Does any body here owns a "TIMESHARES"? I need some info about it please.?

Question

Is it really worth it? out of 100s of companies wich one would be better? how can I find out that is not a scam? what are the pre-requisites to buy one? Are there any strings attached to it?

Answer 1

Timeshares are available across the country. If you buy one, be sure you get a DEEDED WEEK. This means you own the week forever, and that the week can be inherited by your heirs.

Timeshares are a good way to invest in vacations in the future. The cost of the timeshare will be spread over 10, 20 even 30 years. It is well worth it in that regard. Don't buy one unless you have liquid money to play with - it is a long term investment, but with little or no capital gain.

Next, get one with a good reputation and with a contract with RCI international. This allows you to trade your week in for other weeks in resorts around the world. Additionally, you can buy special weeks and vacations in addition to your own vacation week.

Also , be ready for FEES! Even though you may pay for your week, the owner's association will asses maintenance fees for each owner. Mine were in excess of $800 a year. Find th is out ahead of time. Not only that, but if the owners association decides to make changes or redocorate the lobby, you may have to pay for that, too. (Oh and don't forget, RCI has a yearly fee, as well as fees to use it's "Space Bank" to trade your week!)

Don't buy a timeshare with the idea of reselling it later. I've never met anyone who was able to sell their week for even half what they paid for it. Buy it for your family, and keep it forever. If you hvae to get rid of it, and sell, take whatever you can get. (I bought one for $7000 back in the 70's and sold it in 1990's for $1000...not a good investment!)

These are real experiences of mine, yours may vary.

Answer 2

Time shares can be great. My best advise is to buy one that you may actually want to go to regularly. If you go there every year, than they are defenitely a great bargain. You get a week at a resort for a couple hundred dollars. I own in New Hampshire. We go there every other year and transfer the time share every other year to some place else. Some info that I thought would be important. My Mom goes to Ogunquit Maine every summer for a week and pays only $325 for a week. She saves about $500 every year.
You could debate that if you took the $8000 cost of the timeshare and put the money in the bank instead of paying the interest, you would actually lose money by buying a timeshare

I did some math: and the argumant seems valid. An $8000 timshare at 13% for 10 years gives you a $100 dollar payment.

If you put $100 in the bank today after one year you would have 1250 dollars or so including interest. Assuming this is exactly what a room in your timeshare would cost, than you break even for the first ten years. You loose the payment of lets say $300 for the annual fee. for ten years. That is another $3000, which would hve paid for another two or three years . They take about thirteen years to save any money on vacations.

Ask for the annual fee history and compare to the fees you are being told about. The annaul fee on mine goes up 4-6 % every year. Some places give you a first year discount and tell you that that is the fee everyone pays, but it isn't true. Ask them wave the first year fee (they can do it)

We use RCI to transfer. An annual membership is $93.00 and a transfer within the US is about $200. So to transfer is about $300 plus the annual fee of $250 comes to about $550 for a week of vacation in a 4 star resort anywhere in the US. This can save you quite a bit of money. If your fees are really high though, than it may not actually be worth it. The annual fee should be about 5% of the value of the condo.

Also check the interest rate of the mortgage. They tend to be really high. Ours was %13.00, but they can be higher.

Keep in mind that these are almost impossible to resell. The salesman will tell you that they will resell for you, but it is an outright lie. Most places offer little assistance.

Your timeshare may have a seasonal value applied to it. For example Arizona is worth less in the peak of summer and worth more in the cooler seasons. If you own in the summer and try to exchange for a high value season there may be an extra fee.

Answer 3

It is worth it if you like the place, you are close to it and know that you will be able to use it every year. Dont choose the company, choose the location. Choose a place that you actually picture yourself going to every year. All timeshares have exchange options so it doesnt really matter which company it is. They are not scams, the majority are part of BBB. There are not really requisites to buy it, except that you have to be able to either purchase it on full or by payments. The strings attached are the maintenance fees which will be charged every year. You have to pay them in order to use your week. Regularly from $200 to $500. In order to have a better starting point, buy them from owners trying to sell. They will sell them cheap. Prices at actual resorts are just crazy. Check out this resale pages:

Answer 4

My husband and I own 5 weeks at timeshares. Some suggestions would be to check timeshare resale websites and/or E-Bay for prices of units in the development(s) you are considering. If you want to buy in a given area, stay at a timeshare in that area and listen to the sales spiel, but do NOT purchase. You may be able to purchase a resale unit much cheaper than a new one. Also ask the timeshare salesperson whether they have any 'give back' units (repossessed units). We were able to buy one of these at half price.

Be sure that the resale unit includes a membership in a service (such as RCI or Interval International. This membership allows you to trade your week(s) at one development for a week in another development. Some memberships are based on points rather than weeks and offer the flexibility to trade for part of a week as well as for airfare and auto rental.

A major part of the cost of a timeshare is the annual maintenance fee. These fees are usually subject to change and some timeshare management companies assess special maintenance fees for furniture replacement, etc. It's a good idea to ask the timeshare management company for their record on annual maintenance fees as well as special assessments.

If you are trading a week at one development for a week at another development a fee will apply. Also, if you are trading weeks, be sure you are getting the size unit (1-2-3 bedroom) that you want. If you trade 'up' I think there may be an additional fee, but when you trade 'down' you receive no compensation. To get the week, unit size and location you want, be sure to book as early as possible.

One more caution: developer timeshare salespeople are very high pressure -- so put your guard up!

Answer 5

My aunt an uncle have a time share. They have two of them one in the Pocconos and one in Florida. I've not been to either of them. They go to the Florida one for the whole winter so they get their use out of it. But, the other one just sits mostly. Unless one of us wants to use it.

My husband and I looked into them. But, we just don't have the time to fully utulize the benefits of the timeshare idea. We've tossed around the idea of doing it when we're older, kids grown, and retired. But...there are so many other options. We've thought that buying a RV would be more beneficial. Or, since my husband is from India buying a home on the beach in Bombay.

I would say - realize your dreams. Then, look at the cost and your income/expenses. Really and look and budget yourself. Because you may be able to afford your dreams if you plan correctly early enough.

I believe nothing bulds a stronger marriage than working towards goals together. And, what better a goal than planning your retirement .... time when kids are grown! :)))

As far as checking them out - I would google them. Also, check consumer reports. I know my aunt and uncle could only rent certain properties at certain times so that may be an issue. You can also go to the seminars the different ones offer. That way you can talk to people directly. I would mention it to friends and family I'm sure others have them around you - probably just don't talk about it.

Answer 6

IT IS NOT WORTH IT!

My Best Friend has been trying to sale hers for 2 years now. And hers is one of the best to buy. Think of the money your spending you can use that for a vacation anywhere.