Tips and Gyps

Searching for timeshare-related information online can be a tricky activity. One of the merits and drawbacks of the world wide web is that anyone, anywhere can upload virtually any content they want. So, the articles you read could be the fruits of years of experience, or some meaningless text generated using google searches for a corporate agenda. Furthermore, the latter category could appear cleaner and more appealing than the former, making distinction exceptionally difficult.

One of the most interesting formats for online information is the top five or top ten. These are nearly ubiquitous, and with good reason -- they are easy to write, and easy to read. They distill information into convenient enumerations of knowledge that seem, somehow, definitive. And yet, one could put the numbers 1 through 5 beside ANYTHING and make it seem definitive and complete. This is the impression the numbers themselves offer, not the information itself. And when speaking of timeshares, it's important to consider the subtleties that could potentially get neglected from any top 5 or 10.

One of the better top 5's we've read here is this one, "Tips on How to Sell Your Timeshare Successfully".

The author offers a number of worthy suggestions to essay when reselling a timeshare. For instance, attempting to get the original company to buy the property back (although this very often does not work). And consumers should certainly be wary of any upfront fees that a resale agent might demand, as the reseller's industry is fraught with utter scam. Selling online is an equally dubious prospect, and very often ends in theft or frustration.

And yet, there are a few details left out. For instance, it is mentioned that many timeshares are resold at 30-50% of the original price. It is not, however, mentioned that this is because timeshare companies inflate the prices of timeshares with overhead costs from presentations and "free weekend getaways". In fact, almost ANY timeshare can be bought for a fraction of the resort's price on the resale market. And the author additionally fails to take into consideration the fact that very few timeshares are ever sold at a profit. The article ends with this statement: "However, if done correctly, selling timeshares can be a rewarding and profitable undertaking." The profitable selling of a timeshare is truthfully less a case of accuracy and more of the luck of the draw and the status of the current market.

In any case, this is a good example of fair advice that misses a few crucial steps. To a prospective timeshare owner, it could appear as though a profitable exit strategy is the norm in the industry -- when in fact the exact opposite of that statement is true. Compare this article with many others online for a better portrait of what the timeshare resale industry really looks like.

What's Truth Got to Do With it?

With the staggering amount of falsehoods being printed about timeshares on a daily basis we're always a little surprised -- and encouraged -- when someone gets it exactly right. This week's honorable mention is William McNutt of the Chicago Daily Herald, whose advice could and should be distributed to anyone considering a timeshare purchase.

"It is easy to be caught up in the moment at a fancy resort with the knowledge that you will be able to visit an exotic place every year.

The sales pressure is polite but very firm, the goal is for you to buy a timeshare at this meeting without taking time to consider all aspects of such a purchase.

These plans may be good for nice family vacations but before attending any such sales talk, it behooves everyone to be aware of a few facts. These plans cost from $15,000 and more. They can be for one week at this cost, but you are required to pay 12 monthly assessments plus real estate taxes for this one week. The resale value on these is small and can be purchased much cheaper on the resale market.

Timeshares seem to be popular but none of us should make a major purchase of this sort on the spot. It is easier to say that some time is needed to consider this offer, free from pressure. Better this than to realize later it may have been a costly mistake."

Indeed, and what McNutt doesn't point out is that most consumers -- after having deliberated on the matter in the privacy and sobriety of their own homes and after completing even cursory research -- decide to pass on the timeshare. The goal of most timeshare presentations is to get you to purchase before leaving the room; a fact we should all bear in mind when exploring that territory.


The full article: Take Time When Buying a Timeshare