Even Dave Ramsey Says Timeshares Are A Bad Investment

I recently came across a great video that proves my point that timeshares are just a bad investment all around, as I shared with you in my story.

Timeshares have cost me thousands of dollars and I’m only doing this to help spread the word that they are a bad investment but don’t take my word for it hear what Dave has to say as well.

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Need I say anymore.

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6 Comments

  1. I’ve always heard they were but it wasn’t until 2008, when I heard Dave Ramsey explain why, that I truly understood. “Timeshares are bad…MmmmKay.” LOL

    I am glad you got out of it finally even though it may have come at a prety big loss.

  2. if you travel like i do, and vacation more than 2weeks a yr, theyre great! theyre vacation clubs…not investments…this guy is right but wrong about unhappy stats…if you own in a TRADABLE place and use it for travel to places like Hawaii/Vegas/HiltonHead/Europe..ect then youll love a timeshare…i pay less than $300 for weeks in the Caribbean in ridiculous condos, at amazing resorts…where can you do that? 3weeks in Caribbean last year in spring for $1000..full kitchen, water view, jacuzzi in room..this guy probably doesnt know his kids 1st name, vacations are more important to my family than some stock or real estate. what is a good investment there dave? lol NOTING! so enjoy life and travel a bit, you only live once! P.S. you can buy a timeshare for $8000. maintinace one every 3yrs, unlimtited weekly travel for $300 per week anywhere, anytime…i love it! if you love your family enough to travel and experience new things and stay in great places for nothing…ITS A GREAT INVESTMENT!! if you buy one to make $$ and sell in the future, your a moron! dave has a point, unless you love to vacation more than twice a year!! buy in a low supply(not orlando) and high demanded place that sells weeks! Hawaii/Hilton Head/Key West/Mann,NY…Spinnaker/Hilton/Marriott

  3. Del

    My guess is that you sell timeshares for a living, is that right?

    Does that “$300 unlimited travel” include airfare for you and your family to the Carribean? Did you factor in all the payments and interest expense on that $8,000 price tag to buy in? (although most sold at the “presentation price” run closer to $20,000, and rarely can be resold for more than half, or less. A LOT less.) Or the annual maintenance fees, which normally range between $300 to $800, and I’ve heard can run as high as $2,000 to even $6,000/year, or the real estate taxes and any special assessments for upgrades, did you include all that? And how about the annual RCI membership to enable you to make exchanges (another $100/year), and any additional exchange or extra resort fees? And what about the costs of food, entertainment and attractions? Did you bother factoring ANY of those costs in?

    I’m sorry, but in my opinion, if you love your family, you’ll show it by spending quality time, and demonstrating interest in the things that interest them. Showing up for your kids games and recitals, and helping your spouse with the daily household chores, means a lot more to them than vacationing in the Carribean. So does providing for their financial security. Not by sinking ever deeper in debt, possibly risking losing their home, or not being able to help your kids with college.

    Complaint forums are filled with angry, desperate timeshare owners, who have found they are nothing more than financial burdens they can’t afford, can’t sell, and most charities won’t even accept them as free donations. Most charities don’t want to be stuck with having to pay the ever increasing annual maintenance, taxes, and other fees either.

    My husband and I don’t own a timeshare, and yet, we vacation at luxury timeshare properties all the time too. The most we’ve ever paid was roughly $400, and that was for a full week, in a beautifully furnished, oceanfront condo in Key West. In fact, we’ve already booked a wonderful 2 bedroom villa at one of our favorite timeshare properties for next month, but we’ll only be paying $129, and no, that’s not per night, but for the entire week.

    FYI, the general public can often rent “excess/unsold inventory” timeshare units at deep discounts too. They can also rent directly from timeshare owners, just seeking to recoup a small portion of their annual maintenance fees. Last timeshare presentation we attended, they were selling their timeshares for $20,000. A quick check of the resale market revealed that IDENTICAL units, at the SAME exact property, were being offered for $800 – $1,000. In fact, I could pick up a timeshare unit at our favorite timeshare, right now, for under $100, but why would we pay the $500 in annual maintenance fees when we’ll be paying for $129/week next month instead? Although to be honest, we usually don’t get quite as good a deal there, and usually rent for about $300/week, but that’s still cheaper than the annual fees owners pay.

    And no, I don’t believe that timeshare owners can “vacation anywhere, anytime” for $300/week. I know how the exchange system works, and timeshare owners can only get that price for “last-minute” unsold units. Meaning units still available, 1-3 months before the arrival date, that owners haven’t reserved and aren’t planning on using, so the property offers them cheap, just to cover their overhead. They’re not just available to timeshare owners, but to the general public as well.

    You vacation a couple months a year? We vacation a couple months a year. If it wasn’t for the fact that we’ve almost always been able to find far better prices on some pretty amazing rentals, we’d already have bought in, only we’d buy from the resale market.

  4. Good Reply JJJJ. I hate timeshares as much as the next person. They are a ripoff from beginning to end. Thanks for the comment.

  5. With this struggling economy, it is better for us to think on what is best for our pocket. Before taking any hasty decision, it is important to compare all the possible options and not to let us be dazzled by the first timeshare deals we see.

  6. Timeshares have always been a bad buy. But for those who really feel they need one I make one recommendation: Never buy from the developer. Always wait for timeshares to appear on the secondary market, usually at half-price. People like you get excited at the new developments and jump right in, only to become disillusioned later and dump the property onto the secondary market, at a loss, for a patient, informed buyer to take advantage of.

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