yale

Alright... I tried posting this on "Other topics" but I'm convinced that few people read that board.

My husband and I have been talking about investing in a timeshare. We love visiting Mexico and think buying a week timeshare might be a good idea - be it there or somewhere we can easily trade (like Florida). Problem is, neither of us know anything about timeshares. I mean, I know a little... like there are floating vs. a set week, hotter weeks than others, hotter locations than others, trading potential, etc. Can someone clue me in on the ins and outs and the right and wrong way to go about obtaining a timeshare?

LoveItaly

Hi yale, I am not an expert regarding TimeShares but most of the friends I know that have bought into them have tried for several years to sell them, to no avail.

From what I have read if you do buy into a TimeShare buy from a current owner as evidently the price will be much lower. Do find out the history of the monthy/annual expenses etc.

Hopefully others here can give you more advice. Good luck with this venture.

socialworker

My solution to all questions I have is to start w/Google and see where it takes me. I know that you can google "time share resales", among other topics and you will get a lot of data to sift thru. We have friends who bought a resale on a website--don't know the details--but they were very happy w/the price they paid.

yale

Thanks. I've looked at the resale web sites. I need insider insight into the whole thing. What week is best? Is floating better? What locations are best? What are red flags that I should be looking for? What's a good deal... Etc, etc.

socialworker

Is there an edition of "Timeshares for Dummies", or other basic info that might offer such insights? For us, one huge red flag is a glut of timeshare developments in the same area. That means that your unit may just be one of many that people can use, making it not particularly desirable, no matter how nice it is. We own some Disney points as well as 2 weeks on the ocean in an area where there are virtually no other time shares or places to build them. Even at that, we bought it for our own use, not w/an eye to trade or even as an investment, as they are notoriously bad long term investments. For us, this particular unit is in a place where we have gone for many years and where waterfront property is upwards of $1 million, so it was our only chance to avail ourselves of the location. We will be seeing our friend this week end, who has really studied this topic, so I will ask him what he knows and get back to you....Good luck!!

GoTravel

This is what I know about timeshare.

You cannot look at it as a financial investment.

Owning a timeshare will pretty much force you to take a family vacation every year. For some, that is merit enough.

Would I buy? I don't know. I know for my sister and brother in law, it forces them to take a week out of their busy schedules in the Spring and go to Cancun every year. They are both pediatricians in a very busy practice in Miami so they could afford just about anything but the timeshare forces them to take the time.

My sister jokes that if they ever get around to having kids, they'll all be concieved the same "Red Week".

iceeu2

yale, check out tug2.net...it's a great source.

mamajo

The NEW Timeshare Users Group BBS is now located at http://www.tugbbs.com/forums/
but the old address will get you there too.

TUG is owned and run by volunteers who are timeshare owners. They know about all the in's & outs of buying, selling, exchanging timeshares. This is the place to LEARN about timeshares and how they work, how best to buy and where NOT to buy. They are really experts on all of this and the Points systems that are now available too.

Check out the TUG site and read their FAQ site, and ask questions. Anyone can register (just like here) and look and ask questions, but you must be a member to get into the *Members Only* section which includes reviews of timeshares around the world. These reviews are done by those of us who have been to these resorts.

We have owned timeshares since '83 and have been all over the US and a few countries elsewhere. Some we have never stayed, but have used them for trading and some we go back to very often. And, yes, there have been years that we haven't gone anywhere or used our units. But most time we have traded our units for other places and times other than the week we own. By owning timeshares we have stayed in resorts we would never have afforded otherwise. You do have to plan ahead, but it's well worth the wait.

Please...go to TUG and see what the experts have to say BEFORE you even think of buying.

beanweb24

My parents own timeshares through both RCI and Interval International...for them it has been a waste of money, but they have yet to sell them (and I can't tell you how many weeks they've lost).

Here's a link to a thread about RCI:

http://www.fodors.com/forums/threads...2&tid=34549884

MBnancy

We have a one week timeshare, and like Socialworker, use it just for ourselves. It is at Lake Tahoe in Incline Village and also in an area where there are no other places on the lake to build them. It is located in the middle of Billionaire's Row. We watched them being built, as we have vacationed there for years, and paid full price from the developer, Hyatt. We have the July 4th week, which is premium, and leave this Saturday for our 5th year there with our family. We like that we were able to pick our unit and get it yearly. It is always full, and I am sure we could trade anywhere if we wanted to.

We know of a few others who bought t/s at odd places and odd weeks, and they never seem to use them. We do have friends from the east coast who bought a t/s in Mexico on a trip there in the winter. They plan to use it as a Feb. escape every winter.
8-)

ChristieP

I own a timeshare, but it was given to me so fortunately, I didn't have to buy it! I own in Las Vegas, and since we end up going there every year, it's worked out pretty well. For some people, they are good. For others, they are not. Don't think of it as an investment, but rather as pre-paying for your vacation each year.

One thing I HIGHLY recommend is to NOT buy a timeshare in a foreign country. Most of them only sell you a deed for 20 years, then you have to buy it again. Not cool. In the US, once you buy it, it is yours as long as the building remains standing.

Also, do try and buy resale rather than from the developer. You will save yourself a LOT of money, and you'll also solve someone else's problem!

Definitely check out your maintenance fees in advance. Keep in mind that if you buy in a coastal area, you will get hit with a "special assessment" EACH time the development is hit by a hurricane and has to rebuild. Again, not cool.

See if you can go to a few different properties' presentations before buying so you can compare the resorts' amenities, and get a feel for what is the norm.

volcam

Owning timeshares has been wonderful for me and my wife. We think of the timeshare as pre-payment for the lodging part of our trips. We do not think of the timeshare as an investment at all. We own 2 fixed weeks at a Westgate property in Orlando, weeks that we almost always use to deposit and exchange. The weeks trade extremely well. We have visited Palm Springs, Palm Desert, Carlsbad, San Clemente and San Juan Capistrano, CA; Stateline and Genoa, NV; Falmouth (Cape Cod), MA; New Orleans, LA; Hilton Head, SC; Fort Myers and Key West, FL; San Juan, Puerto Rico; Dominican Republic; Antigua; and Aruba on exchanges from those Orlando-based weeks. We also own an every-other-year floating week at a Westgate property in Las Vegas, which we have used there. We also own a floating week in Aruba, which we purchased for a fantastic price. Given the prices of nice hotel rooms in Vegas and Aruba, pre-paying for a large condo unit is a great deal!

Westgate operates and maintains its properties extremely well. While I am not pleased with Westgate's never-ending marketing, I am very happy with their service to owners.

Be knowledgable about the yearly maintenance fees that you must pay as part of your contract. Westgate's fees in both Orlando and Las Vegas are quite reasonable.

Don't ever let a week that you own go unused! You can so easily deposit your week into one of the exchange services (Interval International or RCI) and make exchange requests. Apparently a lot of people don't understand how to bank (or deposit) a week. I enjoy using II's and RCI's websites to deposit a week and make exchange requests. You can list a large number of resorts during a specific time period and wait for the system to match you with a property.

Always purchase a property and a time in the highest priority period. This will optimize your ability to get the type of exchange that you want.

We purchased in Orlando because it is truly a world-wide, highly sought-after destination. While I can't imagine going to Orlando for 2 weeks every year, I can use those 2 weeks and exchange them for travel to some fabulous properties.

I hope what I've told you helps you in your decision.

I can recommend a print publication, Time Sharing Today. It has very informative articles, and its want ads offer some outstanding prices for timeshare properties.

Hope this helps!

wallybrenda

Hey Volcam or any other timeshare owners,
Can you give me some ideas on timeshare properties that you recommend in Hilton Head??
We are thinking of going in late April 06...don't want to hijack this thread so feel free to email be at the address above.
Thanks..

mamajo

Wallybrenda...ask your question on TUG (Timeshare Users Group) @ http://www.tugbbs.com/forums/
Read my post above on this BBS.

TC

We own a flex timeshare in Mexico. Have had it for nearly 15 years and use it for a month each winter. We rented at the same property for three winters before buying. I highly recommend this strategy as it allows you to get to know the location and the property before making a long term commitment.

Before buying timeshare from the property, check the re-sale market for the condo you like. Many times timeshare resale is a fraction of the cost of original time - a bit like a used car. The depreciation is all on the front end.

My last suggestion is to buy time in a place that you like and want to return to year after year. Trading timeshare isn't a free proposition - there are lots of fees associated with the trade process and its not easy to get a prime location during high season. Primary owners book their time first and "traders" get what is leftover.

lvk

I agree with the recommendations of Tug2.net for info. You can get reviews on the resorts, post messages on the message boards, and check sales histories and check the classified ads to see current resale asking prices.

Redweek.com is another resource. Also, Ebay has alot of resale listings. Just make sure you are dealing with a reputable reseller.

I agree with the poster that said to buy in the US. Most Mexico timeshares are for limited time.

As for exchanges, you should go into it knowing that weeks during school vacation times are the hardest times to get. If you don't have kids and can travel in "off" months, you will have a lot more options.

My friend, who has owned for years, suggests that you buy in a high demand-low supply area like the California Coast, Hawaii. Orlando seems to have a glut of timeshares and might not be the best choice.

Another great thing about joining Interval International is the "getaway" option, where you can buy a week for a ridiculously low price, without having to trade your week. We recently stayed in the Marriott Desert Springs Villas - one bedroom condo for $325 for the entire week.

As always, my suggestion is do the research, do the math -factoring in all costs (closing, maintenence, exchange, etc.) and see if it makes sense for you.

zwho

Hi Yale, We own time with WorldMark, The Club. That means 1 week a year we can go to any of their properties or exchange with Interval International, based on availability. I wasn't for it. Its based on the west coast with most of their properties on the coast from Mexico to Canada. We live in the Midwest and vacation in New York and Europe. However, its turned out great. We have used it for Southern Spain, Northern California, and in August we'll use it for Hawaii and Las Vegas. It does cost some money, but you can't take it with you and it has forced us to vacation in places we would not have picked normally. I'm a city , shopping and museum kind of girl. Most sites are around water or mountains. Do not buy one as an investment. I have no idea if we would make or lose money, if we tried to sell, but for us, its working.

platzman

For way less than the price of a time share, you can book a nice place anywhere in the world on your own. And you won't be locked into monthly payments for the timeshare, yearly maintenance fees and all the rules you're obligated to follow.
The developers of these timeshare projects are raking it in.

karens

I have a friend with a timeshare and they go all over the place with theirs. She spends a lot of time researching and they really use it. However, it does seem that the places they stay sometimes don't seem the most convenient or desirable v. hotel rooms.

I just had a friend who asked me if a Ritz Carlton one sounded desirable. I told her that I had no idea. First I would have to know where they are located and see if they are places I'd actually want to go to. If they have a location in Vegas and Orlando and I have no desire to go there, that doesn't help me!

This would just never work for us. We generally don't like to return to the same place twice (or if we do, we don't stay in one location or town the whole time), and as much I love certain places there's no where I'd like to go every year. And of all people we certainly don't need any incentive to be "forced" to go away. But I also know people with that philosophy and it works for them.

The way I look at it - if you take the lump sum of $$$ you'd spend, you could plan a LOT of vacations, for many years to come. The timeshare is only your lodging, you still have to budget airfare, etc. Even if you figure your timeshare would cost $500/night, that's a lot of nights.

artsfan

We have two weeks in Williamsburg. When our kids were growing up it was often tough to plan ahead enough to get a good trade, especially since we were limited to school holidays. Now that we are empty nesters the timeshare is a nice way to get away and have plenty of space without spending a lot of money. The trades through RCI are not located ideally for travel in Europe, because most are in ski resorts (far from the sights). In New England many are converted motels, not so great. However, we have stayed in some great places.

In Mexico you almost always have to also pay the resort for all-inclusive food and water sports as well as paying RCI the exchange fee. We rarely found we saved any money, going to Mexico on a timeshare rather than getting a package vacation.