March Newsletter: How to Become An Informed Timeshare Consumer

Timeshare Crusader Lisa Ann Schreier answers the following question in this month's newsletter:

I am trying to become an informed consumer before purchasing a timeshare. I have read books on timeshare, the forums pages on RedWeek.com, and the articles in TimeSharing Today, among other things, and am more confused than ever. What am I to believe?

Read Lisa Ann's response »

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If you are very confused, then do not buy one. There will be many available today, tomorrow, the day after, and so on. Take you time to do your homework and do not let anybody pressure you into making an impulse purchase that you will probably regret down the road.

Some of my basic recommendations are (feel free to heed or ignore these as you please):

1) Do not buy from the developer. Buy resale. You can find many cheap, or even free, timeshares on sites like this, E-bay, Timeshare Users Group (TUG), Bidshares, and so forth.

2) Do not buy into a resort where many rentals are available for less than the maintenance fees.

3) Do not buy just for the purpose of exchanging. Exchanging can at times be frustrating, costly, and an exercise in futility. Buy where you plan to vacation at least every other year.

With the fast rising maintenance fees and travel expenses, many timehare owners are renting their units to cover costs rather that using them. It is now often less expense to rent a unit than to buy and it gives you a chance to visit various resorts, check out the facilities and mingle and talk with owners at the pools or bars. Buy a resale after you pick a resort... it is usually much less than buying from the resort. Do your homework! Make sure the unit you buy is owned outright by the seller and that there are no mortgages, unpaid maintenance, or other encumbrances. Caveat Emptor! Beware! Be careful! As much as I hate giving money to lawyers, it would be in your best interest to use one to review the purchase, especially if you are buying out of the USA. If possible, visit the resort and inspect the actual unit you are buying. And to avoid frustration and disappointment, buy a FIXED UNIT and a FIXED WEEK... or else you will end up not getting the week you really want or end up with a view of a parking lot or worse!

I speak from experience... Until recently I owned 14 weeks of timeshare units in the FL, NC, SC, the Bahamas and St Martin. I bought some of them for $2.00 each on EBAY a number of years ago. I recently sold (gave away) most of them and just kept several weeks I own at Harborside at Atlantis, and I sometimes rent out one of them.