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Beware of the Timeshare Trap!
Timeshares allow you to buy into a specific vacation resort location, then compete with everyone to get the time period for your vacation. They are real estate and you can pass it along much like a house after death. The accommodations are five star and includes everything but food and cost of getting to it. Sounds good?
Well. the trap is a snare. There monthly maintenance fees, which vary. There is your mortgage payment of several hundreds of dollars. The real problem is using the allocated points when you want to because if the resort is popular, good luck. Even if you have over 300,000 points to use, they are useless if you cannot get a room at the resort you want when you want to go.
The other snare is that timeshares seldom work out well. The reason is that in order to get the room at the place you want when you want it, you must book it 9-12 months in advance of your annual vacation. For a majority of people, this simply is too far out in advance for a variety of reasons. Of course, you can cancel up to 30 days in advance. Still, even if you have a timeshare within driving distance from your home, the process remains and aggravating.
Out timeshare seldom gets used for precisely this. Planning so far in advance is difficult. When it does work, the stay IS wonderful but there is a surcharge for maid service. Many owners try to rent the points out, again, this seldom ever works on various levels. Trust is the main one. Advertising online is easiest way but also the most uncertain. There are many scammers out there and then there is the worry about damage they might do.
Many owners try to sell it. What happens is, it is they that are ripped off. Many companies are in Florida, many will advertise it the unit to rent or sale for an upfront fee of hundreds of dollars. Many times, they do not post it or have no way to communicate after the money is exchanged. The same situation applies when selling it. A legitimate real estate person can sell the timeshare and like when they sell a house, take a commission if it sells, NOT before. But RE agents avoid timeshares, there is no market. Selling to a stranger online is precarious at best.
Now, there is a new fraud, transferring the title to they company. One company, Transfer on the Spot, will take over the ownership of your timeshare to relieve you of this horrible debt and waste of money for only $4000. Some have tried this and after a year, the title was still not transferred, but the upfront payment was. A timeshare owner really must be desperate to unload it to pay this amount when it only costs $200 to legally transfer property title.
Even after you own your timeshare, keep in mind, you will always have monthly maintenance fees amounting to $1-200 a month. For some, timeshares are great, but by the time you calculate how much you have paid every month for it and the length of your stay 1-2 weeks max., you will see there are far cheaper ways to have a vacation.