Stay away from timeshares. The problem is that you cannot get rid of them, unless you sell them, foreclose, or die. Many times, other people won’t even take them for free…
This is because you promise to pay an annual maintenance fee for the rest of your life. Yes, you read that right. For the rest of your life. You are talking about $750-2000/year or higher. And these fees increase over time.
So what you will pay $5,000-20,000 for in purchase, may be immediately worth $0 in resale, and obviously $0 in foreclosure.
Spread the word….the link of the horror story is below.
My mother, who is still alive and kicking, informed me that when she passes, I will receive in her will a timeshare annual vacation package that she has had for many years. This timeshare has annual maintenance fees that I do not wish to be saddled with. She indicated that it states something to the fact in her contract that her heirs will take over the timeshare upon her death. I should also note that no one else in the family, near or distant, wants any part of this timeshare as well.
Read Full Story: Will my mother’s timeshare nightmare be passed to me? – MarketWatch