About 5 years ago, Jody and I committed the biggest, most expensive
mistake learning experience of our lives. We bought a timeshare. It cost us $10,000 and is not anywhere near being paid off. In fact, it’s now rolled into our home equity loan to get it off a super high interest rate. Oy.
They promised us it was a great investment. “Think of all the great memories you can make with your family on vacations.” “Think how much you will save over the years by buying this versus staying in a hotel.” Etc.
Were we gullible? Yes. Naive? INCREDIBLY! Uninformed? YES!
Come to find out a few years down the road, the resort we thought we bought into (a really nice, upscale resort) isn’t even the resort they sold us! They seriously pulled a fast one on us and we were none the wiser.
We’ve had the timeshare for 5 years, but due to limited vacation time from work, having a baby, etc., only had the opportunity to use it 3 times. (One of those times was in Florida at a complete DIVE.) Yet, every year we have to pay around $400 in maintenance fees.
We’ve been talking about getting rid of it for a couple years now, but never done much about it. After getting our latest bill for $463 (maintenance fees) due in January and not having the money to pay it, we are getting serious about this.
We’ve done some research and one thing is clear – timeshare companies and resellers SUCK! You can really only make back about 30-50% of what you paid for it (and oftentimes much less than that!). Nearly everyone is out there to “f” you over.
We recently contacted a place to advertise through. They want $500 up-front to list it. And then there’s no guarantee it will sell. Ever. Turns out that company is on the shitlist of the Better Business Bureau. Go figure.
We thought about donating it to charity and taking a tax write-off, but that doesn’t work either. Bunch of legal crap makes it pretty much impossible.
So now we’re at the point of possibly listing it on ebay, selling it for whatever we can get (probably only a few hundred dollars), and being done with the damn thing forever.
It’s just been such a huge headache for us. If only I’d known then what I know now I NEVER would’ve agreed to such a purchase. (Famous last words, right?)
Anybody want to buy a timeshare? It’s a one bedroom, one week slot at a resort in Las Vegas. Seriously, if you think you would use it, it might not be a bad investment. Especially considering how cheap we are willing to sell it. Let me know. I’m not joking.
If Jody and I are ever fortunate enough to retire and we want to look into something like this again, we would NEVER, EVER buy through a developer again. It’s amazing and frighteningly scary how many people are trying to get rid of their timeshares.
Let this be a lesson to you all. Never buy something without sleeping on it first.
Off to do more research…