Are timeshares a waste of money?

[Anonymous]

Every winter my family likes to spend a week somewhere warm and tropical. We usually end up spending a fortune on hotel rooms. I'm considering getting a timeshare, but I've heard that they are not worth it. What do you think?

[Anonymous]

Can't you just do the math and see how it works out based on how often you plan to use the place and whether there are any maintenace costs.

[clarabow]

It's not just the math, it's like using FF miles to travel -- there can be restrictions on dates and locations, etc. You need to read all the fine print in what they're offering. My grandparents had a timeshare and we usually didn't love the facilities either. You're relying on other owners to be responsible with their own maintenance and cleaning. Obviously you'd want to visit the site before buying too, as just with some resorts the brochure doesn't always match reality.

[Anonymous]

We have considered this too but are not ready to buy yet.

The other consideration is that you could rent a timeshare instead of staying in a hotel. That way you get some of the savings off staying in the hotel without the hassle of owning the timeshare.

One website I have read about is called redweek.com on which people rent and sell their timeshares.

I read an article in Kiplinger's that referenced redweek.com.

I think the Washington Post has run features on renting timeshares.