What Responsibilities Do I Take on With Owning Timeshares – if Any?
I have the opportunity now to invest in timeshares and then turn around and sell them for a profit. During the time that I have the timeshares in my possession, I would like to know if I would have to pay taxes, any kind of fees (maintenance, etc.); or is it that I have them free and clear?
Timeshares as an investment? No No No. Nothing will drain you of money faster, and there is essentially NO RESALE MARKET for timeshares. Timeshares are burdened with monthly fees, upkeep, management costs, etc. Anyone that is telling you that you can buy timeshares and turn around and sell them for a profit is either a scammer or someone who does not know what they’re talking about.
retireddebtfree is right they are a scam , massive fees hidden costs loopholes and absolutely no resale market OR profits from growth in value, there is anyway always a clause that first refusal must be given to the company
Run away from this as fast as you can. This is a trap that will destroy your financial life. There is no resale market. There are countless people who got into this and would gladly sell out and lose half their money doing it. Michael, it is not a crime to be gullible, but you really need to educate yourself on financial matters.