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Looking for feedback on timeshares
Posted on 7/26/11 at 3:08 pm
Posted on 7/26/11 at 3:08 pm
Started a thread months ago about condo ownership and got enough negative responses to make me pass on what we were looking at doing. Having said that, I'm looking into timeshares now and just wanting to see if i can get as much feedback as i can on those.
This post was edited on 7/27/11 at 10:59 am
7
Posted on 7/26/11 at 3:12 pm to chadg
I have never understood the point of a timeshare. Especially in today's environment. Why not just rent a nice place for the week then leave...no worries.
Posted on 7/26/11 at 3:14 pm to chadg
We have had one in the family for about 10 yrs and it has been used once. To get a location and time that works, the lead time is just huge. If you do a little searching you will find that people are almost willing to pay people to take them off their hands.
The whole idea is great, but in reality for most people it's just too inconvenient.
The whole idea is great, but in reality for most people it's just too inconvenient.
Posted on 7/26/11 at 3:25 pm to Sigma
quote:
The whole idea is great, but in reality for most people it's just too inconvenient.
It sounds like a great idea, but i just don't know enough about it.
Posted on 7/26/11 at 3:49 pm to Sigma
quote:
If you do a little searching you will find that people are almost willing to pay people to take them off their hands.
This is so true. They are practically worthless once you buy them.
Posted on 7/26/11 at 3:56 pm to Haughton99
We bought one 3 years a go. We love it, my only advice is only buy a marriott or Hilton.
Posted on 7/26/11 at 4:38 pm to reb13
Generally regarded a completely inferior to just renting a place whenever you want one.
Also, that way, you get to see different places.
Also, that way, you get to see different places.
Posted on 7/26/11 at 4:56 pm to TheHiddenFlask
We fell in love with the place my best friend's family & I stayed in this past week.
There's a guy there that wants to sell a 1700SFLA 2BR/2.5BA one for $19,900 that we met while we were staying there. It's a floating week, as far as what he says, which I have no idea WTF that means in "timeshare-ese".
My friend & I were discussing it while we were there, and it seems like it'd make more sense to buy a 4-5 BR beach-house or nice condo in a development, and then rent it out through a service or VRBO type thing and let it pay for itself...
What makes more sense? A tiny initial investment between 2-3 families (>7K/family), or going big, whacking it up 6-7 ways, and then renting it out when you don't use it?
There's a guy there that wants to sell a 1700SFLA 2BR/2.5BA one for $19,900 that we met while we were staying there. It's a floating week, as far as what he says, which I have no idea WTF that means in "timeshare-ese".
My friend & I were discussing it while we were there, and it seems like it'd make more sense to buy a 4-5 BR beach-house or nice condo in a development, and then rent it out through a service or VRBO type thing and let it pay for itself...
What makes more sense? A tiny initial investment between 2-3 families (>7K/family), or going big, whacking it up 6-7 ways, and then renting it out when you don't use it?
Posted on 7/26/11 at 5:15 pm to chadg
I know someone who has a timeshare (2 believe or not) up in Hot Springs, AR on Lake Hamilton.
The people who have it both work in the school system, so they know when they are going to have enough time off in order to get the week they want. They pay $300/per timeshare/per year for "maintenance" fees. This yearly fee is "cheaper" than renting a somewhere on the lake for the same amount of time. They were talking a couple of years back about unloading it, but the people in this thread are right. You pretty much can't find anybody to purchase it, and to someone who you do, you lose enough money on the thing that it makes you not want to really sell it. It's definitely a money sink if you don't think you'll have ample time or be able to use it every year.
I think the biggest thing that ropes people in is the idea that you do exchanges if you are in a program like RCI. The problem with that is that you are only going to be able to get those exchanges in off-season (b/c owners of those timeshares get priority). Which sucks for most, because you'll never get an exchange hardly in the summer unless you plan well in advance and it may not be that great of a destination place. However, they are about to retire, so they think they'll be able to do more with their exchanges and travel internationally more at will including the off-season.
Timeshare are good in concept and good if you take them for what they are. Since I've seen on the surface how it works (still not privvy to the ins and outs of it), I'd rather just have a vacation home rent it out on VRBO (as above poster is mentioning) and there are site that do home exchanges as well.
The people who have it both work in the school system, so they know when they are going to have enough time off in order to get the week they want. They pay $300/per timeshare/per year for "maintenance" fees. This yearly fee is "cheaper" than renting a somewhere on the lake for the same amount of time. They were talking a couple of years back about unloading it, but the people in this thread are right. You pretty much can't find anybody to purchase it, and to someone who you do, you lose enough money on the thing that it makes you not want to really sell it. It's definitely a money sink if you don't think you'll have ample time or be able to use it every year.
I think the biggest thing that ropes people in is the idea that you do exchanges if you are in a program like RCI. The problem with that is that you are only going to be able to get those exchanges in off-season (b/c owners of those timeshares get priority). Which sucks for most, because you'll never get an exchange hardly in the summer unless you plan well in advance and it may not be that great of a destination place. However, they are about to retire, so they think they'll be able to do more with their exchanges and travel internationally more at will including the off-season.
Timeshare are good in concept and good if you take them for what they are. Since I've seen on the surface how it works (still not privvy to the ins and outs of it), I'd rather just have a vacation home rent it out on VRBO (as above poster is mentioning) and there are site that do home exchanges as well.
Posted on 7/26/11 at 6:48 pm to chadg
We have a Disney timeshare and it's on a different level. They use a point system. I get it for the next 42 years. I can choose to go or not. If I don't go one year, I bank my points to the following year. Works wonderfully for us.
Posted on 7/26/11 at 7:49 pm to Camp Randall
quote:
Why not just rent a nice place for the week then leave...no worries.
1) because we like where we go, and we go often
2) we also own a portion of property with it and have the deed
3) to stay where we stay without owning the timeshare would have cost us tens of thousands of dollars more over the course of our vacations than they did or do now. well worth the timeshare discount.
4) we can rent it out and make money if we choose not to go. we are doing just that this year.
5) The one we have does not limit you to your home resort only. we can exchange for hundreds of places around the worldso you ARE NOT stuck at one resort somehwere like most timeshares do to you.
This post was edited on 7/26/11 at 7:55 pm
Posted on 7/26/11 at 7:50 pm to Broke
quote:
We have a Disney timeshare and it's on a different level.
DVC member? Us also. It is awesome indeed.
Posted on 7/26/11 at 7:53 pm to Sigma
quote:
the lead time is just huge.
sometimes. depends where you stay. we get them last minute all the time at saratoga springs.
Posted on 7/26/11 at 9:18 pm to Broke
quote:
Posted by Broke
We have a Disney timeshare and it's on a different level. They use a point system. I get it for the next 42 years. I can choose to go or not. If I don't go one year, I bank my points to the following year. Works wonderfully for us.
We have a Marriott one and ours is indefinite, it lasts forever. The Marriott timeshares are bad arse but the ones on interval are meh. You need to have flexibility within your system, like banking your points.
Posted on 7/26/11 at 9:28 pm to reb13
quote:
like banking your points.
yep. DVC banking is great.
Posted on 7/26/11 at 11:09 pm to Fat Bastard
My parents have that and rarely use it so they let me and the wife use it once a year. We've been to NYC 2x and cabo San Lucas. Dvc IMO is awesome.
Posted on 7/27/11 at 7:48 am to chadg
In this day and age, I just don't see the need for it. I guess you can create some magic with numbers and show me that it is worth it, but I doubt it.
I know some people that got into some timeshares 15-20 years ago and seem to have gotten in on some good deals, but in general condo markets are over built just about every where with this economy.
No area ever seems to be close to being fully booked except on a few holidays in the year. I just pick where I want to go and find the best deal. There are some very steep discounts these days.
I might consider Disney, but that is the only one.
I know some people that got into some timeshares 15-20 years ago and seem to have gotten in on some good deals, but in general condo markets are over built just about every where with this economy.
No area ever seems to be close to being fully booked except on a few holidays in the year. I just pick where I want to go and find the best deal. There are some very steep discounts these days.
I might consider Disney, but that is the only one.
Posted on 7/27/11 at 10:05 am to Fat Bastard
quote:
DVC member?
Yes.
quote:
Us also. It is awesome indeed.
It really is awesome. We've stayed at Animal Kingdom and Bay Lake Tower so far. We even brought family and put them up.
Posted on 7/27/11 at 10:22 am to Broke
quote:
It really is awesome. We've stayed at Animal Kingdom and Bay Lake Tower so far. We even brought family and put them up.
great! Our two home resorts are Boardwalk and Saratoga Springs. How did you like Bay Lake Tower? That is by the old contemporary resort right? WHat about Animal Kingdom? I am going to try Beachclub next time.
Posted on 7/27/11 at 11:04 am to Fat Bastard
quote:
How did you like Bay Lake Tower?
fricking incredible. We stayed overlooking Magic Kingdom (read more points) and it is by the contemporary which is also nice. Animal Kingdom is great for kids. We always do Savannah view which overlooks the animals. Our home resort is Animal Kingdom.
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