Can someone that has bought any timeshare property explain to me just how it works and what is involved? I have a coworker that has one for sale(his protion) . says he gets onw week a yr. However he also says the "year" he owns it he rents it out for the whole yr. and gets to keep the profits---anyone ever heard of this ?
2007-05-19 07:18:50 · 6 answers · asked by nickle 5 in Business & Finance ➔ Renting & Real Estate
I owned and sold my timeshare in Orlando. Timeshares can save you money on your vacations IF you know how to utilize them properly. Just like real estate, timeshares are about location, location, and location! If you own in a lousy location or if you have a great location but a really bad week there, then you will most likely be unhappy with the timeshare. When purchasing a timeshare you need to be aware of the annual costs not just the purchase price. The maintenance fee & Taxes are usually paid annually and usually increases every year. You will be responsible for paying these whether you use the timeshare or not. And like the previous answers, normally you only get one week per year. So I would ask your friend to provide you with.
*Annual Maintenance fee & Taxes (ask about average increase since they have been owners)
* Last special assessment and make sure there are no liens on the property.
2007-05-21 06:51:54 · answer #1 · answered by Gene Ericson 3 · 0⤊ 0⤋
My old boss has one he would like to sell too. While you certainly may use it once a year, you may be very limited on what week you can use it. If it's already booked when you decide to take your vacation, there isn't much you can do. It's one of those things that when you see it and are SOLD it by someone persuasive, it sounds like a great thing but once you have it, many wish they didn't. What if you don't want to go there for vacation or end up not using for a year or two but are still making payments? As far as renting it, if it's in a distant city, and the renters damage the walls, plumbing, etc., how will you handle that? Most often, if it's a beach-front or mountain view vacation you're looking for, there will be houses that YOU can rent just for a week or two and not have the worry and payments involved in a timeshare. Good Luck!
2007-05-19 08:01:00 · answer #2 · answered by stklotto 4 · 0⤊ 0⤋
The timeshare is for one week. If you own that period, you can rent it out for the one week, provided the contract allows that. The other 51 weeks of the year are owned by other people and you will not make any profit on what others own. Also, check some of the resale websites for timeshares. Offers, when there are any, are usually much less than the original purchase price. Finally, in addition to buying the one week, you are also responsible for many yearly fees and even have a maintenance fee on the one week you own that is often more than the price of a good hotel. All in all, usually a bad investment.
2007-05-19 07:31:08 · answer #3 · answered by oakhill 6 · 2⤊ 0⤋
Timeshares are not just stupid investmens that are BAD investments because you are tying up a LOT of money to get something you can get for a fraction of the money by staying at a 4 or 5 star Hotel/Motel in the same area for a week each year.
DON'T DO IT... or you'll be SORRY.!
2007-05-19 07:27:20 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You purchase a block of time.
A week in a ski chalet in Aspen every year? Great! Oops...it's in the middle of August!
Timeshares are not a great idea, but if you have one, you can log onto a number of websites and trade timeshares around the world for better times/vacations. People selling them are having more and more problems doing so.
As for your friend...he was lucky and managed to luck into a good week. And, yes, you can lease/rent/give away your timeshare if you don't want to use it, but in the example I gave above...how much would you be willing to pay for a week off-season in Aspen? or in August in the Tropics? As for the "Year" he owns it, is BS...he owns one week to one month EVERY year.
2007-05-19 07:30:28 · answer #5 · answered by jcurrieii 7 · 1⤊ 0⤋
I thought that as long as it was your first primary residence, you would get the credit. I didn't know that there was a disqualifier other than if you had already owned a primary home in the past. A time share is not a primary home. But since I already owned my home, I really didn't look into the requirements. Here is what the act states: You will not qualify for the credit if you owned another main home at any time during the three years prior to the date of purchase. For a married couple filing a joint return, this requirement applies to both spouses. For example, if the taxpayer bought a home on Sept. 1, 2009, the taxpayer cannot take the credit for that home if he or she owned, or had an ownership interest in, another main home at any time from Sept. 2, 2006, through Sept. 1, 2009.
2016-05-17 14:03:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Do not do it. Bad investment.
2007-05-19 07:23:19 · answer #7 · answered by Lee 2 · 1⤊ 0⤋