Two hours and four pina coladas later, you find yourself with a pen in your hand, about to sign on the dotted line for a timeshare. It seems like a great deal! It's exciting!
Contrary to popular belief, a timeshare is not a financial investment. Buying a timeshare is like buying a new car. The second it's purchased from a resort developer, it decreases in value by 50 – 90%.
There are many different types of timeshares, but in general, they are a type of vacation ownership in which you own a piece of a unit within a resort.
Head over to eBay and search for a timeshare. You might be surprised by what you see: timeshares on sale for just $1. This happens because many timeshare owners get tired of never-ending fees and just want out.
Can you get out of a timeshare?
Some resorts allow timeshare owners to return the timeshare to them, but others do not. This is actually a recent development.
High-pressure sales tactics are ripe in the timeshare industry. Lies are rampant, and it's not uncommon for a salesperson to totally hoodwink the customer.
Are timeshares worth it…ever?
A timeshare resale is when the owner sells it, so it can often be extremely cheap. You’ll be on the hook for the yearly maintenance fees, but that’s not a big deal if you use the timeshare every year.