What are the benefits to buying into a timeshare?

Question

I might be interested, but I've heard good and bad... What are the pros/cons of owning a timeshare?

Answer 1

Advantages: Timeshares on an annual basis can save you money on vacations and the amenities the resorts offer BLOW away a standard hotel or motel. You can find inexpensive resorts for sale on the resale market and the annual maintenance fees most likely will run you about $500 to $700 a year (depending on what location and size of unit you choose). You don't have to stay at the same location on an annual basis all timeshares affiliate with an exchange company, which enables you to stay at resorts across the country and world.

Disadvantages: You will be responsible for paying the maintenance and taxes every year whether you use the unit or not. There will be restrictions on exchanging depending on the rating of your home resort (that's where research comes in). Selling the timeshare can also be a challenging task, but if you buy resale your losses will be minimal if at all.

If you are planning on buying a timeshare I suggest doing lots of research and lots of financial planning.

Answer 2

Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING. BIG "NO,NOS" IN TIMESHARE: *If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU *It is not a financial investment *Don´t buy if you plan to rent it *Don´t buy if you plan on reselling *Don´t buy if you plan on exchanging often *Make sure you can afford to travel at least one week a year *NEVER BUY FROM THE DEVELOPER THE RIGHT CIRCUMSTANCES: *This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed. *Get it in an area the you LOVE and that you would visit every year without a problem *Get it in a very nice Resort (where normally people would pay at least $200 a night) *Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee. HERE ARE THE NUMBERS: $200 USD a night (in a decent resort) x 6 nights = $1200 USD Maintenance fee in a NICE RESORT x 6 nights = $700 *Maintenance is a "decent resort" x 6 nights = $400 You do your numbers.

Answer 3

They are good if you plan on using it! If you dont plan on vacationing then it is a waste of money. Timeshares had a bad wrap before because it was a set week of year, every year! Boring! Also if you plan on buying one buy a point based vacation ownership. You can use it at any resort and dont have to worry about a set week of vacation. If you want i work for a company that can give you a complimentary tour so you know more about it.

Answer 4

Make sure you REALLY REALLY want that timeshare. Once you sign on the dotted line, it's yours forever.

There are lots of folks trying to give away time shares just to get out from under the maintenance fees. Charities refuse to accept timeshares.

If you still want that timeshare, check for private sales. There's bound to be bargains.

Answer 5

Based on the experiences of people I have known, they are a great way to rid yourself of excess wealth.

I suspect the person that speaks favorably of them below to be in the timeshare business, and the one that gave a thumbs down to the rest of us.

Has anyone ever met anyone who owned a timeshare that wasn't trying to sell it?

Answer 6

The benefits:

You can join the thousands of people who complain that they have to pay for their timeshare even though they never use it anymore.

You can pay lots of money just to have to pay more money to go on vacation to the same place year after year.

You can help the timeshare salesman's child pay for college.

You can have all the hassles of homeownership without ever having the hope that you'll sell for meaningful profit after using the property for several years.

Answer 7

There are absolutely no benefits to owning a timeshare.

You pay an overprices amount, plus maintenance fees, to own some place for a week, and if you cant go that week, you lose... and if you want to go someplace else, you lose.

Dont buy into them... RIP OFF!!!

Answer 8

I agree with everyone else