I am exporing some real estate options like maybe buying a condo I came across some timeshares. I saw where you could exchange your time share for other timeshares in other locations i.e. if yours is in miami you can exchange for one in mexico or whatever. is this basically how it works? is the fee + tax a one time thing or is the fee annual + tax? any info would be helpful! thanks
2007-03-26 15:12:53 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you enjoy vacationing every year at the same place, and dont mind paying way to much for it, then go ahead. Do the math on how much you will pay in a year, and I'm sure you will find you can take a European or Caribbean vacation for much cheaper and not have to worry about what the other 51 owners do to the place.
2007-03-26 16:16:05 · answer #1 · answered by Scott B 3 · 0⤊ 0⤋
if you are going to use the timeshare as an investment think again. You will spend more money than you would if you put your money into a home. Think about it with a home you can rent it out monthly and have cash coming once a month. With a timeshare you can only rent it out for that one week. We have one at the grandview in vegas and it was the biggest mistake we could ever make. We got ours for 14000k and make a monthly payment of about 263 and by the time we pay it off we will be paying around 21000 because we cant make more payments all the time. Plus you have your annual fee which range ours is 295 a year plus you have to get rci if you want to exchange your timeshare. Oh and when you want to sell it your only going to get like 8000k if your lucky......Like i said we made a mistake which we are trying to fix LOL. Hope all this helped
2007-03-26 22:57:47 · answer #2 · answered by AmAnDa 2 · 0⤊ 0⤋
I agree with mudsud - the basic advice on timeshare is "run the other way"
2007-03-26 22:21:00 · answer #3 · answered by Gary 3 · 0⤊ 0⤋
When you buy a time share, you are renting a week, every year forever. But if you buy a week in non prime time, you can only trade for non prime time somewhere else.
There are yearly fees and maintenance, even if you don't use your time.
Like the others said...STAY away from them, even though I have met some people who like them. I would never touch them.
2007-03-26 22:43:14 · answer #4 · answered by bob shark 7 · 0⤊ 0⤋
the VERY best advice is DO NOT BUY A TIMESHARE
2007-03-26 22:16:40 · answer #5 · answered by Anonymous · 1⤊ 0⤋
BECAREFULL LOTS OF SCAMS
2007-03-26 22:16:54 · answer #6 · answered by Grand pa 7 · 0⤊ 0⤋