Does anyone out there have experience in time shares for vacationing?

Question

I'm not sure if I should enroll.....it sounds really great, but of course they always do!

Its a point system where for approximately $3,000.00 you have access to 4-5 star condos. all over the world . If you travel within 2 months of booking it will cost you 3,000 points plus about 280.00 for 7 nights at a 4-5 star condo.

You have this access forever, and all you pay is the 150.00 property tax per year. once the principle is paid off.

I've seen one of the condo's. and they are quite beautiful with flat screen t.v. fireplace, and dishwasher, all ammenities included.

The point system is set up so that it can roll over for a max. of 4 years. than after that you loose your first year points. which is only 3,000 points or 1 week stay.

If anyone can give me advice please do so....because i don't want to pay aprox. $4,000.00 than regret it later!

Thank you in advance!

Answer 1

BUYING A TIMESHARE

Time-sharing can be an affordable way to own a vacation home. Before you buy, you should be able to answer YES to all these questions:

* Are you POSITIVE you want to spend ALL your vacations there?

*Have you visited the facility? Are you satisfied with its quality, with the stability of the management, and with the terms of the contract?
Have you checked out this time-share development with the Better Business Bureau, the Attorney General's Consumer Protection Office or your Legal Assistance Office?

*Have you talked to some long-time owners in this time-share facility?

*Can you afford both the facility and the round trip travel costs each year?

DO NOT BUY IF:

* You want to rent out the facility.

* You plan on reselling it.

* You plan on exchanging vacation sites frequently.



BUYING TIPS

BEWARE OF ANY PROMOTIONS THAT:

* Will not physically take you to the facility. (Some promoters claim the place is built when it is really only a hole in the ground.)
* Offer you a special price "for that day only."

* Subject you to a long and harrassing sales pitch.

* Will not let you take the contract home to study.

DO NOT SIGN A CONTRACT ON THE SAME DAY AS THE SALES PITCH.

If the price is fair, it will still be in effect the next day. Many people readily admit they became much smarter the day after they signed a time-share contract.

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. It is important to remember that purchasing timeshare should never be viewed as a financial investment with the expectation of gaining a profit in either reselling it or renting it to someone else. 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.

Answer 2

I don't own, and will never own a timeshare. Timeshares are a ROTTEN deal. Run the numbers. Take the cash price for the time share, for two weeks, and multiply it by 26. Add in 12 X the current monthly fee. YIKES! I get $650,000 for a $25,000 time share, PLUS FEES. Now, divide that amount by how much a hotel with full room service would be. That's a heck of a lot of room service. Plus, timeshares do NOT appreciate in value, and they're almost impossible to unload without taking a major hit. BAD IDEA.

Answer 3

The biggest piece of advice is NEVER buy from the developer company. Many people buy these things and then realize they can't afford them or no longer want them, and when they try and get out of them, they can only sell them for 60% of purchase price or less.

Whatever the name of this organization is, go on eBay or craigslist and search for people selling their memberships. I guarantee you it will be a lot less, even with transfer fees.

You said only property taxes, but you better double check that. I bet you there's maintenance fees. Those maintenance fees are often expensive, generally between $500 and $1,200 per year. That will pay for a lot of my vacation lodging every year if I just rent. And those maintenance fees will go up over time.

Timeshares are NEVER an investment. They always lose value. If you want to invest in vacation time and you've added up ALL the numbers and it works out for you, then go for it. But be very skeptical.

Check out the link below for good starting into.

Answer 4

We have a time share and it does sound good when they are trying to sell you it, but it's whether you can get the use out of it, ie do you have to go in school hols? are you tied down at work? or can you just go on a whim. When we try and book some where we find that the apartments are booked up so far in advance we have to book 1or 2 years in advance. We also have to try and tie up the air flights with the booking and also when we arrive at some of the apartments/ villa's although they are supposed to be well maintained,( as we are classed as gold class), the apartments aren't all brand new so ware and tare seems to be showing...

Answer 5

These things work for some people. However, the idea that you only use it WHEN you want to flies in face of the fact that many people want it at the same time ( e.g. Christmas in Florida is more popular than the July 4 weekend ).

HOWEVER, find the aftermarket for time shares. They usually sell at a big discount to the original price. Also, you can "rent" one either to try out or to use for one season only.

Answer 6

My wife and I were given a timeshare as a wedding gift. I am not a big fan.

The '4 to 5 start' condo's are never as nice in real life. Plus they always try and sell you something when you are there.

Good luck!

Answer 7

You can get ripped really easy.