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re: Can Someone Educate Me On Timeshares & If This Is A Bad Deal.
Posted on 5/16/16 at 9:54 am to Sho Nuff
Posted on 5/16/16 at 9:54 am to Sho Nuff
quote:
Hey, Dave, I'd like those 12% a year guarantees, please
yeah. that's completely laughable. a timeshare is a vacation spot NOT an investment. Although you do want to make sure you will use it enough and get in at a good price point, if not walk away. I can use my timeshare to go all over the world. Use it every other year and i got in on the cheap years back. made it all worth it. It's paid for itself a few times over. Sure, i still have my annual dues but you will have expenses and maintenance on a vacation home you purchase also. plus if you do not keep tenants in your vacation home you can be a victim of theft or vanadalism. You're still paying a manager to take care of lawn and other things. Are you going to rehook utilies every time you go and pay deposits over and over or leave them on all year regardless? Less headaches with a timeshare. Unless you will live in your vacation property half the year then that may be doable. But buy one for just a few weeks a year usage? That can possibly be what some here call a money pit if not treated like a full time investment property.
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Posted on 5/16/16 at 10:20 am to dabigfella
My in laws have one. You can't look at them as an investment. I compare them to leasing a car. If someone likes to keep a car for 15 years, then leasing is a bad idea. But if you know you will buy a new car every two years regardless, then leasing will save you some cash. Same with a timeshare. It is like a vacation club for people who like to travel. If you know you are going to travel, and enjoy staying in high end places, it can save you some cash. You can also trade out to other places. My wife and I have been on some wonderful vacations because of theirs. They always take a big trip every year, then have enough points left over for us to use. I think after their initial purchase, they spend 2-3 g's per year on fees. They get 3-5 amazing vacations a year out of it, so it probably saves them a few grand per year, while allowing them to stay in high end resorts.
Posted on 5/16/16 at 10:28 am to dabigfella
With the newer "vacation club" model of timeshare, as opposed to actually co-owning a unit, it makes it much more high end. You also have NO CONTROL WHATSOEVER about anything.
It's hard for me to justify owning something when I have no vote in it.
I look at these as a way to pre-pay/lock-in a portion of your future vacation costs, but as a non-refundable payment. The maintenance fees, if they rise faster than hotel rates at a comparable location, will eventually make this a bad deal.
If you happen to be able to sell it down the road and get something, anything back, consider it a bonus.
While that price for the R/C does look good, why has it lost 79 percent of value? Is there no market for these? Is it the original company reselling them, or just a third party agent?
Also, are you in a position in life where you can take a three week vacation all at once? I know I'm not.
Also, know this: Timeshare sales make the developer a whole lot of money... that's why they have exploded in growth. It's like going to a casino, you will likely lose, you might on a single day win, but the house always wins.
It's hard for me to justify owning something when I have no vote in it.
I look at these as a way to pre-pay/lock-in a portion of your future vacation costs, but as a non-refundable payment. The maintenance fees, if they rise faster than hotel rates at a comparable location, will eventually make this a bad deal.
If you happen to be able to sell it down the road and get something, anything back, consider it a bonus.
While that price for the R/C does look good, why has it lost 79 percent of value? Is there no market for these? Is it the original company reselling them, or just a third party agent?
Also, are you in a position in life where you can take a three week vacation all at once? I know I'm not.
Also, know this: Timeshare sales make the developer a whole lot of money... that's why they have exploded in growth. It's like going to a casino, you will likely lose, you might on a single day win, but the house always wins.
Posted on 5/16/16 at 11:43 am to LSUFanHouston
Are you paying cash? If you are financing $20k then how much is the interest rate?
The issue, as others have said, is its extremely hard to get even half of your initial investment back. Most people sell them for pennies on the dollar if not giving them away to charity or something.
I would never do it because its not easy to get out. Its one thing if you have nothing in it up front and can leave anytime, but if you have bend over backwards to leave or sell at major loss that is enough to me to never do it.
The issue, as others have said, is its extremely hard to get even half of your initial investment back. Most people sell them for pennies on the dollar if not giving them away to charity or something.
I would never do it because its not easy to get out. Its one thing if you have nothing in it up front and can leave anytime, but if you have bend over backwards to leave or sell at major loss that is enough to me to never do it.
Posted on 5/16/16 at 11:49 am to baldona
I bought one on ebay for 100 and a 200 dollar transfer fee. It's great we love the location... Know anybody that wants to buy it?
Posted on 5/16/16 at 1:54 pm to SECdragonmaster
quote:
I have sat through 4 timeshare talks and never understood the actual costs that I would be agreeing to pay. It's constant bait and switch and relationship building.
quote:
Due to all of the above, I don't understand why anyone would consider one.
So why did you go on a presentation 3 more times? You like wasting yours and others time? I've never in my life been on a timeshare presentation and for the life of me cannot understand why someone would want to sit through pressure sales for a free dinner. Believe it or not those people selling timeshare are actual humans with jobs to support their families and get fired when they keep talking to people who keep going on presentations for a gift.
I don't like being sold at, no way I'm signing up to be sold to for hours. I can buy my own dinner.
Posted on 5/16/16 at 5:27 pm to Joe D Grinder
quote:
So why did you go on a presentation 3 more times? You like wasting yours and others time?
Haha my damn dad used to drag the family to these to get free gift cards/tickets. I hated siting through the damn things but it was so funny watching my dad argue for the free stuff when they were pissed that he didn't buy.
Posted on 5/16/16 at 7:28 pm to baldona
quote:
Disney Vacation Club is something similar.
We belong to the DVC and we could make our money back and than some as we bought in 13yrs ago before it got to popular. All of our points are now paid for and we pay about $1200 /yr in taxes and maintenence fees to our home resort . I think it is more desirable than a standard timeshare maybe a little different depending on how you use your points.
This post was edited on 5/16/16 at 7:36 pm
Posted on 5/16/16 at 7:51 pm to swanny297
I own DVC as well. My parents bought in 1992 when it first started. For it to be "worth it", you should pay up front without financing and buy resale using your points only for disney resorts and none of the extras (cruise, adventures, etc). For us, it's less an investment than something we use as a vehicle to stay in nice hotels the cheapest way possible in the long run with the understanding that we want to vacation to Disney every couple of years. The bank and borrow is nice.
FWIW, we own at Saratoga springs and Bay Lake. Very low maint fees at both. We bought Saratoga first at the bottom of the market for $57/point and Bay Lake for $120 (most recent purchase). We could sell both contracts now and come out way ahead thanks to Saratoga. Bay Lake would break even.
FWIW, we own at Saratoga springs and Bay Lake. Very low maint fees at both. We bought Saratoga first at the bottom of the market for $57/point and Bay Lake for $120 (most recent purchase). We could sell both contracts now and come out way ahead thanks to Saratoga. Bay Lake would break even.
This post was edited on 5/16/16 at 7:53 pm
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