Unconfigured Ad Widget

SallyHoover · 07-07-2014, 11:13 AM

How far in advance do you know the exact dates for your summer and Christmas time off?
How much cash could you put down without having to finance?
How much could you afford for annual MF's?
Where do you live and where do you want to vacation?
Are you looking for 3, 4, or 5 star accommodations?

Glitter Brunello · 07-07-2014, 11:34 AM

Sally asks good questions.

Whatever you do, don't borrow money to buy a timeshare, and don't plan on making any money at it, that is extremely rare

tonyg · 07-07-2014, 01:31 PM

First and most important, buy resale. Second find out all you can about the resort before buying-ask questions. Third, check out this forum for timeshares that people here want to give away free.
You will probably not make any money on a timeshare, so like was said before---never finance one.

jackio · 07-07-2014, 01:51 PM

Also, if you live or plan to be stationed for awhile near a resort area, you can look for one that has day usage. This way you, your wife and friends can take day trips there and enjoy the amenities.
I echo - don't buy from the developer and look around and read all you can before taking the plunge.
Good luck!

Nancy · 07-07-2014, 01:53 PM

You also are looking at busy times if you want to trade into. You might consider buying, at least partially, when and where you want to go. Do not buy thru a resort. Find one here or elsewhere.

Nancy

ps. You are very young. If you buy a timeshare, you will have to pay maintenance fees on it for a long time. Maybe now you can, but in future you may not have those extra funds.

JLB · 07-07-2014, 02:08 PM

don't

you can rent for less, with no ongoing obligation, just about anywhere

JLB · 07-07-2014, 02:10 PM

Originally posted by Nancy View Post

. . . you will have to pay maintenance fees on it for a long time. Maybe now you can, but in future you may not have those extra funds.

bnoble · 07-07-2014, 02:40 PM

Im 21 years old in active duty military. im wanting to invest in a timeshare for several reasons.

1. im given 2weeks in summer off and 2 weeks during christmas and would love to take my wife to place that is nice and something that friends can go to and meet.. ect in short for relaxing with the wife..

2. i dont own a house and i feel that owning a time share would be something THAT is MINE, and the possiblity about making money off of it. (i dont know much about it so any advice would be welcomed)

I'm not sure that #2 is a great reason to own something. Making money is very very very hard---next to impossible, without making it a full-time hobby. You probably do not have that kind of time. And, I get the idea of wanting to "own" something, but really all you own with a timeshare is the obligation to continue to pay for the operation and upkeep of a (small part of) a vacation condo.

As for #1: a relaxing space is a great idea, and timeshares are way better than hotels, but in your case I would recommend renting, not buying. True, you are going during peak times, but even then it is possible to get some very good deals---a little bit more than it would cost to own, and often even less if you are not dead set on the most in-demand locations. In exchange, though, you are buying a lot of flexibility---and that's flexibility that you might need in the future. As a 21 year old, with a wife but (it sounds like) no kids yet, kids will throw a huge monkey wrench in your vacation habits in ways you can't begin to predict.

So: rent for now, get a sense for whether or not the timeshare lifestyle is one that you like. After your life stabilizes a bit more---heck maybe even after retiring from active duty service---that's the time to revisit the buying decision. Even then, renting might be better.

tonyg · 07-07-2014, 04:00 PM

You cannot rent and get exactly what you want when you want it very often. Right now timeshares are easy to rent, but that will not always be the case. As the economy continues to improve, rental prices will increase to beyond the cost of the annual fees at desirable times and locations. Timeshare is something that follows the economy in cycles. Those who say no to ownership are those who can't give the timeshares they own away.

JLB · 07-07-2014, 04:17 PM

Being stuck with something you can't use but have to keep paying for seems like a good reason to discourage others.

My point about renting has nothing to do with the economy, it has to do with the ready availability of vacation rentals on the Internet, something that did not exist when many of us bought our timeshares. Only in the most peak of seasons in locations where demand totally overwhelms supply is renting not a good idea, and, because it is a one-and-done deal, in those cases it is not a bad idea. There is no more flexibility and no more larger selection than renting vacation accommodations. Even Wyndham knows that and is heavy into it.

Far more people rent than own timeshares, and owning is not the economic advantage it once was, or was predicted to be.

What would be great is to not own, not owe any annual fee, but just rent from RCI on their $299/week deals, when they're trying to unload their excess inventory.

Don't rely just on the advice of people who own timeshares, on a forum designed for timeshare lovers. Maybe google something like "should I buy a timeshare?"

But, what the hey, if, in the final analysis, you want to be locked into an annual maintenance fee for something that is readily available without one, go for it. If that's the case, you can likely get one for free at a desirable resort from owners that are done with theirs.

Feel free to PM me for advice on doing that.

bnoble · 07-07-2014, 04:50 PM

You cannot rent and get exactly what you want when you want it very often. Right now timeshares are easy to rent, but that will not always be the case. As the economy continues to improve, rental prices will increase to beyond the cost of the annual fees at desirable times and locations.

We've not gotten there yet with any but a very small handful of exceptions (DVC, a few choice Marriotts, etc.) If and when we do get there, one could always re-evaluate.

Those who say no to ownership are those who can't give the timeshares they own away.

Nonsense. I own three timeshares, love them, and get a lot of use out of them. I just got back from a wonderful week at Arroyo Roble in Sedona---loved it. I have no desire to divest myself of them, but I do not expect them to be difficult to sell when the time comes. My advice to the OP to rent isn't based solely on the economics of renting or the difficulty of exit. It is also due to the OP's particular life situation. In a different life situation, I might advise the OP differently.

JLB · 07-07-2014, 05:29 PM

yeah

what he said

http://onecentatatime.com/10-financi...ut-timeshares/

JWC · 07-07-2014, 05:47 PM

I agree with renting for now. You can often rent for less cost than the annual maintenance fees. That way you can get a better idea of what you want in a timeshare and location before you are obligated to paying the annual fees.

I have found the best way to find rentals is simply do a search for "timeshare rentals desired location ( ie San Diego CA )". My favorite web site for timeshare rentals is "MyResortNetwork.com".

http://www.myresortnetwork.com/

JLB · 07-07-2014, 07:22 PM

I'm curious.

At what age or life status would "rent first to see if it's for you" be replaced by, "just go ahead and buy a timeshare."

Unconfigured Ad Widget

Unconfigured Ad Widget

Announcement

PLEASE help.... buying a timeshare for the first time. need honest advice

PLEASE help.... buying a timeshare for the first time. need honest advice

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment

Comment