TIMESHARE uour opinion on buying timeshare
May 10th, 2008, 08:27 PM
#1
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TIMESHARE uour opinion on buying timeshare
I just wanted to know what are your views on the whole concept of owning timeshare, if yoy brought it how happy you are with it, if you usually get your week that you requested etc.
May 10th, 2008, 08:42 PM
#2
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No, no, no no! Don't do it! I bought into Royal Aloha and stayed at their units on Oahu, and Kona, and in Acapulco. I believe that was in the 80's.
When I was considering buying in, the units looked quite elegant, but they soon began to look shabby. The Kona unit didn't have air conditioning, and it got pretty hot. The maids would totally clean out the cupboards, so one always had to buy every bit of food you'd need, including salt and pepper. A minor point, but pretty irritating.
I later rented condos in which cupboards always contained non-perishable food left by other guests. That was convenient.
The units were not the prime apartments in the building. They really didn't measure up to other places that I rented, and the management fee went up every year. Finally, after I'd finished making the payments, the management assessed a fee equal to 25% of what I'd paid in the first place because the units needed updating. I decided that it wasn't worth that assessment, and I just let my membership lapse. I assume they sold my week to some other unsuspecting sucker.
It was also not easy to get the week I wanted, and some locations had to be booked a year ahead of time.
By the time I paid for the week and the ever-escalating management fee, I don't think I saved much money, if any.
When I was considering buying in, the units looked quite elegant, but they soon began to look shabby. The Kona unit didn't have air conditioning, and it got pretty hot. The maids would totally clean out the cupboards, so one always had to buy every bit of food you'd need, including salt and pepper. A minor point, but pretty irritating.
I later rented condos in which cupboards always contained non-perishable food left by other guests. That was convenient.
The units were not the prime apartments in the building. They really didn't measure up to other places that I rented, and the management fee went up every year. Finally, after I'd finished making the payments, the management assessed a fee equal to 25% of what I'd paid in the first place because the units needed updating. I decided that it wasn't worth that assessment, and I just let my membership lapse. I assume they sold my week to some other unsuspecting sucker.
It was also not easy to get the week I wanted, and some locations had to be booked a year ahead of time.
By the time I paid for the week and the ever-escalating management fee, I don't think I saved much money, if any.
May 10th, 2008, 09:45 PM
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My sister is a big believer in the time share concept. She and her husband have happily owned one at The Ridge at Tahoe for many years. And they recently bought into another one owned by a larger company so they can trade places around the world.
They use their time at The Ridge, and they are given very good rates if they want to rent a unit other than their own. They can even extend that owner's rate to others, for last-minute booking. My daughter has taken advantage of it many times, renting very nice one bedroom condos at The Ridge for only about $129/night, during ski season no less.
My husband and I, on the other hand, took the other route and bought a second home many years ago. It's always available, of course, but it's pretty expensive when you add up insurance, maintenance, heating, taxes, etc. It appreciated tremendously, of course, but I'm still not sure it's better to own than to time-share. There's something to be said for both options, if you know what you're doing.
With the real estate market so low now, it is a good time to buy, if you can afford it.
>-
They use their time at The Ridge, and they are given very good rates if they want to rent a unit other than their own. They can even extend that owner's rate to others, for last-minute booking. My daughter has taken advantage of it many times, renting very nice one bedroom condos at The Ridge for only about $129/night, during ski season no less.
My husband and I, on the other hand, took the other route and bought a second home many years ago. It's always available, of course, but it's pretty expensive when you add up insurance, maintenance, heating, taxes, etc. It appreciated tremendously, of course, but I'm still not sure it's better to own than to time-share. There's something to be said for both options, if you know what you're doing.
With the real estate market so low now, it is a good time to buy, if you can afford it.
>-
May 10th, 2008, 09:47 PM
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Just do the numbers. When you figure in all of the costs, I think you will find it to be a really bum deal. For the price you pay for that week, you can rent a really nice place of your choice almost anyplace in the world, IME.
May 10th, 2008, 09:53 PM
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Do you really want to be locked into the same location, same time of year for your vacation? Sure, you can trade to another location, or another time of year, but that costs over and above your timeshare payment. There's no guarantee for the quality of the unit you'll get elsewhere. The fees will pile up, so it will end up costing more than you're expecting. What if your income changes and you can't afford it any longer? If you're not locked into a timeshare, you can just forgo your vacation and save money; with a timeshare, it's the same as a mortgage - you're obligated to pay, no matter what. Keep that in mind. It's cheaper to pay as you go... really!
May 10th, 2008, 09:58 PM
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Yep, Techwriter has it exactly right, IMHO. The other part of the equation is that the salesman will lure you with talk about your "equity"
Right --
Just try and sell it and see what sort of "equity" you can get out of it.
Been there, done that --
Right --
Just try and sell it and see what sort of "equity" you can get out of it.
Been there, done that --
May 10th, 2008, 11:44 PM
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I agree w/last 2 posters..my husband & I had looked into it &
decided the cons did not outweigh the pros.
Also do not want to be locked into same place every year.
Thankfully, we didn't as now, as a widow, I do not want the hassle & prefer B&B;s, boutique hotels, etc.
which serve my interests better.
decided the cons did not outweigh the pros.
Also do not want to be locked into same place every year.
Thankfully, we didn't as now, as a widow, I do not want the hassle & prefer B&B;s, boutique hotels, etc.
which serve my interests better.
May 11th, 2008, 04:01 AM
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If you go to a timeshare talk - especially the kind linked to free hotel/trip, beware. Leave your checkbook at home and bring someone with you.
My husband and I firmly believe that timeshares are a ripoff for us. We would never buy one. That said, we have been to 2 timeshare sales talks (to get free hotel, etc) and both sat there ready to buy 6 of them immediately - these sales people are amazingly persuasive and good at what they do.
My husband and I firmly believe that timeshares are a ripoff for us. We would never buy one. That said, we have been to 2 timeshare sales talks (to get free hotel, etc) and both sat there ready to buy 6 of them immediately - these sales people are amazingly persuasive and good at what they do.
May 11th, 2008, 06:39 AM
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www.tug2.net has lots of timeshare info, including resales, etc. DO NOT BUY FROM THE DEVELOPER! You can almost always find a timeshare cheaper on the secondary market. DH and I have owned in Las Vegas for 5 years now. We have always managed to rent out our unit in the years that we haven't used it. And since we bought it very cheap by resale, we save a LOT compared to staying in a hotel there!
May 11th, 2008, 06:47 AM
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Quite possibly the biggest rip-off/scam on the planet. Please compare the cost of the time share w/any other similar vacation. A) you won't save any $$ - B) you won't make any $$ - C) they are like herpes - once you get one, you'll have it for life.
May 11th, 2008, 07:55 AM
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As in all things, this is not a one-size-fits-all question or answer. We have 2 weeks in a small place on Cape Cod that directly overlooks the ocean. My husband *wants* 2 weeks on Cape Cod every year and the cost/availability of other ocean-front property is either prohibitive or non-existent.
However, this is very different than owning a week or weeks in a place that is rife with hundreds of large complexes all in the same area.
Many people are unhappy with their timeshares and this makes resales very cheap. If you want to buy one, explore eBay for bargains, but educate yourself on the properties and areas b/c you, IMO, have to be willing to use the time you actually buy and not count on it for the trade potential.
However, this is very different than owning a week or weeks in a place that is rife with hundreds of large complexes all in the same area.
Many people are unhappy with their timeshares and this makes resales very cheap. If you want to buy one, explore eBay for bargains, but educate yourself on the properties and areas b/c you, IMO, have to be willing to use the time you actually buy and not count on it for the trade potential.
May 11th, 2008, 02:19 PM
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great responses, thanks for all your input, I think it is just as youall said, a lot can go wrong, and some of them are like a big scam though some people believe in them,,,,
anymore suggestions
anymore suggestions
May 11th, 2008, 06:08 PM
#17
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Don't tie yourself down to buying a timeshare, there's a lot of red tape when you want to switch options, etc. We knew that and almost bought one anyway - the sales people are SO persuasive and at the time they actually seemed to make sense. You can rent gorgeous unused time shares weeks for as low as $329...we are booking one for the fall.
May 11th, 2008, 09:16 PM
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Never ever ever ever purchase from a developer. ALWAYS purchase on the secondary market if you decide it is for you. You can tell if a timeshare salesperson is lying: his/her lips are moving. If you purchase a timeshare mainly to trade, be prepared to be very flexible to weeks/locations when you're trading.
