by Melissa  at September 21 2009 7:17 AM

Please, please, please listen to Dave! We bought a timeshare before we started TMMO, and it has been awful. We paid $8800 for 2500 points (enough for a weekend unless you roll points over). And of course, we financed that amount, so that we paid a lot more in interest. The maintenance fees were $450 the first year; within two years, they were close to $700. We kept it for three years and used it twice before we decided "To heck with the cheese, let me out of the trap!" We paid another $250 to get out of the thing. Overall, we probably spent about $6000 each on two stays. NEVER AGAIN!

by Jason  at September 21 2009 9:02 PM

I found a site online that buys world mark points based time shares. I only got about 25% back from what I paid for it, but no more monthly dues! Thank you for the inspiration to get rid of it and start getting out of debt. THANKS DAVE!

by joe  at October 08 2009 3:20 PM

I agree with almost all of Dave's advice; however, this is one time I whole-heartedly disagree. I have owned timeshares since about the year 2000 and don't regret it one iota. My wife and I go to Hawaii every other year for "a song." We would never have been able to go as often as we do without timeshare. Also, as an owner, we have access to numerous weeks at major discounts, which we take full advantage. Hey, if you LOVE to travel (as we do), then timeshare is a way to ensure that you can. It's like joining a gym, in my opinion. It's only a good idea if you use your membership. Too many people join a gym with good intentions, but never go. I feel that Dave is doing an injustice to the timeshare industry with his flat-out negativity. Lastly, once you stay in a timeshare villa, you won't ever want to stay in a crummy hotel room. We have a master bedroom (or two), a living room, dining room, jacuzzi and a lanai/patio/deck. It's like being home, but without the headaches and upkeep. Best move we ever made, regardless of what dave says...no disrespect intended.

by John  at October 29 2009 7:47 PM

I have a little different story. I have one week of a timeshare in Tahoe (no growth high demand area) and can trade it for two weeks at another location. Originally purchased because are daughter was living in Tahoe and did not have room for us to stay with them. they have now moved. Also did not take out the loan, paid cash. For what it would cost us for two weeks in a nice hotel (I am debt free and have been for twenty years or more, and buy only used cares for cash). I would agree for most people it is a bad idea but I estimate I'm making 10% or more on my money by not having the hotel bill.

by Wendy  at November 10 2009 2:22 PM

We are buying a timeshare. I say buying because we've been paying on it for 3 years now and we still owe $23,000. We can't donate it because we don't own it. Consolidated Resorts won't let us sell it back to them. We are stuck! Any advise would be greatly appreciated.

by Bruno  at November 11 2009 2:31 PM

Here is a different view: We own 6 weeks for many years and are quite happy. I think if you really use these weeks then it is worth while. We paid about 10k average per week and 800$ maintenance per week per year. Now if you think that a decent hotel suite, that is comparable to our timeshare apartment costs at least 300$x7=2100$ per week then you get a pretty good deal with the timeshare. Also with the timeshare we know that we are getting a certain level of comfort and size of the apartment. We own 2 and three room apartments.

by Tony  at November 12 2009 7:24 AM

I know from experience that timeshares are a definite rip-off. When we first bought ours, we could get in a resort during peak time most any time with 3-months advance reservation, but as time went by, it kept getting longer to get a reservation. I found out that many of the timeshare companies are advertising and filling their inventory from websites like hotels.com, giving the website customers a great deal and leaving the owners with paying the maintenance fees. The maintenance fees go up almost every year or two. When the resort falls short and need to replace amenities or make repairs not covered under insurance, they bill the owners an additional fee, and those who do pay make up for those who don't pay. And guess what? If a disaster hits the resort and insurance doesn't cover all the cost of repair, the owners are assessed the difference. In most, if not all contracts, there is a clause that states the property passes to the heirs of the estate when the owner dies. Guess what. The maintenance fees also pass on to your children or other heirs. Do you want to pass on an expense to someone who doesn't want or can't afford the maintenance fees? We also went to a presentation by a "we buy timeshares company." Sure, they would take off our hands for about $3600. Another rip-off. I told my wife going in that we weren't going to pay anything to a company that would be making money on our loss. Afterward, I learned that some of them only transfer the maintenance fees but not the property title. Want to get out of it? It isn't easy. Don't bother listing it with a "sell your timeshare" website; they don't sell it, the merely post it in a list with other people trying to dump theirs. I finally sold mine by advertising in a local free classified paper. We had two contracts totaling about 12K plus interest, and sold both for $500 total, and I felt lucky at that. A friend of ours only got rid of his by getting nothing and paying the closing costs. I paid my stupid tax. Don't you pay yours on a timeshare. They are not real estate; you are only buying time to use the facility.

by Linda  at November 19 2009 1:43 PM

I am so grateful my Achilles heel is not vacationing, or I believe I would find myself in a bad situation as commented on by those of you who wish you had never heard the word timeshare. Your woeful stories will prevent someone else's pain; thank you.

by Mischwa  at November 20 2009 1:18 AM

Well, now that we brought two time shares and paid them off. I have mixed feelings about having buyers remorse. Just say no in the future. Timeshare presentations are mysterious magic sessions. We gave one to our brother and his wife one of our time shares and he loves it. You do get tired of the fees if you can't vacation three weeks out of the year. It just cost him the maintenance fees and he is greatful. He uses it yearly, enjoys the fact that it's large, it's in Genoa Neve, nice view, near golf courses. But the worse beds in the world. A definite bate and switch on the beds. Hard as a rock. After you buy a timeshare you think, I could never pay $700 a year for a two bedroom suite for a week. Until you look back at the $23,000 you paid for it in the first place. Hello...was I in a trance. Of course we paid $23,000. We should have just rented a week from someone else who has posted their week. Our second one, people are right. Taxes and maintenance goes up yearly. We've exchanged our timeshare (thisis this our other one) all over the world. Spain, Africa, England. Now, that worked. But when we think that really cost us $13,000 for one and $23,0000 for the other; I guess we could have rented a few suite in the first place. But realistically, when you are in timeshare, you are in the zoombie zone! You can't think straight because they keep you captive. You've brought into the dream world of travel. My word, wouldn't be nice if savings guru's could impact audiences to save or invest like the time share sharks! One year we saw the same shark selling time shares in Mexico. An amazing scan business. So, either half full or half empty, I am enjoying my time share since we've paid for it. It's too late to go back. We have travelled to places and enjoyed the ventures. But listen to Dave. Save and invest and pay cash for your vacations. Mmc