I've heard horror stories about people getting ripped off with Timeshares. However, I know a guy who has had very good luck with his. He has two with a couple of weeks each at different resort areas not terribly far from his home. One is large enough that all his children and grandchildren can join him and his wife for a week. They have a great time. He has also traded - I'm not sure how that works - weeks so when they traveled to places like Hawaii, they would have a place to stay. He doesn't plan to sell his - his kids are fighting over who inherits them. I think the key is doing lots of research and dealing with reputable people.
back in the 80's i filled a garage with all the free junk i got from going and listening to the time share
pitches. never bought into one. just stayed long enough to get free gift , then went home.
StillAYankee,
it depends on how well you like staying at a particuliar place for vacation. - for example, buying a timeshare CAN be a good idea, if like me, you go every year to fish/hunt/do something else at the same place.
(we spend most of JAN every year at Oak Island, NC & i generally go to the same town in south TX, for 2 weeks,to surf-fish each OCT.)
IF a timeshare "fits" you, go with a RESELLER, of which there are several.= you'll save LOTS of $$$$$$.
yours, Otter
StillAYankee,
otoh, i turned down a timeshare of 2 weeks at Atlantic City for FREE (about 2 months ago), because i had no interest in that resort.
yours, Otter
Timeshares?? Poorest investment I can think of. Hard sell after one is lured with the 'free trip' or whatever else they are giving away. From the inside, one who was hired to sell these extravagant pieces of paper, believe me. Save your money. Don't go to the 'free events.' For most will have a hard time walking out without having committed to pay $10K, $20K for weeks at resorts they will rarely, if ever use.
Selling time shares is extremely difficult. One can expect to, if they are lucky enough to find another sucker, unload their time share at 50% or less of what they paid for it.
When one adds up the amount of money for a time share, and then restricted to given weeks each year, and compares them with renting a condo of their choice, or a private home for even less, with unrestricted options as to where -- maybe this year Spain, maybe next Bermuda -- which one can't do with most time shares, they are a very, very poor deal.
PS: Just a look at the time share resellers, selling time shares at 50%, 30% of their value should indicate they are no 'investment' but a waste of hard earned money. One takes a big loss trying to find another sucker to buy one off of you.
I love my timeshare! I got in in '98 from a packet in the mail. You know....'pay only $$$ and have a trip to FL, then a free weekend at some exotic place..etc.' Well I did it! And I've never regretted it. Let me explain.
The packet was $199 to go to Ft Lauderdale to listen to the speil. Plus tickets to the inland waterway tour, 3 nights in Ft Laud, 3 nights in Orlando. 3 nights in Aruba, 3 nights in Nassau, plus a rental car to get around for the 2 weeks. Couldn't pass it up. The speil.....billed for 90 minutes, but took 5 hours. Pain in my ass. BUT, they kept sweetening the pot and I finally said yes when it became 4 weeks a year in a 2 bedroom, sleep 10 unit that I could trade anywhere in the world because it's all red time. I paid $8000 cash.
Trading....I got a 10 yr membership to RCI free, so I do all my trading with them. When the 10 yrs ran out, I made them give me another 10 for free or I was going to go with Worldmark. I pay $149 a year in property tax, $179 in Maintenance fees, and trade for $169 a week. (It would be only $149 if I traded domestically) It's $1004 a year to have a month anywhere I want. The unit of course is fully furnished, dishes, linens, WD. etc. Full kitchen 2 full baths.
I have NEVER been back to FL....I spend a month a year on a different Caribbean island, diving my heart out! It magical. I take friends with me who are more than happy to pay part of it.
For me it's great.
We love being timeshare owners. My husband and I both saw timeshares we loved and purchased. We negotiated great deals. His for about 60% of the asking price. He purchased (in the Poconos) after staying in one of his daughter's units. That was a year or so before we saw the one I just had to have. I purchased my original timeshare, which sits right at ocean front in Atlantic City, for only 38% of the initial asking price, was given an extras package free, plus negotiated a no interest deal. When I upgraded to it's sister resort in Brigantine, a cute little beach community, I also did a no interest deal, both of which saved significant amounts of money. My husband's timeshare also has a sister resort.
Both our timeshares afford us stays in one bedroom suites with kitchens at owner rates (37% - 50% off) and access to all amenities including at each of their sister resorts. These stays are in addition to the flexible weeks we are entitled to annually. Each of the timeshares and their sister resorts are within driving distance, so we'll save on airfare whenever we choose to stay in these suites. Because they have full kitchens we save on restaurant costs and don't have to worry about finding places that can accommodate our dietary restrictions. Clean up is no hassle because there are dishwashers in the units. Some suites also have washers & dryers.
We had already decided we want to take trips at least every four to six weeks. I started comparing costs. I found that with the frequency we expect to travel yearly, even considering our initial costs and fees involved, we'll save thousands on travel over the next decade (or hopefully two decades). In addition, when we can no longer travel or upon our demises, our timeshares will pass to our heirs. My oldest grandson already indicated that he's interested in traveling (he mentioned Paris first) so this will be ideal for him. Also, ownership provides an inexpensive way to gift honeymoon trips when the grandchildren get married.
I had upgraded mainly because the Brigantine timeshare is remodeled with decor I love. It has stainless steel appliances, granite counter tops, large bathroom with a huge jacuzzi tub and suana, a half bath, king bed, chaise lounge and great closet space. Also ownership involves the points system thru RCI exchange company. RCI has points deals, inexpensive Getaways including last minute offers and an incredible amount of flexibility as to where, when you can go, for how long and how much you spend. I like that I can go to my page, choose resorts anywhere in the world based upon appearance, ratings and RCI member reviews, then book the deal right on online immediately. Points are allotted at the beginning of each use year and we can use them as we choose, roll them over to prepare for more "point expensive" trips, borrow against the next year or purchase more. To give you an example of the type of deals, our last vacation was in Atlantic City. I chose a studio because there was a better chance of getting a unit that faces the ocean in that resort (not one of our home resorts). The entire week cost $214 (booking fee & trip cancellation insurance) and less than 1/4 of our point allotment for the year. Because we used points, the 14% A.C. tax did not apply. According to Trip Advisor's average price for that resort, one week would have cost $1,141 including tax had we not gone through RCI.
Another available option is to book a Getaways or last minute trips using cash not points. Current deals in A.C. and Brigantine, are $254 for a one bedroom suite. For these deals, no booking fees apply. In some instances, a two bedroom can be booked for the same prices and points. Simple hotel rooms in A.C. go for $245 per night on the weekends and from $89 to $149 per night during the week. RCI's deals are so affordable that if there were ever an emergency and we had to leave home for weeks, we would stay at an RCI resort or resorts. An added bonus: using their credit card gives reward points. There may be times when a trip would cost half of what we paid for A.C. because one of the ways we can cash in rewards is to use them toward the fees.
As far as people getting ripped off, it's important to deal with reputable establishments and here's a tip: never take the first price offered, nor the second and I our case, the third. I wore those sales reps out....believe me.... so their manager came with a deal I simply could not refuse. The tour and negotiations take time. They will try the hard sell but understand exactly what you're getting and if you don't or you're uncomfortable with how it's going down...walk away. I was in the Eons Timeshare group and someone there actually purchased a timeshare off eBay for $1.00 and never had a problem. I would have been leery but it worked for her. There are timeshare resale sites as well. As with everything else in our ever changing, full of scams world....just be knowledgeable, use common sense and proceed with caution.
I've posted pictures of my home resort in the group's photo section.
Wow, thanks for these great responses! Looks like the moral of the story is SHOP AROUND, KNOW what you might be getting, AND TALK THEM DOWN on PRICE and EXTRAS! Makes sense that you can do that because of the nature of the high-pitched sales effort.
Glad to see that there are some positive stories. I always just assumed that they were for rich people who couldn't do math! But some of you have had great success.
My 'vacation life' has never been settled enough to consider this. I'm always flying to visit my family. Then flying to visit friends from my home town. For many years I flew on ski trips and got great prices being in an organized group. This was how I got to Europe for a very low price. Now I fly to see my boyfriend on the opposite coast (!) so I'm becoming adept with airline and credit card rewards plans! I don't anticipate that a timeshare will ever be relevant for me.
Comment deleted by an Administrator
