What to know before buying a timeshare

Timeshares allow individuals and families to split ownership of vacation homes, but they may not be a good investment. CBS News MoneyWatch reporter Megan Cerullo joins to discuss what to know before buying one.
#timeshare #money #news
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[@streetfightinmanrs]

Short answer: Do not buy a timeshare. Long answer: Do not buy a timeshare under any circumstances.

[@goldcanyon340.]

Third rule about purchasing a timeshare: Never forget the first two rules.

[@Iconoclasher]

I learned 50 years ago if I want to vacation in some nice resort area, just get a hotel room for a week. When I leave my obligations are finished. (about $2k for the week) 😃

[@goldcanyon340.]

This scam needs to be shut down once & for all. Now. Enough.

[@nohalfpipe1904]

Absolutely agreed! I cannot wrap my head around the fact that they are still selling and getting away with it!

[@paulbrungardt9823]

Not going to happen---Too much $$$ flowing to Politicos.

[@katrinaumana2127]

Like payday loans and other upsuree financial products they can't make it illegal we are a capitalist economy that won't help consumers but instead the big banks.

[@armadildo6468]

Step one: DONT!

[@dizzlevybzras]

Wow me and my wife almost got hooked in Vegas by one of those scam company ...thank you'll for educating the public ✌️

[@thejokerspeaks]

Which company was this? I own three timeshares, one in Vegas.

[@kellykell8439]

I've heard many things about timeshares but all of the things I've heard have been bad. I've never heard anyone say anything good about timeshares.

[@zechariahcameron3645]

I can't believe that so many people own them.

[@Somenite]

I've known dozens of people who have bought into these things over the years and all but one basically said it was the worst decision of their lives. The one person that actually liked it did so because it was like a scavenger hunt for them every year looking to trade weeks/resorts to feel like they won a prize by getting the most it. Still a bad financial decision for them but was as game they enjoyed.

[@Iconoclasher]

I just thought of a fun way to spend time with friends and get a free dinner. Get about ten trusted friends together and all sign up for a timeshare sales meeting. Don't let the TS people know you're all together. Lead them to think you're close to signing but don't actually do it. (you'll need your trusted friends to help you if you weaken under the pressure) Overstay your welcome and make sure you get as many freebies as possible. 😅

[@rickw3243]

Better strategy: attend timeshare presentation for the free gift & possible free lunch, but ask as few questions as possible & tell the agent that you are not interested so that you don’t waste additional time. If you give the impression that you are interested, you could be there for hours.

[@Iconoclasher]

@@rickw3243 Yeah but we're wasting their time and having fun at the same time. 😂 Besides do you think we give a damn about their feelings? Maybe some other poor sucker can get away while we're keeping them occupied with irrelevant time wasting.

[@rickw3243]

@@Iconoclasher I understand your point, but I don’t want to remain there anymore than is absolutely necessary. I am not concerned about feelings or wasting their time, I’m only concerned about my time.

[@kendallevans4079]

That's fun?

[@AlexandraMyers73]

You will be the scammer then too.

[@tienha2699]

They lie about anywhere and anytime and the maintenance fee will never go up. The biggest regret of my life. They lie about everything. Do not ever get a timeshare. Do not purchase Rci or any timeshare. You have 5 days to cancel prior to signing contract. Do it asap! If you died, it will be passed down to your children. The maintenance fee will go up!!

[@mauricedegroff5669]

Recommend that nobody buy a timeshare extremely difficult to resell, and the condo fee goes on forever even to your heirs and what they say is going to happen usually does not happen with regards to trading them for different weeks here and there around the world not a good idea

[@cleobalvin1478]

why was she so nervous to say its a bad idea to own an timeshare. lol Is somebody paying her. DON"T EVER BUY A TIMESHARE ITS ALL A SCAM!!! They just want to take all your money and not let you get out of it.

[@Gatorfan_Cavon]

What to know about buying a timeshare.........................DON'T!

[@brainxtc2171]

Don't Do It! Be Safe.

[@simonelliot3712]

There's only one thing you need to know before buying a timeshare and that is... *never buy a timeshare.*

[@simonelliot3712]

...and those "exit companies"? lol. There's a sucker born every minute.

[@GTR.620]

My parent bought a time share in Mexico im currently trying to find a way to get them out of it anyway possible please help me.. serious help please

[@chezellis]

I'm so sorry for you having to deal with it. Unfortunately, Part 2 of the Timeshare scam are companies that claim to help you do Timeshare Exits. There's always selling it for free on a place like Redweek. You lose whatever they paid, but you won't have to pay the annual fees.

[@jessicaembers924]

What if all the share holders want to vacation there on the same day?

[@chezellis]

It's not allowed. My in-laws had a timeshare back in the late 80s, when it wasn't yet known what an awful scam it was. They had to submit to the company the weeks they wanted and were later told if that week was or wasn't available. It got so bad that their vacations became based on the available timeshare week, not their own vacation desires.

[@markmedley6849]

One thought is to stay in a hotel. You are only locked in for the nights you stay. After that you are free to go. You can return whenever you want or go somewhere else where there are hotels.

[@scottstokes1878]

what to know: dont buy one

[@writerconsidered]

Thy tried really hard to paint in the best possible light. Timeshares are like HOA's never buy into either.

[@TheCommunicationCoach]

DON'T. Just don't buy one ever.

[@nedmerrill6228]

I bought one, my last vacation was in Camden New Jersey about an hour and a half drive to the beach. My next trip is to Atlanta. It’s great you should see….. I made a terrible mistake didn’t i?

[@SURENITY]

😂

[@randys6220]

Even the few couples that buy into a timeshare and state they are very satisfied with it do not take into account that their circumstances in the future will definitely change and they will be stuck paying the ever-increasing annual maintenance fees for good. As a couple gets into their late senior years they may no longer want to go to that same annual vacation spot so they just don't book that hotel room. In a timeshare it would still cost them regardless.

[@waynesilva3129]

Find a support group first and talk with people that have owned time shares.

[@mmoonnkkeeyy]

Easy: don't.

[@MagMan4x4]

lol imagine buying a "timeshare" and thinking you "own" something.

[@edwardchamberlain4910]

Why not just choose a luxury hotel or Airbnb? I don’t understand

[@paulbrungardt9823]

Vacations are for Fun--Not Business. Anyone offering you free money, vacations & drinks is there for their financial gains, not yours. Invest in good dividend paying mutual funds--Use dividends to pay for vacations--value of funds & dividends increase over time.

[@yousguys00]

TOP TIP for dealing with High Pressure Timeshare Sales Presentation: I brought along a full sized bag of extra crunch potato chips. Every time the presenter got to a dramatic sales pitch part, I started rolling my bag of chips. It was loud. Then I would stand up and say "My bad." and sit down, because I am English and that's the polite thing to do. That lasted about 10 minutes then they asked me to step outside. As I went outside, I passed by the table with the giveaways and I took my two champagne bottles and two envelopes filled with COCO BONGO tickets with me. That's called WIN - WIN!

[@kendallevans4079]

Doubt they lost any sleep, they are use to Brits doing this

[@yousguys00]

@@kendallevans4079 It is the way of being a true English gentleman. You know what I mean?

[@kendallevans4079]

@@yousguys00 A true gentleman from ANY background wouldn't interrupt anyone, no matter what the topic. In fact why were you there if you consider yourself a "gentleman"? Sounds more like borderline hooligan behavior! You know what I mean?

[@yousguys00]

​@@kendallevans4079 I am a gentleman. Can you tell me what is a woman?

[@Youbeyou45]

Don’t buy a timeshare. Such a rip off

[@xtreame]

20k I could use it to book myself a nice hotel stay.

[@mrpogi23]

You are basically buying "points". If you have big disposable income.. sure it might work on your lifestyle but for many people its a huge money pit that will be hard to get our of. I immediately canceled ours as soon as I did the math, its just not worth it. The HOA/maintenance fees are "lifetime" burden of annual payments on top of the loan unless you have "cash". It doesn't include airfare, transportation, food, etc. Its not all inclusive deal tbh. Save your time and money and just invest those money and let it grow until you need them for vacation.

[@chandicenelson]

How did you go about cancelling yours? I bought mine a year ago and still have yet to use it and regret it smh..

[@FryedSaw]

I knew mine was sinking on the property when I bought my #timeshare in my early 20's

[@lancele6832]

Best explanation: Take your money to Las Vegas, you get better value with the slots

[@Azrael8]

Short answer: Don't

[@Kokobowers]

They covered this topic very poorly

[@el_chilango2953]

Why is the supposedly expert they’re interviewing appears to be stumbling on her own words…. lol 😂 she didn’t look prepared at all for this interview

[@petepistol188]

Your on the hook to maintain your investment if you want to stay in the motel 6 let us sellers know

[@fleabag2mr.151]

Simple, don't buy one they are a rip off 😮.

[@trueamerican2023]

Learn about the perpetuity clause and how it attaches to your estate. It's very interesting. And that's just the tip of the iceberg. Not to mention, timeshare resales are worthless! Just like paying a company to advertise it for sale for you. It's a complete waste of time. It's another lie and another scam. Timeshares are a complete scam for the most part. Stay away, run away, avoid any kind of transactions with any one of them.

[@jillsollitto7643]

Bought a week in Maui at Nanea. My maintenance is $2,300 a year. The two bedroom villa rents for $1249 a night. Actually if you free timeshare for one week anytime in Nanea for the maintenance fee, you’d be way ahead of the $9000 weekly charge. The price for a really nice hotel room in Maui is over $1000 a night now. If you vacation there every year, it pays for itself in 5 trips or less.

[@cynthiaivers1708]

Nah - still a horrible financial decision.

[@LAWoman323213]

Next time get someone articulate to explain timeshares.

[@mattt8889]

Run don't walk away from a timeshare sales pitch.

[@peanutbutterisfu]

Buy a trailer for 20k, pay lot rent

[@mackfan]

Did she have a stroke when she was saying 24,140$

[@nickprotonotarios]

Yeah John Oliver beat you to this topic

[@Kiwi-Ahh-Nah]

Don't. Simple as that.

[@GeorgeHomer]

Not economical. Crazy concept

[@txmade4371]

I love time shares!

[@323TESOL]

There is 0 benefit!!!

[@monikamichaelis-iw3to]

I dont believe people can be so stupid and fall for this scam. For $24,000 one can have a luxurious vacation anywhere and stay longer. Not just a week.

[@el_chilango2953]

I don’t get what the difference is booking a package on demand. You’re not gonna be limited to a specific location. It just doesn’t make sense. Only dumbos will see a benefit to it

[@Toogoodtobetrue458]

Zero benefits

[@makeracistsafraidagain]

DON’T!!!!

[@user-yj8hi2fl5x]

SCAM, stop right there. READ MORE, IT is A HUGE SCAM

[@dingdong6005]

🤣🤣🤣💉

[@williamshaw5388]

Don’t. There’s your solid advise. If you have extra money to waste please message me.

[@patay168]

Timeshare is scam max.

[@cynthiaivers1708]

DO NOT BUY A TIMESHARE. thatisall