I have a chance to buy a Timeshare apartment. I understand I can trade it off for vacations in other places. Also I can join some organization called RCI which offer great deals. Is it worth going for or just continue paying full price each time I have a holiday?
2006-09-14 09:53:41 · 12 answers · asked by 2hot 3 in Travel ➔ United States ➔ Orlando
Unless you intend to use it A LOT it may be a waste of money. Your trades at other locations may be affected by the esthetic value of your apartment. If you have a small space overlooking some parking lot, you can't expect to get a straight across trade for a suite overlooking the beach at Maui.
The good thing is that you CAN trade for nights at other locations. Before you put any money into it, be sure to check out what locations are available and how the trade values, or "points" work.
Best not to think of your timeshare as anything like a genuine real estate investment. All of those things that contribute to the porperty's value growth are out of your hands. Besides, you may have difficulty "selling" you share if you need to. You also can't borrow off equity like you can with a straight buy or even a condo.
However, one of my daughter's is in a timeshare program, and she and her husband use it ALL the time. Since they travel and go on several mini vacations all year, they get good value for their dollar, since the money they have saved over paying full retail price for rooms at some places pretty much equals what their overall payments have been.
In other words, they use it enough to consider it virtually "free." If they don't use all their points in a year, they let the rest of the family use them at several locations nearby. They also have the option of buying more "points" if they need them for additional time at a resort.
Check everything out and decide for yourself.
2006-09-14 10:16:33 · answer #1 · answered by Vince M 7 · 0⤊ 0⤋
It is not a good investment. You have to pay for the timeshare, an annual fee for upkeep of the timeshare, a fee to join RCI, and then a fee when you trade for another property. This all adds up to much more than booking a trip every year. You could actually stay in other people's timeshares if you want an apartment instead of a hotel room and I'm sure you'd come out cheaper. There are places that rent timeshares in most larger cities.
2006-09-16 04:22:08 · answer #2 · answered by mamasbooks 2 · 0⤊ 0⤋
Many of my co-workers own timeshares. They seem to feel that there is a benefit. However, one who uses the RCI points, has to pay a nightly fee when going to other resorts. He told me something like $69/night for a disney resort. A value resort at disney can be close to that depending on the date of your vacation. And... there are no maintenance fees. Also, because so many people can't use their point allowances, they will sell them at reduced rates to help pay their fees. I have bought points from people in this situation. For me, it would be foolish to buy a timeshare, when I can buy a week of someone elses points for about $500.
2006-09-14 13:49:38 · answer #3 · answered by laura_vermont 2 · 0⤊ 0⤋
Don't do it. You'll spend a fortune paying not only the loan but also all the membership and maintenance fees each year, money that could be better spent just traveling on your own. You aren't guaranteed you'll get the resorts or the weeks you want, in the places you want to go. And when you finally tire of paying through the nose for something you never use, you can't resell them unless you take a BIG loss.
2006-09-14 12:00:31 · answer #4 · answered by thornfield8998 3 · 0⤊ 0⤋
Check out a company called "Trendwest." My girlfriend's parents are members of that company, and they have some really nice places. They have members-only resorts at all sorts of neat places, there's a one-time joining fee, and an annual fee of only a couple hundred bucks. Plus you can arrange vacations for your family and friends.
The way it works is you get a certain number of points each year, and those points are renewed annually. You trade in these points for vacations. They provide things like coffee, fitness centers, in-room cable (basic only, sadly), and their places are suites, rather than rooms.
And your membership passes on to your next of kin.
2006-09-14 10:01:32 · answer #5 · answered by Brian L 7 · 0⤊ 0⤋
When I want to waste money, I prefer to pack it into a cannon and fire it off of a large building. Usually, it burns on the way down but it still manages to get quite a crowd.
Seriously....timeshares are a rip off. You will never sell it, and if you do it will be at a loss.
Worst investment EVER.
2006-09-14 10:01:52 · answer #6 · answered by Anonymous · 1⤊ 1⤋
NO. You can stay in the nicest hotels anywhere and you will never spend the money you would have payed for a timeshare, and there are no restrictions on when and where you can stay!
2006-09-16 13:15:54 · answer #7 · answered by Rea 3 · 0⤊ 0⤋
Yes, and you should also buy some magic beans from the same guy who sold them to Jack.
2006-09-14 19:15:00 · answer #8 · answered by lakecity21 3 · 0⤊ 0⤋
I wouldn't have a timeshare if it was free.
2006-09-14 10:01:10 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Bad Choice, too much money in a long run.
2006-09-15 09:43:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋