Confession time for Shawn, here. My wife and I purchased a used timeshare back in 2001 or so for $3,000. The original price was around $10,000. To someone in their late 20’s, this was an investment we could not lose on. At the time, the annual maintenance fee was around $350.
Fast-forward over 20 years, and we see things quite differently. The annual fees are over $800, and it has become increasingly difficult to book our vacations.
A few weeks ago, we went on a timeshare vacation and attended an “owner update.” They promise, in writing, there will be no “high-pressure” sales involved. At the meeting, they explain how much the program has changed, and that they now have a new website that you have to sign up on anew.
As we get into the meeting, it quickly takes a turn. It’s obvious that their solution to everything is for you to purchase more timeshare “ownership.” Our current ownership is deeded, and now they sell non-deeded “ownership.” The language was such a word-salad that I could not even understand what the person was trying to say.
Then they brought up the 2022 FL legislation that requires FL condos to have structural inspections and replacement reserve funds. They told us we could pay the looming statutory assessment of $32,000, or we could purchase additional “ownership” for $27,000 that would make the statutory assessment go away. Neither option included any back-end guarantees that benefited us. After doing the math, it seemed like the replacement cost of one 1,000 sq The Significance of The Passage of Timeft unit was $6M. That math seems a little fishy, doesn’t it? No wonder she would not allow me to take the papers with me. They wanted us to make an emotional decision right then and there.
The point is that time definitely changes things. A simple $3,000 good deal has turned into a potential $32,000 headache. We opted for neither option presented, and walked out of the meeting when the woman literally snatched papers out of my hand. There are ways to do a responsible timeshare exit without throwing good money after bad. Timeshares are the only “asset” that I know of that can turn into a liability. Stay clear of them.
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