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7 Responses to “Is Buying A Timeshare Worth It? The Annual Fees Equal $500, So About The Cost Of A Cheap Hotel Anyway?”
Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.
BIG “NO,NOS” IN TIMESHARE:
*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU
*It is not a financial investment
*Don´t buy if you plan to rent it
*Don´t buy if you plan on reselling
*Don´t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER
THE RIGHT CIRCUMSTANCES:
*This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.
*Get it in an area the you LOVE and that you would visit every year without a problem
*Get it in a very nice Resort (where normally people would pay at least $200 a night)
*Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee.
HERE ARE THE NUMBERS:
$200 USD a night (in a decent resort) x 6 nights = $1200 USD
Maintenance fee in a NICE RESORT x 6 nights = $700
*Maintenance in a “decent resort” x 6 nights = $400
In my opinion, the only reason time shares even exist is so that whoever financed the construction of the property can make a lot more money than they would by selling the whole building outright or doing nightly rentals.
If you do nightly rentals you have to maintain a large staff … housekeeping, front desk, room service, security, whatever. If you sell the property outright you’ve completely washed your hands of it.
If you make it a TIME SHARE… you get to collect annual fees on top of the portioned out purchase price; and don’t have to hire as much staff as a hotel.
If you want really good information I suggest you find classified ads offering second hand time shares for sale, call the people and during the conversation ask if they’re making a profit or taking a loss, why they’re selling it, and how easy or difficult it’s been to resell.
Well my Mother in law owns 2 seperate time shares and highly recommends it. Me I say heck no. Not worth it.
I think its all on how much you travel, how many times a year.
Sure it might only be 500 for annual fees but what about the price of the unit and the monthly payment you would have on it.
lets just say the unit costs 15,000 and 200 a month plus your annual fees, that is 2900 a year. And 200 a month is on the cheap side. Would you normally spend $2900 for 1 vacation 1 time a year?? Remember most time shares are for 1 specific week of the year.
Timeshares can be a great way to vacation or they can be a royal pain in the neck. Before you invest in a timeshare, I have 2 recommendations: (1) read Timeshare Vacations for Dummies and any other research you can; and (2) look for good deals on the resale market like eBay.
I recently bought a timeshare for $1 on eBay plus closing costs of about $450. The annual dues are about $780 and the timeshare is had a resort in Hawaii. See the link below. I know it is a good resort because my parents own there and let me use their unit for my honeymoon. For about $100 a night, I can spend a week at a nice resort on the beach in Hawaii.
I have a “floating” week, meaning that I never know if the time I want is available. I can also “trade” my week through an organization called Interval International for an exchange fee of about $129. The key to getting the most out of your timeshare learning how the reservation system works.
Biggest rip off in the world. If you sit down and figure out the annual cost you will see why. Figure in the original cost and the annual fee. The crooks who own these “resorts” are making a killing. I went to one and had the place in a panic as I laid out the costs to first the salesman and then his supervisor and then the manager … they escorted us out of the room so the others didn’t hear the facts I was presenting. They want you to sign now before you can figure out you just got ripped off big time.
I would say no. The only people who seem happy with timeshares are people who go to the same place over and over on the same week for 15 years. For everyone else it is waste of money .
—————–
You occasionally do get great deals with timeshares. I have gotten four bedroom villas on the mediterranean with spa, jacuzzi for $300 for a week at Christmas, and 1500 sq ft. luxury apartments in Cancun. However, it isn’t really worth it.
Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.
BIG “NO,NOS” IN TIMESHARE:
*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU
*It is not a financial investment
*Don´t buy if you plan to rent it
*Don´t buy if you plan on reselling
*Don´t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER
THE RIGHT CIRCUMSTANCES:
*This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.
*Get it in an area the you LOVE and that you would visit every year without a problem
*Get it in a very nice Resort (where normally people would pay at least $200 a night)
*Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee.
HERE ARE THE NUMBERS:
$200 USD a night (in a decent resort) x 6 nights = $1200 USD
Maintenance fee in a NICE RESORT x 6 nights = $700
*Maintenance in a “decent resort” x 6 nights = $400
In my opinion, the only reason time shares even exist is so that whoever financed the construction of the property can make a lot more money than they would by selling the whole building outright or doing nightly rentals.
If you do nightly rentals you have to maintain a large staff … housekeeping, front desk, room service, security, whatever. If you sell the property outright you’ve completely washed your hands of it.
If you make it a TIME SHARE… you get to collect annual fees on top of the portioned out purchase price; and don’t have to hire as much staff as a hotel.
If you want really good information I suggest you find classified ads offering second hand time shares for sale, call the people and during the conversation ask if they’re making a profit or taking a loss, why they’re selling it, and how easy or difficult it’s been to resell.
Well my Mother in law owns 2 seperate time shares and highly recommends it. Me I say heck no. Not worth it.
I think its all on how much you travel, how many times a year.
Sure it might only be 500 for annual fees but what about the price of the unit and the monthly payment you would have on it.
lets just say the unit costs 15,000 and 200 a month plus your annual fees, that is 2900 a year. And 200 a month is on the cheap side. Would you normally spend $2900 for 1 vacation 1 time a year?? Remember most time shares are for 1 specific week of the year.
Timeshares can be a great way to vacation or they can be a royal pain in the neck. Before you invest in a timeshare, I have 2 recommendations: (1) read Timeshare Vacations for Dummies and any other research you can; and (2) look for good deals on the resale market like eBay.
I recently bought a timeshare for $1 on eBay plus closing costs of about $450. The annual dues are about $780 and the timeshare is had a resort in Hawaii. See the link below. I know it is a good resort because my parents own there and let me use their unit for my honeymoon. For about $100 a night, I can spend a week at a nice resort on the beach in Hawaii.
I have a “floating” week, meaning that I never know if the time I want is available. I can also “trade” my week through an organization called Interval International for an exchange fee of about $129. The key to getting the most out of your timeshare learning how the reservation system works.
Biggest rip off in the world. If you sit down and figure out the annual cost you will see why. Figure in the original cost and the annual fee. The crooks who own these “resorts” are making a killing. I went to one and had the place in a panic as I laid out the costs to first the salesman and then his supervisor and then the manager … they escorted us out of the room so the others didn’t hear the facts I was presenting. They want you to sign now before you can figure out you just got ripped off big time.
I would say no. The only people who seem happy with timeshares are people who go to the same place over and over on the same week for 15 years. For everyone else it is waste of money .
—————–
You occasionally do get great deals with timeshares. I have gotten four bedroom villas on the mediterranean with spa, jacuzzi for $300 for a week at Christmas, and 1500 sq ft. luxury apartments in Cancun. However, it isn’t really worth it.
NO