I bought one and now on youtube I'm watching horror stories. Any of you out there had any experience with them?
Vegas used to rake in more money through Time Share sales than with gambling. Very bad RE investment, especially since the owners can raise monthly maintenance fees and will always have majority rule. If you must buy one, check out the internet where there are constant ads for 50% or more off.
OP honey, why are you asking AFTER you bought the damn thing?
My cousins bought several TimeShares. They use them to trade for use of TimeShares at other locations for their vacations around the U.S. and in Europe. It seems to work out very well for them.
A friend has a TimeShare at a sub-tropical location where he goes for a week every January. He loves it.
They're a great idea and a wise investment!
R3, I hope your friends and relatives don't ever want to travel on a busy week, and are able to plan their vacations well in advance. I know so many that can't get rid of their "investments" without a huge loss.
It doesn't make sense to me as I always find lodging where and where I want much cheaper than the time share cost/fees end up being.
Someone who loves it needs to explain..,
They are typically a bad investment. You can get them for $1 on ebay from people trying to get out from under the maintenance fees. My in-laws have one and they were trying to get us to sign on to it so it would be in our name when they died. They were shocked when we said no.
I will say for them, it's been ok in that it forces them to travel. Without it I think my mother-in-law would have a hard time getting him to travel.
I found the timeshare user group useful when we were researching for my in-laws.
R6, Whattasmatta? Ya don't believe all of the high priced sales pitches?
If you buy one used (so there's no upfront cost), only have to pay minimal maintenance fees and get good exchanges it might be a break even proposition.
I once shang on Timeshsquare.
I just got rid of my timeshare in Cabo. It was beautiful and my father asked me if I wanted it. After one visit, I gave it to the receptionist at work. She's thrilled. Maintenance is $575/year.
[quote]I hope your friends and relatives don't ever want to travel on a busy week, and are able to plan their vacations well in advance. I know so many that can't get rid of their "investments" without a huge loss.
My relatives have been enjoying trading off their Time Shares for about 15 years. I don't even know where their home base TS is located because they're always posting from dirrerent places. My friend has had his TS for about six years and I've heard no complaints.
I wouldn't go the TS route since I like different places each year and don't want the bother of planning far ahead to make trades. It's not for me, but it works out very well for others.
My parents have two, one at some ski resort in PA and another on the beach on South Florida. They really dont use the ski resort one that much and instead trade that off for other places (the time they have there is during ski season). They use the one in Florida and Ive been to it. Its actually really nice. I always thought those places were a rip off but it seems to have worked out very well for them. No, they will probably not make a lot of money if they ever sell it, but what they have saved over the years in hotel bills by having a place to stay makes up for it.
I think whether you find it worth it depends on a few things. If you're MF's are low and you don't mind having to schedule things way in advance then yes it might be slightly cheaper than paying for a week or 2 in a hotel. Of course you also have to factor in what you paid up front, if you've paid any fees to upgrade and there are also additional renovation fees they can tack on in addition to the MF's.
Honestly I think the best feature is it forces a lot of people to take vacations who might otherwise not take them.
Not all timeshares turn out to be horror stories. My parents bought one in the Caribbean almost 20 years ago, and even if the thing fell apart today they'd still have done OK on their investment. It seems to me that there are certain things to keep in mind:
1) My parents have been OK returning to the same resort every year. And because it's their "home resort", they've been able to consistently book Christmas to New Year's week, the week they want to travel. They gave up on the idea of trading weeks very early on -- unless you have a lot of flexibility, there's not much there.
2) One reason I believe that my parents have done well is that their resort has continued to expand pretty consistently over the past 20 years, so that everyone has an interest in keeping up the property and controlling maintenance costs. They are finally just now coming to an end to the resort's expansion efforts, and I suspect there may be some negative changes coming soon.
Consumer bankruptcy attorney here. When I list a client's assets on the paperwork I always value the timeshare at $1.00. Many of my clients have offered to let the Chapter 7 trustees take their paid-for timeshares of their hands, sell them and divide the proceeds among the creditors. None of the trustees will bother. No one wants them, even if the price is just paying the maintenance fees.
R18, Thanks for providing a professional opinion. Wow. Not even for $1.00? What's the problem with them that they're such a poor value?
R6 I agree with you 100%. They might make SOME sense if you travel in a large group and want a place with kitchen facilities, but if you usually travel solo or with a partner, you can ALWAYS find something better and cheaper compared to the maintenance fees (not even factoring in the original cost.)
scam for days
Do they still pay for your airline ticket to Orlando is you'll go on a tour of their resort?
R22, They still offer various bribes to get you to "tour" there "vacation resorts." There are non-stop offers of Vegas "free show tickets" in exchange for being subjected to extremely high pressure sales pitches.
Of course you must qualify by claiming you make $50,000 yr and are married or a single female. I don't think they approve single males; supposedly they don't travel as much. Not sure about male "couples."
Haha, R23 knows his/her stuff! I worked in Vegas managing those people who book timeshare tours (and yes, LV is way over-saturated with them now). It's true that we didn't take single males on tour because they statistically don't buy, but we absolutely did take gay male couples. In fact I think the salespeople would trip over themselves to get a gay couple, as they know there's likely disposable income there.
[quote] ski resort in PA
There are two things I do know. The OP is stupid. The other thing I know is,the OP will regret this purchase.