Is timeshare really a bad idea?

So, you did it. You fell for the sales pitch and now you own a timeshare. And you’re out several grand. What to do? Consider these options.

1. Check Your Contract

Many timeshare contracts contain a recission or retraction period. This can be called a “cooling off” period. It’s a period of time after you signed the contract in which you can cancel. No questions asked.

The “cooling off” time period is typically just a few days long. In some states, certain requirements must be met before the time period begins.

Check with your state’s attorney general if your contract is unclear. But check the recission terms on the contract first.

If your timeshare purchase is recent, you may be covered. You may be able to annul the contract.

Note that official contract cancellations usually require written notice. So, plan on writing the timeshare company a letter. Sign it and keep a copy for yourself.

Note the date of mailing as well. Send it registered mail for extra protection. Your attorney general’s office can help you with the details.

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2. See if the Company Will Buy it Back

In some cases, the timeshare company will buy it back. This is rare, but it does happen. Note that they likely won’t give you full price in a buyback.

Yes, you could lose money. Your timeshare contract should talk about buybacks. Some companies buy them back, others don’t. If yours does, contact them to see what their buyback terms are.

3. See if the Company Will Take it Back for Free

Some companies won’t buy timeshares back. However, they will take them for free. Yes, this is a colossal loss of cash.

However, remember that the goal is to stop paying fees. Annual fees on timeshares can add up fast. Some cost several hundred dollars a year to maintain.

You may lose thousands by giving your timeshare back. That’s hard to swallow. But don’t lose thousands more by keeping it if you don’t want it.

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4. Sell Your Timeshare

In some cases, you can sell your timeshare to someone else. As with the buyback, you’ll likely sell it for less than you paid.

You can use a site designated for timeshare sales to advertise. lets people list timeshares for sale.

Note that companies like these charge fees to sell your timeshare. Read the fine print. Be aware of all fees before listing your timeshare on a sales site.

You could advertise on a free site, too. will let you sell a timeshare for free.

Have a company do it for you

Similarly, you could get help with your timeshare exit. Companies like can assist. They’ve been helping people exit timeshares for over a decade.

5. Give Your Timeshare Away

The truth is, you might have trouble selling your timeshare. If you’ve tried and failed, consider giving it away. At least you can get out of the annual fees then.

is a timeshare forum. They’re set up to help people get rid of timeshares,  and to help others who want to get them for free.

You won’t get up front cash. But you will get out of annual fees.

This might seem like a bad deal to you. After all, you paid thousands of dollars to buy your timeshare. But consider this: You’ll pay thousands more in annual fees if you don’t get rid of it.

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If you can’t sell it for cash, you may just want to give it away. At least then it’s off your plate.

Why Timeshares Can Be a Bad Idea

You may be wondering what’s so bad about timeshares. After all, they cost much less than owning a vacation home. And much less than paying for a full vacation every year.

While that may be true, there are several downsides to timeshares. Consider these negatives before you buy one.

You’re Stuck With One Company

Some timeshares make you keep your week at your resort. You go the same place year after year. That can get boring.

Other timeshare companies have several resorts. They allow you to trade your week for one somewhere else.

Or, you can stay somewhere else if you pay an extra fee. While this sounds good, you’re still locked into the one company. You can’t vacation with no boundaries.

If you’re okay with that, great. But there’s a reason so many timeshares sit on sales sites with no takers.

You May Not Use It

I know several people who bought timeshares but don’t use them. They mean to, but things get in the way. Maybe it’s their schedule. Or that they no longer love the destination.

Timeshare sales pitches thrive on spur-of-the-moment impulses. The new and shiny idea sounds wonderful. There are bells and whistles and sparkly things.

Then reality sets in and it’s not as great as it once seemed. Or you just get too busy. Then you’re out the money and the vacation.

They Cost a LOT

Another reason timeshares can be a bad idea is because of upfront cost. Many units cost $15,000 or more at the outset.

When you add on annual fees, they get expensive. Wouldn’t it be better to spend your money how and where you choose?

They Don’t Appreciate in Value

Unlike most real estate, timeshare don’t appreciate. The value of the building is irrelevant to timeshare owners. You’re buying the time, not a piece of the building.

It’s kind of like buying a new car. The value decreases as soon as you leave the lot. Or in this case, sign the contract.

Therefore your investment won’t increase in value. This is different than if you bought a vacation home outright.

Those buying timeshares from sellers get a much better deal. Resale prices on timeshares are significantly lower than the original sale prices. If you insist on owning a timeshare, buy used.

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Timeshares Don’t Generate Income

With investment real estate, you earn income. If you rent out a home, you collect rent.

That rule doesn’t hold true with timeshares. They cost you money. But they won’t earn you income.

They’re Not a Liquid Asset

As I’ve mentioned, timeshares aren’t an asset. But if they were, they wouldn’t be liquid. A liquid asset can be quickly sold to get cash.

On the contrary, timeshares are tough to unload. People have trouble giving them away.

Visit the website mentioned above (RedWeek.com). You’ll see dozens of timeshares selling for $0 or $1 just sitting there without buyers.

There’s a reason no one’s buying them. They just don’t make sense, money-wise.

That’s not to say that a small percentage of buyers aren’t happy with them. They can be good for some people.

However, many people find they’re a waste of money. Think carefully before you invest in one. And consider these timeshare statistics.