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Timeshare Buyer’s Remorse – Costly Mistakes When Buying a Timeshare on Vacation

Every year, people like you and I take well-deserved vacations to beautiful vacation destinations around the world. We all seek change from our everyday lives in places that will allow us to find peace and quiet punctuated with activities that are exciting enough to lift our spirits and bring joy to our lives.

Your dream vacation can be a financial nightmare if you’re plagued with buying an expensive vacation timeshare!

During these glorious respites, many of us encounter the hawkers on the main street and the kiosks in the hotel lobby offering free or low-cost sports adventures, theater tickets or the like. The offers are real and can be a lot of fun. Who wouldn’t want to take a helicopter ride to a secluded waterfall in Maui for $29? But beware, there is a catch!

In exchange for these deals, you have to give up 2-6 hours of your vacation time to visit a timeshare resort and participate in a curated timeshare sales pitch with fun emotional tugs on your heart, champagne toasts and a social pear pressure not so obvious. . Your experience is choreographed from the moment you arrive with the goal of making you feel glad you paid $20,000 to $50,000 or more for the right to spend one or two weeks a year for life at their glorious resort, not to mention all the added features and perks that add up to seal the deal.

With respect to Winston Churchill, never, ever, ever, ever, ever buy a retail timeshare at one of these sales pitches! Go ahead and participate in their free or low cost kickbacks to get you on their show, but I implore you NEVER buy a retail timeshare on vacation.

A concrete example of a friend who did not take my advice and lost $19,000!

My friend, let’s call him Keith to protect his true identity, and his family of four headed south to Florida for a well-deserved vacation near a well-known family entertainment resort. Keith and his wife, wanting to give their kids a good time, stopped by the activity center at their hotel and were offered a great deal on top local activity parks that the kids would really enjoy. They accepted the “2 hour presentation” the next day.

You know the story; they bought the pool view timeshare at a very nice local resort. Excited, they were already planning their visit next year and all the things they would do again while they enjoyed their stay at this fabulous resort.

Now Keith knew that I owned several timeshares and when he got home he quickly told me about his timeshare purchase. My first words to Keith were, “If you don’t do anything else I’ve asked, please use the grace period you have provided by law and cancel your timeshare purchase today, in fact now, please, please, please!” During our chat I found out that Keith had paid cash for the timeshare (from an inheritance) and that he and his family still had this dear in a headlight focus on all the joy their retail purchase of 25,000% 2B would bring them. And they got the pool view unit!

Suffice it to say, Keith wasn’t listening well when I explained how I was sure I could find him a similar timeshare to buy, if not the same timeshare resort, for pennies on the dollar. Keith at least agreed to mention our conversation with his wife that night, but I knew in my mind that he bought the choreographed presentation hook, line and sinker.

That night I researched online and within 10 minutes found a resale unit in the same complex for around $6,000. Do the math. $25,000 minus $6,000 equals a cash savings of $19,000. Keith could buy 3 more weeks at the same resort and get a full month for his $25,000. So I emailed the details to Keith and to my dismay, but unsurprisingly, I received the response: “Well, we discussed it and I’m sure you’ve found a good deal, but the family was really excited and we got the pool view, and we had the money, so we’ll keep the one we bought. Thanks for your help anyway.”

No logic was going to change Keith’s emotional decision. With a little more research, I’m confident I could have found the same or a comparable resort for him for $2,000 or $3,000. Sad but true, I lost yet another battle. You see this scenario repeating itself every day and I feel the millions of dollars that are being spent on retail timeshare purchases when down the street or online you can buy the same or comparable timeshare units to a few cents on the dollar.

Buyer’s remorse is your best opportunity to save thousands of dollars.  

Within a few years, circumstances change for a high percentage of timeshare owners. These changes are causing these owners to reassess their need for timeshare, especially if they were financing the retail cost. They soon discover that the glorious timeshare they bought 2 years ago for, say, $25,000 can now only be sold for $10,000 at most if they’re really lucky. So if they’ve funded, they’re upside down, owing more than they could get for the timeshare (does that sound familiar to you from the circumstances of the subprime mortgage crash?) .

Crazed by this reality, a high percentage of these upside down timeshare owners abandon their timeshare obligations and most end up in the timeshare resale market, for sale by lenders, real estate brokers and third party agents, hence the opportunity for you and me to purchase these same excellent timeshare properties at pennies on the dollar.

I know about buying timeshares on the resale market because I’ve done that many times. The islands of Maui, Hawaii and Kauai plus mainland locations of Scottsdale, Arizona, Horseshoe Valley, Canada and other great locations, all purchased NOT at retail. In fact, I’ve bought them for $2,000 or less and as low as $99. It’s pennies on the dollar! Some will tell you that timeshare is a bad investment. I have to agree that they are not an investment like buying real estate. As a vacation tool, timeshares are a great investment if, and only if, you buy them at pennies on the dollar.

Save your money and buy from the resale market!

Make wise decisions as you seek out the ultimate vacation joys in fabulous locations around the world. Pack your emotions on timeshare while on vacation and keep your wallet closed. Wait until you get home to look for opportunities to buy the same or substantially similar resort properties on the resale market, saving you big bucks or buying even more timeshares. Never, ever, ever, ever, ever, ever buy a retail timeshare at one of these sales pitches during what should be a fun vacation!

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