How to Resist Buying Timeshares

Timeshares sound too good to be true--and oftentimes, they are. Don't fall into the trap of buying a timeshare based on glowing sales pitches from people who really just want your money. Take the time to research the negatives before you find yourself wishing you hadn't given in to temptation.

Instructions

Difficulty: Moderately Easy

1. Check out the average resell values for timeshares--in many cases, they're very low. If you haven't finished paying by the time you want to sell, you may not get enough to pay off your debt. If you have finished paying, you'll be out your investment money.
2. Consider the fact that these days, timeshares are a dime a dozen. People aren't interested in buying them, so it may be hard to resell it in the first place.
3. Do your homework. There are often hidden fees galore, and you'll end up paying much more than you originally realized. Even if you pay off your timeshare, you'll have to continue paying fees for things like maintenance, parking, deposit boxes and allowing guests to use your reservation.
4. Find out what the interest rate would be on the purchase. Even buyers with good credit can end up with shockingly high interest rates that suddenly make that great deal of a timeshare look like a money pit.
5. Consider the fact that you'll get bored going to the same place for vacation year after year.
6. Sleep on it. Never just buy a timeshare on the spot. Take some time to think about whether it's a good deal.
7. Ask for references and check them. Many timeshare sellers are just scam artists looking to make a quick buck at your expense.
8. Resist going to timeshare seminars because they promise a big incentive for attending, like a car or luxury vacation--they're almost always scams.