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Have you ever been approached by someone with timeshares for sale? Or, have you read an ad looking for someone to buy one?
Oftentimes, timeshare salespeople play hard ball — they woo you in initial meetings, give you “free” incentives such as gift cards or food, and then offer you a deal.
You might be attracted to the thought of having a resort-style membership available to you any time of the year. You and your family might be looking forward to long weeks at the beach in a timeshare or a place to escape to for long weekends.
Or, you may even feel pressured by the woo-tactics used by the salespeople, making you lean toward a decision you haven’t fully thought through.
Should you buy into a timeshare that’s for sale? The answer might surprise you.
Timeshares for Sale — Why You Should Say No
Some people don’t know how to say no to these ads or pitches. Many people aren’t even aware that timeshares for sale usually aren’t good deals.
There are multiple reasons why timeshares aren’t a good investment; not only will you not actually own this property, but you’ll also be susceptible to scams and hidden fees.
Here are five reasons why you should say no to timeshares for sale:
1. You Lose Money on Them
Wouldn’t you love to have your money work smarter, not harder? That’s the idea that many people are thinking when they make investments — spend the money now and make more in return.
Many people think that timeshares are an investment. However, they aren’t. Investments are buy-ins where you can expect a return in the future; timeshares don’t promise this at all. In fact, they do the opposite!
Timeshares lose money . Once someone buys one, the value of it instantly plummets — meaning it’ll be nearly impossible to recover the initial costs, let alone profit off of it.
Buying into a timeshare means you are buying a property that you’ll be dumping money into for no reason. In the short run, it may seem like a good idea to buy into timeshares for sale — but in the long run, you’ll see how you did nothing but waste your money on a property you didn’t even fully own.
2. Hidden Fees in the Small Print
The property of your dreams can possible, especially with financial assistance for a down payment or to help make monthly payments.
When people can’t pay for their timeshare up front, they oftentimes take out a mortgage to cover the costs. However, this isn’t the only payments they’ll be making.
Timeshares are notorious for having fees in the small print that are often not talked about during sales pitches. These fees can vary from property taxes, maintenance fees, insurance payments and even utilities. The average annual maintenance fee for a timeshare is $660 — and that’s to maintain a property that you probably only spend one to two weeks per year on the inside.
When adding up all of these fees, you will certainly end up paying more than you initially thought you were.
3. Hard to Schedule Time
If you and your family regularly vacation throughout the year, having consistent housing could be a dream. What’s better than knowing exactly where you’ll be staying each summer?
Contrary to what a salesperson may tell you, it’s actually surprisingly difficult to schedule time for you and your family at a timeshare.
There are often many blackout dates included in your timeshare agreement. Aside from that, you may get locked into having your time at the location for the same one or two weeks every year.
This lack of flexibility can be quite frustrating — if you can’t go at the times available, then you paid for an entire year when you didn’t even use the property. Talk about a loss!
4. Difficult to Rent Them Out
If you can’t schedule your timeshare one year, considering renting it out could seem like the perfect solution.
However, it’s oftentimes difficult to find someone willing to rent these properties out.
People are often wary of renting out timeshares — they know they aren’t good investments and worry about the extra fees that may be tacked on to their rent. If you were counting on someone temporarily taking it over for a year, you might want to reconsider.
Additionally, some timeshare agreements prohibit renting the spaces out to people who aren’t on the agreement for it. You may think of risking it by renting it out to friends you know “under the table,” but if you were caught, you could face hefty fines as a result.
5. Resell Difficulty and Scams
If you’ve fallen behind on your timeshare payments you may already be thinking of selling it for relief.
However, once you purchase a timeshare, it’s incredibly difficult to get rid of it. Timeshares lose value after purchase , making buyers wary and reluctant in taking them off your hands.
Because of this, scammers have developed ways to take advantage of sellers looking to get out of the market. These scammers will promise to sell your timeshare in no time — but will require you to pay hefty fees up front. They end up taking your money without selling it — and you are left thousands of dollars in the hole and still stuck with your timeshare.
Considering the difficulty of reselling these properties, it’s wise to not purchase one in the first place. Should anything happen and you fall behind on your mortgage payments, you can fall into foreclosure. This will affect your credit score and ability to get loans in the future — which will make future housing purchases incredibly difficult.
Overall, timeshares for sale are becoming a thing of the past. Unless you and your family want to vacation on the same week every year, it may be better to walk away from the lengthy sales pitch or to ignore the ad.
Instead, consider planning vacations in advance — it offers more flexibility, spontaneity and could save you money in the long run.
If you’re still on the fence about whether or not a timeshare purchase is right for you, be sure to check out our blog here. We are always writing about why consumers should think twice about buying timeshares because we want them to know exactly what they’re getting into.
Overall, just say no to timeshares — you’ll thank yourself later.