It wasn’t so long ago that there was no Internet. Today the Internet has made an old concept — that of timeshares — obsolete. Don’t fall for the sophisticated sales pitches to “own” your vacation when you stay at a resort.
Timeshares are usually associated with vacation resort destinations. You can own a specific annual week at the resort. Buyers are told that this way they get to “own” their vacation at their favorite spot for life. You lock in today’s price, and the seller will loan you the money. The timeshare will have an annual maintenance fee, which typically will increase over time and never ends, even after you’ve paid off the loan.
Many resort properties degrade in quality over time, especially after all the weeks are sold. But because you own your week there, you can’t move it someplace else.