Timeshares? Are they a rip off or do they actually pay off?

Question

I recently was approached by a friend of mine who got into selling timeshares. It all sounds to good to be true. Can someone please tell me if they think they're a good investement of a waste of money?

Answer 1

they pay off if you own the company that sells them. they are a rip off. think of it. you dont own anything that is tangible, you pay an enormous amount for it, if you try to sell it you will get a fraction of what you originally paid.

you are basically paying for a hotel room that is like a condo, but you dont actually own it.

if you 'have' to get one buy one from someone who has already been suckered into buying one. then you will be the one taking it off their hands for a fraction of what they paid. still a rip off if you ask me. buy a rental house near you and use the income to go on a vacation instead. then you will have something of value.

Answer 2

Timeshare Rip Offs

Answer 3

Rip off. Save your money . Just read the below comments. Use your money and you can go anywhere in the world at your time when needed. A top hotel will be alot cheaper than the price of the timeshare. I meet people who tryed to sell me theres for less than half or lesser than what the purchased them for. Legal rip off at its best. Doo the math and see the truth about them.

Answer 4

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RE:
Timeshares? Are they a rip off or do they actually pay off?
I recently was approached by a friend of mine who got into selling timeshares. It all sounds to good to be true. Can someone please tell me if they think they're a good investement of a waste of money?

Answer 5

timeshares are value for money IF :
1) they provide all year round access to the facilities even if you arent staying there AND
2) they allow you to swap to other locations for your holiday AND
3) You buy 1 very close to home so u can do 1) as often as possible

When it comes time for your annual week/2weeks transfer to another timeshare in a desirable area, & that can be anywhere in the country/world depending on the plan you join.

If you buy one @ a distance they inevitably end up being a money chewing & very expensive annual vacation that sours in a few years

Answer 6

This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. It is important to remember that purchasing timeshare should NEVER be viewed as a FINANCIAL INVESTMENT with the expectation of gaining a profit in either reselling it or renting it to someone else. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.

INVESTMENT AND RESALE

Many promoters paint glowing pictures of the investment potential and ease of resale of the units in their development. Responsible people in the industry, however, DO NOT promote or sell time-sharing as an investment because time-share units are usually difficult to rent or resell. This situation may change in time, but for now, because of the building boom in new time-sharing developments, markets have not been established for renting or reselling time-share units.

Before you buy, you should be able to answer YES to all these questions:

* Are you POSITIVE you want to spend ALL your vacations there?
*Have you visited the facility? Are you satisfied with its quality, with the stability of the management, and with the terms of the contract? Have you checked out this time-share development with the Better Business Bureau, the Attorney General's Consumer Protection Office or your Legal Assistance Office?

*Have you talked to some long-time owners in this time-share facility?

*Can you afford both the facility and the round trip travel costs each year?

Answer 7

In my opinion, they are a TOTAL waste of money.

The sales pitch?

They are cheaper to stay in than a 5 star hotel, they have locations around the world, and you can always trade in your week for another location, or even another week with someone else.

What they don't tell you?

After you spend anywhere from 5 to 10 years paying it off, the fees for staying in such a place can be as much as $1,000 per year for redecorating, assessment for this, assessment for that.

Yes, you can always trade in your week for another or another location...for another fee.

Here is what SMART people know:

If you take all of the money that you would sink into a timeshare, you can stay in just about any hotel, anywhere in the world, ANY week you choose (instead of being "assigned" one), and never have to pay a maintenance fee again for the rest of your life...for generally less money.

Horrible investments...that is why the "resale" market of timeshares is so cheap because when people buy them, they only realize then, what a ripoff they are.

It's just a legal way to sell the same property over and over again.

Answer 8

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Timeshares NEVER sell for what you paid for them. Google timeshares and see the thousands that are for sale for pennies on the dollar. They are NOT a good investment. In regards to trading them for other places. Unless you have the best week available at this place, like july 4th weekend, they you don't have as much trading power. Each week is assigned a value. Best weeks higher and bad weeks (dead of winter at VA Beach) lower. Lets look at the cost. 11,700 for 5 years at 8% works out to around 2,500 a year. PLUS there is a yearly maintance fee (you didn't mention this) estimated to be around $400 to $500 a year. PLUS the exchange fee of $139. So to take a one week vacation in VA Beach in a small one bedroom place it would cost you about $3,000. For this amount you could rent a full beach house in the outer banks (only a few miles south) with a pool and 5 bedrooms. Plus you can bring your friends and split the costs. We do this every year. For 3,000 to 4,000 we rent a BEACH FRONT house with a pool and take my brother and sister. We split the costs equally. MUCH BETTER DEAL then Think about what you can do with 3,000 a year in regards to travel. TIMESHARES ARE NOT A GOOD INVESTMENT.

Answer 9

Don't buy one, plain and simple. You can buy OTHER folks' errors for half the price you would pay buying from your friend. People all over the place are looking to sell timeshares, some of them for next to NOTHING, just to get out from under it.

Answer 10

Check Ebay.com for the area you are interested in. Mostly you can get just about what you want for a song.

Yes, they are rip offs.