timeshare: good idea or no? Please help!
 

Am on a lunch break from a Wyndham pitch--which sounds like a bargain. Advice please?
Many thanks

noooo! don't do it unless you're convinced you will vacation there every year and you really love it.

it's not an investment

The salespeople are good at what they do, but you should never buy directly from the resort/developer.

Take time to make an informed decision by visiting http://tugbbs.com/forums/ (TUG stands for Timeshare Users Group). There is a wealth of knowledge and people there are happy to help. Many timeshares are currently being sold on ebay for $1 and many will give them away right now.

We own 4 timeshare weeks for 16 years now and love it. But you have to know what you're buying. If you did purchase already, you can still rescind and people on TUG can explain how. Good luck!

Before you buy anything from the developer find out what resale prices are for timeshares in the same area. they are often 50% or more less for the same units.

Also find out what timeshare trade opportunities they offer, and if there is a fee.

on eBay- really? Is that a safe way to buy one? Sounds a little scary to me

I would not buy a time share period. If you love a particular area and want to settle down there permanently then purchase of condo and rent it out the rest of the year. It will be a better investment.

We bought a time share back in the mid 1980's and have never used it - we exchange it thru RCI. However, we only use it once every two or three years?

Why - because often the places we want to go have no availability or no time share exchanges.

It is much cheaper to the pay hotel prices - because the timeshare will nickle and dime you to death with all kinds of outrageous fees that never stop.

Time shares are impossible to sell once you own them. So if you are paying $20,000 or whatever consider it money you won't get back.

The reason you can't sell them is because new one are continually being sold by developers to tourists who want a free dinner or boat trip worth about $100.

A friend just finished his 20 year "contract" on a time share in Mexico -- he now has the right to pay a huge stipend or discontinue it.
He actually loved the place and used it every year, but he added up all his costs there over the years. When he divided it out by the 20 weeks he used it, he discovered that total weekly cost was more than double what he would have paid just renting a place in the same complex.
I honestly think they are best for people who can't figure out how to save up for an annual trip, don't want the "work" of researching or finding a place each year, or need the push of having a place they HAVE to go every year, otherwise they might end up doing nothing. The idea of using them for trade to other places seems silly to me, adding up the cost of the initial investment, the maintenance costs, then putting the exchange costs on top of it. What is the point?

Well, if you are thinking of plopping down money and signing a contract with financial obligations that will last for years but you don't consider that an investment then you are on the right track. It certainly will NOT be an investment. Nor is throwing money in a trash can. I can't imagine why anyone would "invest" in something pretty major and NOT consider it an investment.

Picked up some bargain timeshare weeks (5)- in a Commercial Real Estate deal back in the early 80's, as part of the commission with the seller/developer and loved them

They were at the Rockaway Beach resort on the Oregon Coast - and while we only actually stayed there one night - we traded all over - and we stayed in Vail, Whistler, Snowbird, Park City, etc during ski seasons and some of those places and other nice resorts in the summer.

The annual HOA (Home Owner Association) fees (the usually HIDDEN joker in the deck) were very low - $100 a year or so, and back then - you could trade much more freely - plus the exchange fee was also lower back then.

We also later bought a week at the Cliffs Club - Princeville, Kauai - as we were on our Honeymoonn - '86 - as we loved the area (had been there before), I had a very good year with deals, and they were only $10k for a 2BR unit - and we enjoyed going back there many times, and I even served as an advisor on the Board of Directors and went over several times a year for free.

Then my sister moved to Central America - Costa Rica and later Nicaragua - and we stopped traveling to Hawaii as much -and did bank some weeks to trade - but it has just become more difficult to do all of that.

If anything - I would consider a point based system such as Wyndham has - started by Mariott? - but you are still overpaying, period.

If you take the cost of purchase (even a REPO)- and add in the HOA dues (which are alone worth about what you can rent a decent condo/week in many places) - not to mention the annual cost of belonging to a trading company (RCI or Instant Exchange, etc) - plus the exchange fee - you are way behind v. just checking ahead and renting a place somewhere at a good price.

Timeshares are an okay option for travelers. However, timeshares have gain a bad reputation for several reasons, some salespeople´s lack of ethics, rental and resale companies offering profits for marketing timeshares and, believe it or not, companies offering relief for unwanted timeshares by cancelling them.

The timeshare industry must perform a deep cleaning otherwise the industry will be severely affected because of the lack of trust. There are timeshre scam and timeshare cancellation stories of people who trusted their prayers would be answered.

There are good articles on how to use timeshares propertly.

http://www.timesharescam.com/

Diaagree Joe. Think it's a financial hole as far as paying for vacations.

ALL TIME SHARE OWNERS BEWARE OF SCAMS - ANY COMPANY ASKING FOR A FEE IN ADVANCE
Company Name: ANY COMPANY ASKING FOR A FEE IN ADVANCE
WE are currently investigating a group of companies who are involved in SUPOSEDLY buying and selling Time Shares in Mexico and many other countries.

We are warning you, that any company that is asking you for tax fees, broker fees, certificate fees, legal fees and ask you to send the funds because they will be returned to you IS A SCAM.
THE FOLLOWING COMPANIES AND NAMES ARE SCAMS

http://www.apfinancialsolutions.com/

http://www.bsmanagements.com/

http://www.totalcrediting.com/index_english.html

http://www.FamilyOfficePartnership.com

http://www.exclusive-propertymanagement.com/

http://www.thegarnergroup.com/buyer-info

http://www.all-starequityinternational.com

http://globalequityvalue.com/

Premier Financial and Closing Services

Pioneer Financial and Closing Services

NAMES INVOLVED

Timothy Ritter,
Lorraine Sanchez,
Caroline Mendoza, and
Roger Miller
Jorge Nunez
Walter Bergman

REGARDS,
RODOLFO BENITEZ
CENTRAL AMERICAN INVESTIGATIONS GROUP
WWW.CENTRALAMERICANINVESTIGATIONS.COM

Amen: Do NOT ever - repeat - ever pay an upfront fee to someone who promises to sell your timeshare. Psst - we have a red hot bunch of buyers in Florida and they are just dying to get a timeshare resale at less than the very high prices at our on-site sales office here at a new timeshare facility in Florida, so how much do you want for your timeshare, etc etc.

Again, all a scam - take your money and run type of thing.

There's a reason they call it Vacation Ownership-It OWNS you!

We own a timeshare through Divi resorts for Aruba. We love it there and we can trade and go to other Caribbean islands as well where Divi owns. We live on the East coast and like to go to the caribbean in the winter which is when we own our week. It is ok but to be honest if you figure your hotel/air together sometimes you can get better deals usually not in the winter months. Not sure we would do it again, we can go anywhere even europe but most of the hotels are in off places and not in the center of main cities.

Really "clarbrown"? You just found that nice site, eh? And then registered here specifically to tell us about it, along with whatshisname who also just found that site and registered to tell us about it? Coincidences abound.

But it's a scam! It says so! hahaha.

Wyndham is the Walmart of timeshares. Walk away, run away.