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I wish that I could open your link, but my cumputer won't do it. Soooo frustrating.
Angela
If you change the way you look at things, the things you look at change.
BTW, I'm still keeping track of how many times you annoy me.
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It seems to be working for me.Comment
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It's my computer......It stopped opening links, after I lost electricity, while it was on, a few weeks back. Now, it's hit and miss.Originally posted by tonyg
Angela
If you change the way you look at things, the things you look at change.
BTW, I'm still keeping track of how many times you annoy me.
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Good article
Tony,
Good article. Most 1st time buyers from the developer are expecting a product that is as easy to manage as renting hotel rooms. Many do not understand that a change in vacation mentality is required, and some never become comfortable with using timeshare product.
Those of us here have gotten past those problems to enjoy the timeshare life.
Most of us here could write an article about 10 reasons TO buy a timeshare(or 3 or 4)
ShortComment
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Ten Reasons Why You Should Not Buy a Timeshare
It Could Be the Most Expensive Vacation You Ever Purchased
By Rachel Solano
September 08, 2006
Click to rate content Currently 2.80/5
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When you think about the word timeshare, what comes to your mind? Maybe a nice log cabin or a beach house waiting for you to go to once a year. Some timeshares still work that way but now you can get timeshares that let you travel to many places all over the world.
This sounds awesome, doesn’t it? You buy the timeshare and then you have it for life and you can travel anywhere in the world for practically free. At least that is what these resorts make it sound like. It is not so.
While buying a timeshare has its advantages, there are many, many disadvantages to doing so. My husband and I purchased one about a year and a half ago and have used it several times. However, we have noticed that we would have probably been better off not buying it at all. Here are some reasons why:
1. Timeshares are not very good for spontaneous traveling, especially in high season. Let’s say you are feeling like you really need a vacation and go to your timeshare and want to find out what’s available. Sure, there might be a couple of places here and there but you won’t have much selection. You might have to end up renting a regular hotel at the place you really want to go to instead of going through the hassle of going to wherever is available through the timeshare.
2. There aren’t as many resorts available as they made you think. When you buy a timeshare they dazzle you with the possibility of traveling all over the world, telling you a huge amount of resorts. You think, “Wow, so many? Surely I will be able to just go anywhere!” Not so fast. While some timeshare purchasers might be world travelers, most of us aren’t. Most of us will never go to Africa or Asia and we have to simply stay local most years. Do not let them impress you with tales of world travel unless you are already doing it.
3. Hidden Fees. When they tell you how much you are going to pay a month, you aren’t counting in all the other fees. Sure, they might tell you in passing but they are obviously going to highlight the advantages. You have to pay a maintenance fee every year or every two years ranging from $300-$600. If you belong to RCI (for more information on RCI, go to http://www.rci.com ), you must pay a $99 yearly fee. Every time you go to a resort you must pay a fee depending on your stay. If you are staying for less than a week most likely you will have to pay a housekeeping fee and they don’t even clean your room every day. Some resorts charge you to park your car and for the use of a safe deposit, even if you didn’t use it. If you want to give your reservation as a gift to someone else, you must pay $50 for a “guest certificate”. All of these fees you will continue to incur in even after you finish buying your timeshare and even if you barely use it.
4. Resell Values are horrible. You buy your timeshare and you think, “Well, if it doesn’t work, I can always sell it.” Wrong. Yes, you can sell it but the resell values are awfully low. If you haven’t finished paying chances are you will not get enough to pay off your debt and if you have finished paying it, you will not get your investment back. There are many websites that claim to help you resell your timeshare but they either want money up-front or a huge commission or both!
5. They are too expensive. If you purchase a timeshare from a specific resort, chances are you are paying too much for it. If you absolutely need to buy a timeshare do it from one of those reselling websites or from ebay.
6. They will send you to collections too quickly. My husband and I moved twice after purchasing the timeshare and we changed our address with RCI but not with the actual timeshare. We didn’t know when we were supposed to pay the maintenance fee so it was past due since they sent us a letter to our old address. All of sudden I receive a collections letter and I called my timeshare. I asked them why I hadn’t received a phone call from them and I was informed that that is why they hired a collection agency, so they wouldn’t have to make phone calls. I understand I made a mistake, but come on, I am paying for an expensive time share here, shouldn’t their customer service be a little bit more cooperative? The bank where I am paying off my car has called me a couple of times, but my timeshare can’t.
7. The interest rates are up to the roof. I have pretty decent credit and I got approved for the loan immediately. However, they are charging me a 16% interest rate. When we purchased it we were so excited we believed them when they told us that if we sent extra payments through the years we would finish paying it quicker. It seemed to me we were not the only ones that had to pay such a high interest rate.
8. They won’t let you cancel your reservation after 24 hours. Once you reserve your room and 24 hours go by you can forget about getting your money or points back if you have to cancel. Your only hope is to transfer your reservation to someone else and that will cost you $50.
9. Many of these places are still “under construction”. It doesn’t happen all the time but many of these resorts aren’t complete yet so they don’t have everything that their webpage boasts. They don’t let you know if the pool or Jacuzzi isn’t working either.
10. Even if you have “points” they aren’t enough most of the time. If you purchase a timeshare that includes a point system, they never end up being enough and they are always trying to sell you more. This is especially true if you are trying to vacation in high season.
If I had known a bit more about what timeshares entitle, I would have definitely not have purchased. Be careful and investigate before you make the same mistake.Comment
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Where was this published? She has some good points, sorry to say. These are some of the reasons I tell our friends NOT to buy timeshares. I know none of them would be willing to do the management-y stuff that I think is fun.Comment
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I have only owned for a couple years and very green to whole system. However, I still believe that it is a very cost effective way to vacation, not to mention the fact of having basically an apartment versus a cramped hotel room. A trip to Florida for 3 - hotel and flight is expensive.. then of course you have to eat.
With a family, you would normally tend to plan more ahead of time anyway. I can see where it could be quite expensive to vacation during peak times (at a hotel) at the spur of the moment.
I do have plenty of vacation (some restrictions with child), but will have in the future all the flexibility in the world. I have to say, there are places I would have never thought of going to prior to owning. I think the searching and researching is turning into a hobby for me and I think that it's fun.
Just an opinion.VanessaComment
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Ken,
Thanks for posting the 10 reasons.
She definelty makes valid points.....It takes some work, and know-how, to make timeharing a good investment. If you learn the system, and are willing to put in the time it takes, to find a great deal, I think it's the best way to vacation.Angela
If you change the way you look at things, the things you look at change.
BTW, I'm still keeping track of how many times you annoy me.
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The trick is to buy resale up front and save about 75% on the front end as opposed to losing 75% on the backend if you try to sell. Of course, you can't save 75% on all resorts so if you have to have a specific resort then you need to pay to play...
The issue with timeshares anymore is the rental aspect... these days I can rent units to about the cost of maintance fees and often less... Why buy that which you can rent for less then you can own?Comment
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Ken.....Exactly right.Originally posted by Quarterbore
I think that there are some things that you can do, that make buying, make more sense.....If you buy a two bdrm lock-off, that qualifies for an AC, or bonus week, you can get 3 weeks out of your timeshare. Even adding in all the additional expenses, it make the cost of each week, considerably less than what they would cost to rent. Of course this is not for everyone, and there are some limitations. However, this is my strategy.Angela
If you change the way you look at things, the things you look at change.
BTW, I'm still keeping track of how many times you annoy me.
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I thought she also made some good points...the truth for a change. She is writing from a user/customer standpoint and not from the industry standpoint and it is refreshing.
Sure there can be some more balance toward the positive side which can be had if you know how to work the system and don't want to use hotels.
The point is timesharing is not for everyone and it usually does not work the way the sales people says it does.
Rentals of timeshares is the wild card here....why get stuck with payments, exchange fees, and maintenance fees and scheduling issues when you can rent the same thing without the obligations."If a Nation expects to be ignorant and free in a state of civilization, it expects what never was and never will be.... If we are to guard against ignorance and remain free, it is the responsibility of every American to be informed."
-- Thomas Jefferson to Col. Yancey, 1816Comment
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10 reasons
I agree 100% with the 10 reasons. I could write 10 more. Timeshares is not for everyone! Why would they be ava. on ebay for a $ if they were so good? I think it is a lot like Amway. What other business has to bait you in to get you to take a look with offers of free junk? If they were all that great people would line up to get them. The biggest thing that you have to pay for are the fees fees fees and then the hidden fees. All in all they are not much of a value and amount to not much more than the junk they gave you to just listen. There are thousands of people who would love to unload their t/s.Comment
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Thanks Bing for pointing me to the article-though I disagree with some of the points made. There are many timeshares that you can rent cheaper than you can buy, but there are some that you can't.Comment
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Originally posted by Quarterbore
YES!!
Buying resale you can save amost 50% off the developer price of any timeshare and in many cases you can save 90% of developer prices. So even if after you buy you can generally sell at close to the break even point or even make some money.BillComment
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