My hubby deals in antique guns and time and time again someone will say "It's worth $$$$$$$.Wrong! It is worth what someone is willing to pay for it. The books can say it is worth so much, friends can tell you how valuable it is and etc. but the bottom dollar is........it is only worth what someone is willing to pay for it.
It can be a hard lesson to learn as we ourselves recently experienced. Last year, I posted about owning a time share. Well, if you think the housing market is upside down.........try timeshares.
We have known for some time now that selling our timeshare was rather unlikely but the problem is that the yearly maintenance fees never go away unless someone else takes over the title. It all sounds wonderful at the time that you buy the timeshare and your kids can inherit it but they also inherit the yearly maintenance fees/exchange fees and etc. whether you use it or not.
When we first bought our timeshare the yearly fee was around $600.00 a year...it is now up to $900.00 and that doesn't include RCI membership and exchange fees and we have no control over it...they can raise it to any amount they see fit and exchanges are getting harder to make because of the way the travel market is now.
Well, we will just quit using it and paying the fees and then the timeshare will go back to the company, wrong....they will come after your assets to pay for the yearly fees so unless you go Bankrupt you will pay......forever.
I am happy to say....we no longer own our timeshare but it was a costly, painful thing to do.
So, if you are tempted to buy a time share................................beware!!
and always remember...it is only worth what someone is willing to pay for it.
10 comments:
One of the many reasons I have never been tempted to invest in a time share.
The other good reason is I've never had enough money!!
Glad to hear you have finally got rid of it, the rising fees can be quite a tightening noose around your neck.
That's what I was told. Buy what you really want. Only at a reasonable price. Never as an investment.
Realestate is what caused this recession.
Glad you were able to get rid of it. We looked at one a few years ago and felt "uneasy" - for once, we listened to our gut feelings.
How did you get rid of it? You experienced what many timeshare owners have over the years. It's an awful experience.
Hurray for posting this! ... Perhaps someone who's considering a purchase will have second thoughts. 'Glad to learn you guys were able to get rid of it!
Thanks for the education. I have always been leery and now I know why.
Kind of what we are experiencing at our Boat dock. If we wish to keep the boat in the water, you have to continue to pay and they have gone up three hundred this year.
Peace
I'm really glad you were able to get that burden off your shoulders, Changes, as I'm afraid things are just getting worse at a head spinning rate!
TimeShareRelief...we used a company simular to yours and until the deal if finalized with satisfaction I won't be recommending it because.....you never know.
Changes in the wind...we would have guaranteed your satisfaction. Nearly 25,000 timeshare owners have used our service now. We are the leader in our industry. We have the highest rating from the BBB versus our competition.
We wish you the best.
Congrats and you are absolutely right! Beware of time shares.
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