Timeshare

[CanadianMAG]

I know this is a cruise site :D BUT I figure most or at least some are seasoned travellers.

Anyway FH and I are planning/talking about purchasing a time share for after we are married, for a few "private" trips before children then when we have children to use with them..... has anyone had any experiences with a timeshare, good or bad, or any recomendations... anything would be much apprecitaed!

Thanks

[Orcrone]

I know this is a cruise site :D BUT I figure most or at least some are seasoned travellers.

Anyway FH and I are planning/talking about purchasing a time share for after we are married, for a few "private" trips before children then when we have children to use with them..... has anyone had any experiences with a timeshare, good or bad, or any recomendations... anything would be much apprecitaed!

ThanksGenerally time shares are great investments.... for those that sell them. However, if you can go about it the correct way, it can be worthwhile.

A friend of mine owns about 5 or 6. He purchased his first one through a company selling new ones for big $$$$. After purchasing it, but before the right of recision had expired, he went on some web sites and learned a great deal. The big thing he learned was that you can buy used ones for a tiny fraction of the original cost. Generally he buys his for about $500 each. Also, he doesn't usually care about the location, just the tradeability (don't know if that's a real word) of the unit. For instance he owns one in South Africa. He'll never go to that location, but it's very good for trading. After learning these lessons he cancelled his original, full-price purchase.

Anyhow, if you wish I'll see about getting some internet resources for you to learn about it.

[riz]

Something to consider as well...since you are in Canada....buy them in Canada since they are transferable to other locations yearly when your week comes around. You will save a lot by buying in Canadian $ but have the benefit of using others around the world.

Hope this helps.

[Arubalisa]

Like Orcrone said, research as much as possible...

Also make sure that if it is a destination that you cannot drive to, in other words, the Caribbean, that there are enough flights to your destination-- think supply and demand. Will you be able to get to the island on the right day? Will you be able to afford the airfare year after year? Add a couple of kids to your family and will you still be able to afford a couple of thousand dollars per year in airfare? The more flights in and out of the island, generally the less expensive the airfare- again, supply and demand. Also check into deeded timeshares vs. non deeded. Also verify government stability and economy, if you are considering an international destination.

[JaniceB]

You can find out some more information about timeshares on a website called TUG and on RCI's website (not to be confused with RCL). I have purchased two timeshares from E-bay for under $200. The actual cost was about $1000, after closing and paying the yearly maintenance fee.

The OP's are correct in stating that you need to check on whether the timeshare is deeded or not. A deeded timeshare can be left in your will. Some timeshares are only good for a time period. When I was buying a timeshare I was told to buy a deeded timeshare and to check on the financial well being of the property. One thing that can happend is that a major refurbishment is needed and you will have a one time assessment tacked on to your yearly maintenance fee. I also look for properties that have lower maintenance fees. Some fees can be as high as $800. I try to look for resorts that are in FL, on a beach, or a ski resort in order to have the best trading power.

My first timeshare was a 1BR in Boca Raton FL. We traded this to for a 2BR condo in PA at a ski resort for Christmas week and a 3BR at Disney World for the week after Christmas which included New Year's Eve. I just purchased a 2 BR on the gulf in TX and I have not tried to trade it yet.

RCI will let you exchange your week for a cruise. Unfortunately, you still have to pay money and you lose your timeshare week.
Does anyone think this is a good deal and why?

[Esme]

Next door neighbours have one for sale in Orlando. Wanna buy it? :D

[adamsmark]

I have purchased two timeshares from E-bay for under $200. The actual cost was about $1000, after closing and paying the yearly maintenance fee.

This tells me all I want to know about buying property I may want to sell someday. :D

[discjoker]

I think the key thing to remember when buying a timeshare is that you are actually not buying anything. Basically what you are doing is pre-paying for vacations. If you keep that in mind when you are considering a timeshare you might realize that it is a great purchase (or investment in future vacations) or it is not for you. The biggest mistake some people make when buying a timeshare is thinking they are making a real estate investment, you are not, and timeshares generally depreciate in value (that's why you can get a great deal on a resale).

[Mary Ellen]

We own in DVC (Disney Vacation Club). I agree that resale is (usually) the way to go. In our case it wasn't. We bought the least amount of points (we DO take cruises in addition to going to WDW :D ), Disney paid the closing costs. If we had bought that same # of points resale, we would have paid less per point - BUT also paid the closing costs, which was very close to our savings. It was a wash for us. If we had bought more points, resale would have worked for us.

I don't recommend DVC for trading out regularly. It is a MUCH better use of points to stay at DVC properties (5 currently at WDW plus Vero Beach, FL and Hilton Head). We can also currently use our points for HAL Alaskan cruises. We haven't done this, as again, not the best use of our points - we pay $ for the cruises. Points can also be used for Disney cruises.

That said, DVC is one of the very few timeshares that has appreciated. We bought in late 1998 and can sell (even with paying the commission) and make a profit. This is VERY rare, almost unheard of, in timeshares. This is not a deeded timeshare (we don't have kids to leave it to anyway). We have use until 2042 (DH will be 92 then :rolleyes: ) The current resort DVC is selling has an additional 12 years - 2054 (DH will be 104 :eek: - not much use to us).

TUG is a great resource for those interested in timeshares. For DVC specific information I suggest DIS - DVC forum. (http://www.disboards.com/forumdisplay.php?s=&forumid=28)

[DFD1]

From friends down thru the years, I have seen a great deal of buyer's remorse over the purchase of new time shares.

IMO many people purchase them and then don't use them or take advantage of the trading opportunities that exist with some....but not all.

I would approach such a purchase with caution and look carefully at the resale market for sure.

[CanadianMAG]

Thank you all for your posts... I will do some research. My Aunt had a time share with RCI or RCL? ANyway they ended up selling it becuase their maint. fee were too high. FH Mother has a time share wtih interval which seems like it is decent.

You all are mentioning $500,$1000... the ones we have been looking at are
$10-$15,000 and transferable in our will, so something is not right there seems to be a big price difference.

I will be moving to the USA in a few months, and the post about buying in Canada is great, but for the opposite reasons! Now we will be able to come home and stay at a time share here, I dont think I would have a problem selling in Vancouver! Another thing to think about..

Thank you again

[sabaka]

Canadian Mag, we are in the process of being gifted deeded time share form our Aunt. This time share would have been around $12,000 US dollars if purchased new from the time share company. she bought it used 4 years ago for around $4,000. If she would have shopped around she could have gotten even cheaper! We talked to the title company today and were told that alot of the time share companies are trying to stop the resale trade and are putting "first right of refusal" in the contracts. They pay around $1,000 and then put the week back in the sked. at the property and sell it as new again for the regular price. There are deals to be had out there just shop around and look on timeshare boards to get as much info as possible. Buying from the property seems to be very costly. Hope this helps

[Islandbuoy]

I'm known in my retirement neighbor hood as "king of the timeshare"

We get to stay in condos instead of hotel rooms.
Just got back from a week at Fairfield grand desert in Las Vegas. Had a nice 2 BR condo--our daughter and Grandson from seattle met us for ist half of week,,our sisterinlaw and HB for thesecond half.

Bought all mine on the internet--good deal for flexible travel in goood accomodations!!

[Krazy Kruizers]

Have friends who USED to have a time share in Aruba - after a few years they got tired of going to the same place year after year for a week - and they didn't have the resources to go anywhere else for their other weeks of vacation. After 10+ years they were able to sell their time share - took a loss. But they are now happier to be able to do something different every year - even though we still haven't been able to talk them into a cruise.

[bwelborn]

Don't, don't , don't get burned on the timeshare!!! I do own a timeshare, but only purchased after carefull research. You can buy a week with some companies that you can trade (less desirable) or you can buy points now that are much more flexible. Buy resale and you will pay about one fourth of the original price. We paid $5,000 and buying directly from company would have cost us between $20,000 and $30,000 which would have been a huge ripoff. We are very happy with what we have and have traveled all over with it. I highly suggest the points, the fixed week is too hard to trade.