| Author | Message | ||
| Dave White (Dwhite)
Junior Member Username: Dwhite Post Number: 127 Registered: 5-2003 |
My cousin just bought one at the Ritz Carleton. Big bucks, but you stay at their properties. The one thing to remember about time shares, if you are going to the same place year after year, you will be on vacation with the same people year after year, like them or not. Most people never think of this aspect when purchasing. | ||
| allan fiedler (Allanlambo)
Member Username: Allanlambo Post Number: 996 Registered: 6-2002 |
Both me and my wife sell Timeshare, and alot of what was brought up recently is true. First off it is not an investment in anything other than yourself, and to allow you and your family incredible vacations forever. Buying in the right destinations is the key, do not buy a timeshare which expires, but one you own in perpetuity. In the long run it will save you lots of money, any interest you pay on the loan is tax deductible. Depending on where you buy, for example, Hawaii, you can actually buy a every other year program for Hawaii, but when you exchange it, becomes usable for 1 week a year anywhere in the world. In the Westin, it is for common for people to plunk down 130,000+ on timeshares. For example, last week my wife sold one to a member of the Coors family. Also, some places protect their clients from the secondary market, by placing clauses in their contracts where they can only sell the timeshare back to the Westin, thereby keeping the value up. | ||
| Jack (Gilles27)
Intermediate Member Username: Gilles27 Post Number: 1436 Registered: 3-2002 |
The history of timeshares has left a lingering cynicism with people for good reason, but there are definitely good ones out there. Peter brought up a lot of good points, especially the issue of pre-paying your vacations. My wife and I bought one in Cabo a few years ago (it's a 30-year deal), and it's been great. The worldwide exchanges are first rate, plus you get access to last minute getaways (unsold TS weeks, basically) for pennies on the dollar. If you're interested in investments, I'd look elsewhere. Since timeshares "expire" (20-30 years), there is an inherent depreciation in its value every year. Unless you want to attempt to become a vacation package reseller (lots of competition), they're best purchased for your own enjoyment. | ||
| John (Cohiba_man)
Member Username: Cohiba_man Post Number: 275 Registered: 1-2003 |
Used time shares are a MUCH better value than new, the prices are nothing, for the exact same package you would buy new for 4-10 times that much, which is incidentally why they are not a good investment. | ||
| Jason Wesoky (Wesokyjb)
Junior Member Username: Wesokyjb Post Number: 136 Registered: 1-2003 |
The best systems out there are ones where you don't really buy a week or two in a specific location, but rather purchase points that equate to a week or two anywhere in the system. I bought one of these, and have had no trouble getting reservations anywhere, you do have to plan ahead, though. I agree with the dealing hard advice. I talked the guy down thousands of dollars. The hoops you have to jump through to get the "free" gifts you get for listening are often more difficult than they're worth. Key hidden cost is the housekeeping charge, which can be $50+ a month even after you pay for the points or property; make sure you get this cost as low as possible. Also, make sure there's an international exchange servie (Interval Int'l is the biggest I think) so you can go to way off foreign lands with your time share. | ||
| PeterS (Peters)
Intermediate Member Username: Peters Post Number: 1551 Registered: 1-2003 |
A time-share is NOT an investment. If anybody tells you they are an investment (for future profits) they are lying. A time-share IS though probably the best way to save on long term accommodations if you are religious about taking vacations. 1) Buy a timeshare at a popular destination. By doing this, you will be able to trade your time with ease. If you are not in a popular area, it will be harder to trade out your time, but not impossible. 2) Deal you heart out. When you 'walk' at a presentation, the prices drop with a ton of excuses (from the sales people). 3) Decide if you want a 'Deed & Title'or a 'Right to Use'. In a deed & title, when the timeshare company sells out, they walk, sell the operations to a management company and you have 52 landlords (times the number of units they sold). In a Right to Use, the management may stay around longer. The term is shorter as a norm. 4) Look at the financials of the company. Don't buy any salesperson's BS about how strong the company is. Check out their money and their management track record. 5) Talk to other owners in the timeshare complex. If the management does not give you names, walk. 6) Pay close attention to the monthly / yearly dues. In a Right to Use, you will probably not get stuck with assessments for major repairs, etc.7) After you buy, join a club that works the trading of weeks in other locations. That is the way you trade, lets say from Colorado to Hawaii. In short, a timeshare is a great way to travel to decent properties if you MAKE yourself take at least one week a year. Do the math on a twenty-year timeshare Vs paying for a hotel room. AT $250 per night X's 7 days X's 20 years, its $35K without inflation. If you timeshare is $15K with $300/Yr in dues, the total is $21K, or a $14K savings over the twenty years. Again, it�s an investment in your future vacation dollars, not an investment for future income......Sorry to be so long winded, but you asked  | ||
| DL (Darth550)
Member Username: Darth550 Post Number: 334 Registered: 7-2003 |
Go check out the ones that give you helicopter rides and rounds of golf for the three hours of HELL and pressure they put you under. DL | ||
| Tyler (Bahiaau)
Intermediate Member Username: Bahiaau Post Number: 1036 Registered: 12-2001 |
Michael, I don't know a damn thing about them, but I know Allan(Lambo)s wife sells them. Maybe he'll be along shortly. | ||
| Michael (Mtabije)
Member Username: Mtabije Post Number: 295 Registered: 10-2001 |
Will anyone give me a quick primer on time shares? Pros and Cons. Is this a good investment opportunity as in a stepping stone for further investment i.e. real estate or foreclosures? Thanks |