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re: Thoughts on timeshares
Posted on 7/6/15 at 2:20 pm to Ellakennedi
Posted on 7/6/15 at 2:20 pm to Ellakennedi
What is so bad about these? I think my parents bought a 10 year one when I was younger and we would use them all over the world once a year. Been to Cancun a few times and Hawaii with them and a few countries in Europe. Definitely seemed like it was worth it to me. Then again, I wasn't paying the bills
This post was edited on 7/6/15 at 2:20 pm
3
Posted on 7/6/15 at 2:24 pm to Dr. Shultz
A 10 year one? I'd verify that's legit. Most timeshares don't come with an ending point. Also, I'd be curious to know what their maintenance fees are today compared to 10 years ago.
Posted on 7/6/15 at 2:28 pm to Dr. Shultz
quote:
What is so bad about these?
Because, by the time you pay the maintenance fees (which go up every year) - you could have just shopped around for hotel rooms at the exact properties you want. There is no resale value - as you've seen in these threads, people give them away or pay the resort to take them back.
So, middle-class people are better off picking a brand they like and pouring themselves into the reward program for that. Rich people are better off buying a vacation condo, and VRBOing out the unused weeks, thus making money off their vacations.
Disney is probably the only exception to no resale value - and some people are "Go to Disney every year" type people.
This post was edited on 7/6/15 at 2:29 pm
Posted on 7/6/15 at 2:35 pm to Dr. Shultz
I vividly recall a few years back sitting dumbfounded as my parents, who are far from being well off, proudly announced at a big dinner (that I was paying for) that they had invested all of their savings in a timeshare. I wasn't looking for inheritance but this is money they will need to live in the coming years. They bragged to all present how I was "going to inherit" the timeshare contract. Never once asked me if I was the least bit interested. I just know that I am going to be paying for them later in life and I just can't wait to find out what kind of damn contract they have gotten themselves into with this thing. I asked to see the agreement but they never would let me have a copy. No clue how bad this is going to be.
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