re going to be able to visit this beautiful place and that it will actually save you money.
I do not understand that.
Spending $20,000 or more on a timeshare where you only get around one week annually seems very expensive. In some cases you may struggle to get the week of your choice. And, don’t forget the maintenance costs!
There are PLENTY of ways to go on a more affordable vacation. You could shop around for the best prices on hotels and flights, use credit card rewards, visit during the off season, bundle your trip, and more. I’m sure you could spend less on an annual vacation than what it would cost to own a timeshare.
Plus, if you are still wanting the “timeshare feel,” you can rent timeshares from other owners for a FRACTION of what they have paid. You can usually find them for a couple hundred dollars per week, whereas the owner is still paying the maintenance fees each year that are most likely twice or three times as much.
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How to get rid of a timeshare.
Is it hard to get out of a timeshare?
If you currently own a timeshare, you may be wondering how to get rid of a timeshare. If so, then I can help with that today.
I recommend the company Newton Group Transfers to help you learn how to get rid of a timeshare. Newton Group Transfers helps timeshare owners get rid of the timeshare they no longer want by ending your timeshare agreement so that you can stop paying high maintenance fees.
For over 15 years, they have helped thousands of people exit their timeshares, and they have an A+ rating with the Better Business Bureau. Remember, there are lots of scammers out there, so research any company you are thinking about using to make sure it is highly rated and legit.
You can contact Newton Group Transfers in the link above or call them at 888-713-0403.
If you are interested in learning more about this subject, please read their free guide The Consumer’s Guide To Timeshare Exit.
Have you ever been to a timeshare presentation? What do you think of timeshares?
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DNN says
I’ve never owned or rented a timeshare a day in life but will possibly venture back to this blog posts if I decide to go down that route. Thanks in advance for letting me know. Michelle 🙂
Michelle Schroeder-Gardner says
🙂
Rosina Gilmour says
I don’t agree with your article at all. I have had timeshare for many years and my yearly levy is R5700 per year. I swap my timeshare for points and I get at least 4 holidays out of my points. I’ve just spent a week with my husband and friends at a beautiful 3 bedroomed Cape Town apartment in Sea Point. I couldn’t afford to pay for a week out of my pocket for this place! It would cost me much more than my yearly levy. My husband and I have just come back from Millstream Country Estate in Dullstroom we stayed a midweek, from Monday to Friday and again I couldn’t afford this if I didn’t have timeshare. We’ve already booked 5 star Kwa Maritane for a full week in January still using this year’s points and also a full week in 5 star Cabana Beach, Umhlanga. All for R5700 a year. We have traveled from SA to Malaga, Spain and had beautiful accommodation right on the beach, using our timeshare points. So, I for one and a lot of our friends who own timeshare have scored big time!
Matt says
I bought my Timeshare on the resale market & love it. NEVER buy retail. There is no resale value.
You can compare different timeshare companies on TUG BBS
Michelle Schroeder-Gardner says
Do you mind saying how much you bought it for? Or, the discount you received over buying new?
Mark O Weiner says
Only know one person who likes and uses their time share, on the points system..
They said that maintenance fees go up and it’s a concern.. I don’t know, it’s a close race between trying to get rid of a timeshare or RV.. ?? They are both money pits….😡
Michelle Schroeder-Gardner says
Ha, we’ve actually always done quite well with selling our RVs in the past 🙂
travelwithkevinandruth.com says
We’ve also done quite well with RV’s. Not money pits if you buy at the right price to begin with.
Timeshares are great! We love making money attending timeshare presentations!
Christine C. says
My husband and I have been timeshare owners for 14 years now. We have deeded property but are also on a points system. We use our timeshare 3-4 times a year and never leave a balance on points. I worried about it being a waste of money, but now I realize we won’t have to use our retirement savings to travel in the future. Essentially we have paid to travel in advance. I have rented a house on the beach for a week with friends for more than the cost of annual maintenance fees. But even with the fees our properties are well maintained and updated regularly. No regrets here. Best of luck.
Jamur Kencur says
We’ve owned timeshare for 9 years now and also loved it. We bought mid level timeshare and trade up to expensive villa in Hawaii (2br trade to 1br in hawaii). Each time we go to that villa for 2 weeks, the price difference between market (direct booking with Marriott) and my timeshare, I saved about 9k (after maintenance fee for 2-week unit).
So I would say it’s about what you get and how you use it.
Michelle Schroeder-Gardner says
Yes, for sure.
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
Michelle Schroeder-Gardner says
Thanks for sharing!
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
MikeM says
I’m not going to comment on my own timeshare experiences, both good and bad (except to never pay retail; wish I had known about resales then), as a new reader, this article popped up in my Google newsfeed.
Jay says
These companies need to quietly fade away. They try and taint an incredible industry due to a few owners that either don’t use their ownership or don’t understand it. Timeshare provides wonderful family vacations each and every year unlike the vacation started that most people rely on which is we will go if we have the money. I sell it, I own it, I use it
And have some of the best vacations of my life. Does it cost money….yes. Do maintenance fees go up….yes….so does everything else. Use it and enjoy it and the money is well spent. Mic drop!!!
Heidi says
If I had to buy again I would not but once you own it you own it the only thing about timeshare is the RCI points and how to use them they cost you all the time but if you buy a Timeshare where you can use it all the time then it’s like owning a gym membership doesn’t make sense because your maintenance points is like owning a gym if you buy a Timeshare where you don’t live that it’s stupid because you can only use it one week out of the year I own a time-share where I live so we use it 365 days a year and then we use the RCI to travel so it makes a lot more sense my son enjoys going in the pool so to all my grandchildren when they come visit we use it as a vacation club 365 days a year and then I travel with my RCI points once a year for vacation why do last minute vacations do I think it’s very expensive to use the RCI points yes do I enjoy going away yes have I always found nice places to stay yes do I think I can find nice places to stay without RCI yeah do I think it’s stupid when they put the one to three years on places and they lock up all of a New Hampshire town like Conway when it’s a small little town and they lock it down and hurt businesses then yes I don’t like RCI when they go into smaller than New Hampshire towns and buy up all of the condos that are RCI Ensenada State business like Val and know nothing about the state and put a hurting on New Hampshire business in town then no I don’t like RCI when they do things like that but RCI on the whole they are very fair company when you have a bad stay with somebody they make it right and they make sure that your stays are good so they ensure that you are taken care of on your trips and that everything goes well. What I buy this day and age probably not but if I own already yes I would or if I could pick one up for next to nothing because people are selling them then yeah that’s the way to get into one not at full price. By what suits you not with suits about seller buy what’s going to be good for your family not with somebody’s trying to sell you because you went to get free tickets or whatever don’t be pushed into buying a timeshare that’s not going to shuit you if I was going to suit your family and what you can use
Donnie Bowerman says
Have you ever heard of punctuation???
MikeM says
My goodness, what a mess to read! Let me acquaint you with periods. They look like this. .
And paragraph breaks
No one will read a long post like yours without making it easy for the reader.
Frederick Ang says
Owner of a Welk timeshare since 2006. Tried to get out of it by various means, and it’s definitely not easy. It’s points based, floating week, and deeded. Just recently at an “Owner Update” – which is actually an annual upsell attempt – they realized that we were never going to upgrade beyond the 120k points.
Their sales tactics vary and because there’s no standard or regulation on this luxury item, you best do your research before getting stuck in one.
Thanks for this article, Michelle.
The one takeaway I would add from my own experience:
Ask them if you can take a few days to review the contract BEFORE signing. If they don’t allow it, directly or through their roundabout reasoning, WALK AWAY.
Deals that make SENSE always allow you to review the binding terms before you sign. Hell, tell them upfront when you book the reservation for the presentation or before the presentation starts that you’re not signing anything you don’t get to take away and review in detail (i.e. your lawyer). They’ll likely give you your gifts, send you on your way, and do their best to blacklist you in the future.
I’m looking forward to the people who turn the tables on these companies by unifying efforts to combat them. Let’s educate the public about these timeshare companies, equip the unwary with standard questions to disarm the dishonest salesfolk, and slowly kill off the industry or at least make it tolerably honest.
Michelle Schroeder-Gardner says
Curious- how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
ArubaMom says
We bought our first timeshare in 1980. Have added 12 more over 39 years. Why? Fixed weeks, fixed rooms. We basically own 1/4 year in Aruba, beachfront property. We are self-governing, not ruled by a corporation, and NO REGRETS.
Michelle Schroeder-Gardner says
Thanks for sharing!
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
Jennifer says
We are 20 year timeshare owners & only until recently have we thought we have too many points (3 of 4 kids moved out). But this is only after we bought a travel trailer 2 years ago! ‘Glamping’ opened up many more opportunities for us. A timeshare afforded us opportunities to stay at consistently well maintained units (99% with kitchens=ideal w/food allergies & kids) & they are usually ON the beach. We can go anywhere in the world using our points or nightly stays ($59, $69 or $79/nt w/1, 2 or 3 bedroom units). I’m sorry but that is STILL a good deal. Yes, our fees have crept up to $1k/yr but our kids will inherit our TS & therefore carry on the awesome memories. If I were to recommend one thing to young families, buy what you’ll use. It forces you to make time for family when possibly you may just ‘work till we can afford a vacation’. Like all things, whether it’s a camper, travel trailer, 5th wheel, boat, UTV or timeshare-don’t overextend yourself, use what you buy & know what you’re getting into.
Terry says
Most people that complain about timeshares and how bad they are have never owned one and probably have never took a vacation. They’re too busy stuffing their money under their mattresses waiting for doomsday. Meanwhile my family and I have had many memories for the last 20 years staying in places we would not have otherwise afforded. And the people and companies claiming to get you out of your timeshare are the crooks. Stealing peoples money and their timeshares.
Don’t fall for it. Go on a vacation. And if you try to go on vacation cheaply because of so called deals on the internet, well be prepared to be dissapointed that you fell for the bait and switch and have a dirty room and overall terrible experience. You get what you pay for! And my vacation time is valuable and i dont want to waste it trying to get money back from a bad experience!
Good luck.
Michelle Schroeder-Gardner says
I don’t think there’s any reason to make stuff up about people. There are plenty of people out there who prefer not to buy a timeshare and go on plenty of vacations.
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
Jennifer says
Michelle-Jennifer here from a prior comment (no one is responding to your question so I will! LOL) I receive your posts (LOVE them & the transparency, thank you) from Heath & Alyssa’s RV posts. My husband & I are 2 year owners of a 29′ travel trailer & are so excited to be in the pre-retirement phase. We love hearing stories of the more knowledgeable RV traveler.
Michelle Schroeder-Gardner says
Great tips, thank you for sharing!
katie says
Newton Group is the biggest scam out of all the exit companies. Two years and nothing happened. 8k wasted. Hired a lawyer and I was out in 6 months. Stay away from Newton grouo
Newton Group says
Hi Katie, I am responding from the Newton Group. We are clearly not a scam as we have been in business for well over a decade and have served thousands of timeshare owners – and continue to do so every year. We also have a long standing track record of honoring our 100% money back guarantee. If you had a problem with any service, it should have been addressed. If it was not, please email us at info@ngexit.com and I assure you that someone will respond.
In terms of our track record, I will share some insights:
1. We wrote the Consumers Guide to Timeshare Exit which educates consumers on timeshare exit scams and gives consumers a checklist to use in vetting any exit firm. This has put us under greater scrutiny and we welcme it because we are 100% above board and have always stood by our word and our guarantee.
2. We have maintained an A+ rating with the BBB for well over a decade.
3. Even further, we were finalists for the BBB Torch Award for Excellence.
4. We have hundreds of positive reviews online – Feel free to check the BBB, Google, Sotellus, TrustPilot. Like any company that serves thousands of customers per year, we can’t make everyone happy, but we always respond to any concerns in reviews and most of all, always honor our 100% money back guarantee.
5. Even our employees rave about us. We were voted a Certified Great Place to Work by our employees.
For these reasons and more, we are the #1 Trusted Name in Timeshare Exit.
NOTE: Because we have taken a stand against fraud in the timeshare exit industry, we have had unethical companies make up false reviews and post them. If this is a legitimate concern, I will expect you to email us at info@ngexit.com as that is the only way someone can look up your account and see what happened.
Wishing you the best, always!
Newton Group says
Correction – #3 should say “BBB Torch Award for Ethics”
JD says
I’ve been a timeshare owner for over 15 years. We own 2 deeded weeks and another couple of weeks in points from the same company. We can choose to go to our home resort for the weeks each year, or convert to points and go anywhere in a vast network of upscale resorts. We’ve shared wonderful vacations in two and three bedroom condos with our adult kids and their families, our siblings, as well as various great friends. We can also deposit the resort for hotel points to use anywhere in the world in hotels. We haven’t paid to stay in a beautiful hotel, anywhere in the world, for all this time. Our ~$1k in maintenance fees would never cover a week in a beachfront, 3 bedroom condo in Hawaii, or Thailand, or Spain, in any other rental situation, but ours does. We don’t regret our timeshare purchases at all, and as we move into our retirement, we’re even more excited to have the travel flexibility and quality of accommodations.
Michelle Schroeder-Gardner says
Great to hear!
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
Matt says
You are showing up on Google News feeds.
Michelle Schroeder-Gardner says
Thank you Matt!
Loretta says
I would like to sell my timeshares but someone has been trying to offer only I dont know if this company are legit.how would I find out if this are legit I am from canada.thank you for your response in advance
Michelle Schroeder-Gardner says
Checking the BBB may be a good start.
Rosina Gilmour says
I don’t agree with your article at all. I have had timeshare for many years and my yearly levy is R5700 per year. I swap my timeshare for points and I get at least 4 holidays out of my points. I’ve just spent a week with my husband and friends at a beautiful 3 bedroomed Cape Town apartment in Sea Point. I couldn’t afford to pay for a week out of my pocket for this place! It would cost me much more than my yearly levy. My husband and I have just come back from Millstream Country Estate in Dullstroom we stayed a midweek, from Monday to Friday and again I couldn’t afford this if I didn’t have timeshare. We’ve already booked 5 star Kwa Maritane for a full week in January still using this year’s points and also a full week in 5 star Cabana Beach, Umhlanga. All for R5700 a year. We have traveled from SA to Malaga, Spain and had beautiful accommodation right on the beach, using our timeshare points. So, I for one and a lot of our friends who own timeshare have scored big time!
Michelle Schroeder-Gardner says
Just because it works for some people, does not mean that it works for everyone 🙂
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
Kee says
I’m wondering, are you a bot?
Michelle Schroeder-Gardner says
Why would you think I’m a bot?
PK says
Because you keep asking the same question over and over again.
Michelle Schroeder-Gardner says
This article went viral, and as the owner of this website, I was curious as to where everyone came from. I really don’t think that’s odd.
Anonymous says
Curious – there are a lot of comments from people who love their timeshare. That doesn’t really jibe with the stat that the average timeshare owner regrets their purchase.
How did all of you find this blog post? Was this shared somewhere?
Michelle Schroeder-Gardner says
I’m wondering too.
Missionblue says
This article is BS….. Most middle class can’t even go on vacation other than to the waterpark or beach in their city in one day. You don’t get the accommodations like a timeshare gives you. Would I buy another? Probably not. One is enough. I have odd years to help cut down maintenance cost and even years I travel out of the country. Most of my friends always say you go on vacations all the time. Yeh cause I book accordingly and work hard to play hard. We found this article so we could reply. If you dont like comments then don’t post an article are better yet don’t respond to one cause I get you one way or another via forwarding to Intagram, Facebook and Twitter to comment. As far as grammar perfect Mr. Idiot then read published books attend an English class or whatever. Social media does not require grammatical English or writing.
Michelle Schroeder-Gardner says
Whoever said that I don’t like comments?
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
Jerry Kleinman says
Your article is biased and not accurate.
We have owned time shares for 30 years.
Love it.. we do not pay maintanence or usage fees if not used.
We have 4 floating weeks per year.
Have traded and been all over the country at 4, 5 star high end resorts
You must be a savvy consumer and purchase a deeded property with no fees if not used. Much to consider.
Michelle Schroeder-Gardner says
I am not biased. I am simply trying to make sure that consumers think about all of the facts. There are many statistics out there that state that the majority of timeshare owners regret their decision. I also have received countless emails from readers who are wanting to know how to get out of their timeshare.
I’m glad to hear that there are positive stories, though, as before this week, I have not heard a single one.
I’m wondering, though, how did you find this article? It looks like almost every comment on this blog post comes from a brand new reader. I’d love to hear how this article is spreading.
Ellie says
Hi, I got to this post because it came up on my google news feed.
Michelle Schroeder-Gardner says
Thanks!
Kim Hall says
I want to sell my timeshare My husband and I own our timeshare we want to sell
Matt Broke says
Jerry, her article is hardly biased. Your situation is more of an exception, rather than the norm.
For the general population, her cases are very true. I’m sure it’s not Michelle’s style, but if you were to shop around for different timeshare offerings and put it to a spreadsheet, timeshares are not worth it unless you assume at least one of three factors:
1. You buy your timeshare from someone at a significantly reduced rate. A quick glance at timeshare resale market would show prices at a significantly deflated value. Simple supply and demand would lend evidence to her point 3 being true.
2. You plan to vacation with the same organization and/or location for the entire life of your contract. She does harp on this in point 5. While that might fit most of the people commenting who are pro timeshare – it might not be someone else’s preference.Even then, assuming you vacation with the same organization and/or location for the life of your contract, you barely break even…unless
3. A ridiculous amount of inflation occurs. Michelle’s first point is right that it is a hefty amount.
Take for example Disney Vacation Club, the minimum starting purchase ranges from $10,000-16,500. Not taking into account yearly maintenance fees – that’s enough for 14 years of 1 week stays at a Disney Resort of equal value!
The initial cost to own is high and can only be offset by inflation.
Char says
I think the article is right on. I would love to get out of our timeshare due to maintenance fees, exchange fees, and lack of availability unless it’s out of season for a particular area.
Steve says
I appreciate the article and I would warn others to really know what they are getting into. I feel the salesperson did a great job painting a very rosy picture but, our timeshare experience does not hold up to the the hype. Rising maintenance fees, exchange fees lack of availability unless you want to go somewhere out of season. Maybe we need alot more points to have more status to get something when we want it. Wanting to get out.
Jose D says
Thanks for the great article on timeshares. We got “caught up” in the moment and bought a timeshare years ago. Then we repurchased to get into a points system with the same company. It worked for us and continues to allow us to take exotic vacations at a price that we couldn’t afford otherwise. The problem with this timeshare company is their intrusive sales behavior prior to and once you get to the resort. They waste your vacation time by attempting to get you to a presentation. I don’t like that I’ve become a horrible image of myself when we check-in. I usually get defensive, rude, and combative at check-in because I’m tired of pushy sales. The company is really stupid to think that an “owner” will buy more “time” at a one hour presentation. There’s no warm up or lead. It’s like proposing on the first date and expecting a yes. They want “wham, bam, thank you ma’am and close.” The worst part is that once you say “No!” several times, they give up and treat you like crap on the way out. They are willing to pay up to $300 to disrespect you, take you for an idiot and treat you like s**t on the way out. One moron even asked me to put my kid’s college tuition on hold to buy more. I was about to put his conciousness on hold if it hadn’t been for my more reasonable wife. My advice is dont do it. Back when I bought, it was a good deal in a system that worked. Now it’s a scam and the value is not there.
Jennifer says
Though we enjoy our timeshare, Jose, I’d have to say your comment made me laugh because we’ve had more than our share of ‘presentations’ ending up like yours. BUT they keep calling us in for more AND keep paying us to listen for an hour so we’ll keep playing their game. They ‘reward’ us with a Visa prepaid card (usually $100 so not bad for an hour). There have been some occasions where we do learn new things about the company. And most of the time there have been many lies from the sales people so I don’t like that it can be difficult to navigate through them if someone is a newbie. We bought 8k points/every other year for a mere $5k in 1999 & another 8k for every year for $10k (too much TBH) in 2014. It’s quite common for one to buy in for $10-$15k for 10k points/yr–way too much in my opinion. So I think we are the exception to the norm. These points usually give us about 5 days beachfront red season yearly & a week beachfront red season every other year. But we only go on a 7-10 day vacation yearly right now. Otherwise a long weekend here or there with the trailer. So it’s fine for now. Thank you Michelle for opening up a dialog about this. We enjoy ours but as always in life, buyer beware. Educate yourselves.
MikeM says
Google newsfeed
Tanja L. says
I think timeshares are very unique to USA. In Germany you usually don’t get any time shares. Also, I never heared of anybody buying one. Why would you if renting is usually so much cheaper? 1000$+ a year means you pay at least 1000$ for the vacation. You also could rent an apartment for that money.
Marc says
Your article is pretty spot on, but you didn’t mention that many unhappy timeshare owners can simply contact their resort’s “give back” or “deed back” department and get rid of their timeshare for free or at a much lower cost than what a company like Newton Group Transfers charges.
For example, if you own a paid in full Wyndham or Diamond timeshare, you can simply call your timeshare resort developer and they will take the timeshare back. Sometimes these resort developers will even pay you to take the timeshare back. Companies like Newton Group Transfers will charge you several thousand dollars to do the same thing that you could have easily done yourself.
This post:
https://www.timeshareexitcompanies.com/how-to-get-rid-of-a-timeshare-legally/
has links to the “deed back” departments of many of the largest timeshare develops so owners know what number to call if they want to get rid of their timeshare.
Eileen Benson says
I found it helpful when you said that there are plenty of ways to spend less on a yearly vacation that we do on a timeshare, such as shopping for deals and bundles. My husband and I have been on the fence about selling our timeshare because we really enjoy traveling together. Your article helped me see that we wouldn’t have to sacrifice our vacation if we choose to use a timeshare resale service!
Bo says
Hey Michelle,
I see the naysay-against-timeshare topics a lot on Google. My wife and I own a large amount of timeshare points (several weeks worth each year) and instead of using the points, we rent them out to other people.
We make far more than the annual fees, usually 3-4x because our points allow us to rent out hot weeks.
Since the timeshare company owns the property, we do nothing but pay annual maintenance and set up our renters each year.
Would you still consider this a poor reason to hold a timeshare? There was a lot of management issues for us holding real estate and renting it out – it seemed like a much better idea to have a vacation timeshare that we could use when we wanted and profit off of when we didn’t.
Any thoughts? Definitely curious your perspective.
-Bo