Timeshare Resales

Have you heard about timeshare resales?

If you desire familiarity when vacationing, you may be drawn to a timeshare. Just recognize the drawbacks! CNBC reports that the timeshare industry is valued at more than $10 billion. One study found that 85% of buyers regret their purchase, and many go to the resale market to escape ownership. Brian Rogers, owner of Timeshare Users Group, a consumer advocacy and timeshare resale website, reports: “Our general rule of thumb is most timeshares sell for between 0% and 10% of their original retail purchase price, and the majority of that focus is unfortunately on the 0%.”

People are attracted to timeshare resales because purchasing from existing owners costs less than a resort or developer. Some resale companies offer flexible exchange programs, but all in all, the purchase price is deceiving. You must factor in property taxes, maintenance fees, and more which can all increase annually. Most have a perpetual or long-term contract. Fees may be required, even when no longer using the timeshare. One serious drawback to purchasing a timeshare resale is the risk of dealing with fraudulent sellers. That’s why it’s recommended to deal only with known sellers, or a reputable broker or company before making any purchase. Acquaint yourself with common scams. If the property sounds too good to be true, beware! In addition, timeshares don’t generate income or grow in value. Therefore, I’m out!

And if a timeshare or other purchases have led to credit card debt, Christian Credit Counselors can help. They’ll create a debt management plan specifically for you. For more information visit crown.org/ccc.