what is the advantage of buying a timeshare? i have points. what is the best way to get the most use from the timeshare? my season is tee.the resort is in myrtle beach. any information would really help.
2006-12-26 15:05:28 · 4 answers · asked by Pat R 1 in Business & Finance ➔ Renting & Real Estate
Timeshares aren't good financial investments. There is a huge glut of hotel rooms in the US these days. Use priceline's name your own price for hotels and you'll save big $.
2006-12-26 15:37:16 · answer #1 · answered by nickfromct 3 · 0⤊ 0⤋
i beg you not to buy a timeshare. sooooo many people that own them are unloading them at discount prices. if you MUST, then buy a discounted value timeshare, but again, you really don't get much for the money. you don't get a deed, you are subject to given time periods at different places, and maintenace fees are costly. why don't you check to see if in myrtle beach any hotels are offering hotel rooms as a condo sale? that's a real new idea, even though they are too much like timeshares for me myself to ever buy one.
but it's better than a timeshare in that it IS real estate. i'm sure you could buy that type of condo, a hotel room in myrtle beach, for a lot less than buying a condo there! so the deal is this: you buy a "condo hotel room," then take (tiny) tax benefits from owning it. you are one of hundreds (of rooms) there that are rented out for a given number of days. if you buy the best of the best of hotel rooms, and i do mean best (best view, best parking, best hotel in and of itself, with a 5 star rating--but they are so well known that they don't have to sell their rooms anyhow), maybe, just maybe, you can stay there now and then.
however, it's better to buy a true condo in myrtle beach witih no or low money down since uncle sam allows you to write off your trip there twice a year (since you own the investment, of course you need to get there to inspect it, ... uh, don't you)? then you can write off depreciation on rental property, plus whatever else your CPA tells you. it will also qualify as investment property to do a 1031 starker exchange on, so long as that is still allowable under irs rules (ask the CPA, your estate planner, and a real estate attorney that does such trades), in order to move up to another type of investment property.
i want you to know this: the very, very, very best "real estate" salesmen sell timeshares. watch out for them. at least in most states you have 3 days in which to negate your contract. golly, they do anything in the world to talk you into signing on the dotted!
2006-12-27 00:05:28 · answer #2 · answered by Louiegirl_Chicago 5 · 1⤊ 0⤋
Don't buy a timeshare - they're huge rip-offs and nearly impossible to sell later on. Try a search on bankrate.com for more general info about timeshares.
2006-12-27 00:01:43 · answer #3 · answered by stella m 2 · 0⤊ 0⤋
Don't it's a scam you'll be paying on it forever!
2006-12-26 23:10:55 · answer #4 · answered by Lady 2 · 0⤊ 0⤋