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You have absolutely nothing to lose by recinding this contract - you can always go back and buy it later if you want (and you won't want to, believe me). No matter what a saleperson says about "only available today" etc. it is simply not true (like a lot of other stuff they say).
Thank you all for your help in this matter. It seemed like I was getting a good deal being that I had a nice resort home with 2 lockout bedrooms to stay.
The resort may be lovely but the developer price is exorbitant, especially since timeshare owners are lined up to sell identical units for $1 on ebay.
But if I didn't stay there, then I could trade my 1 week in a 2 bedroom for 2 weeks in a 1 bedroom.
Exchanging timeshares is a complicated business, and the unit you want may not be available when you want it, or others may have already booked it, or others may have a higher trading power than you do. You need to take some time to learn about exchanging timeshares before making any purchase.
And the way they explained it made sense regarding the cash you normally spend in vacations just gets thrown away like renting,
Don't forget you will be spending a sizable amount of money on maintenance fees every year, and the fees will go up every few years, I guarantee it. You can rent for the cost of maintenance fees or just a bit more almost anywhere
but the cash spent on a timeshare gets invested in reality in your week you own. [/I]
A timeshare is not like real estate that may (or may not) increase in value over the years. It will only decrease in value if you pay developer prices. Too many people want to get out from under the yearly obligation of paying maintenance fees and are willing to give the timeshare away in order to do that.
So it's basically like a guaranteed week of vacation at a big reduced price in a gold crown resort for the rest of our lives.
Guaranteed week yes, reduced price definitely not when you take into account maintenace fees and the develope price.
But if we didn't have a chance to use the week, we could rent it to someone and make money off of it, which could be an investment because if it only costs me say about $300 for a week,
The week will cost you well over $300, taking into account, say, 1/25 of the developer price plus (yes I've said it before) maintenace fees.
I could charge someone about $800 and make $500 off the deal and they would still get the resort cheaper through me than by themselves.
Most renters make just a little more than maintenance fees unless they have a very desirable week during a very desirable time frame. Orland is way overbuilt and would not be easy to rent for "big bucks".
But experience is everything when it comes to life and the decisions we make. I respect your experience in this matter. It sounds like we might not even be able to get our exchange weeks in Italy like we hoped for our honeymoon.
You would have to put in a request for Italy very early and get very lucky - there is way more demand than supply for Italy timeshare units. A much more practical idea is to rent, as a previous poster suggested.
It just sound nice to be able to take a weeks vacation to anywhere in the world for only $199 exchange fee.
Yes is is nice to take a vacation every year for a percentage of the original cost AND the maintenance fees AND the exchange fee AND the annual exchange company membership fee. I won't get into a more complicated analysis of the loss associated with not investing the money instead.
So this couldn't be looked at as an investment?
Only an investment in heartache. Please take your time to investigate this very complicated topic.
Thank you all for your help in this matter. It seemed like I was getting a good deal being that I had a nice resort home with 2 lockout bedrooms to stay.
The resort may be lovely but the developer price is exorbitant, especially since timeshare owners are lined up to sell identical units for $1 on ebay.
But if I didn't stay there, then I could trade my 1 week in a 2 bedroom for 2 weeks in a 1 bedroom.
Exchanging timeshares is a complicated business, and the unit you want may not be available when you want it, or others may have already booked it, or others may have a higher trading power than you do. You need to take some time to learn about exchanging timeshares before making any purchase.
And the way they explained it made sense regarding the cash you normally spend in vacations just gets thrown away like renting,
Don't forget you will be spending a sizable amount of money on maintenance fees every year, and the fees will go up every few years, I guarantee it. You can rent for the cost of maintenance fees or just a bit more almost anywhere
but the cash spent on a timeshare gets invested in reality in your week you own. [/I]
A timeshare is not like real estate that may (or may not) increase in value over the years. It will only decrease in value if you pay developer prices. Too many people want to get out from under the yearly obligation of paying maintenance fees and are willing to give the timeshare away in order to do that.
So it's basically like a guaranteed week of vacation at a big reduced price in a gold crown resort for the rest of our lives.
Guaranteed week yes, reduced price definitely not when you take into account maintenace fees and the develope price.
But if we didn't have a chance to use the week, we could rent it to someone and make money off of it, which could be an investment because if it only costs me say about $300 for a week,
The week will cost you well over $300, taking into account, say, 1/25 of the developer price plus (yes I've said it before) maintenace fees.
I could charge someone about $800 and make $500 off the deal and they would still get the resort cheaper through me than by themselves.
Most renters make just a little more than maintenance fees unless they have a very desirable week during a very desirable time frame. Orland is way overbuilt and would not be easy to rent for "big bucks".
But experience is everything when it comes to life and the decisions we make. I respect your experience in this matter. It sounds like we might not even be able to get our exchange weeks in Italy like we hoped for our honeymoon.
You would have to put in a request for Italy very early and get very lucky - there is way more demand than supply for Italy timeshare units. A much more practical idea is to rent, as a previous poster suggested.
It just sound nice to be able to take a weeks vacation to anywhere in the world for only $199 exchange fee.
Yes is is nice to take a vacation every year for a percentage of the original cost AND the maintenance fees AND the exchange fee AND the annual exchange company membership fee. I won't get into a more complicated analysis of the loss associated with not investing the money instead.
So this couldn't be looked at as an investment?
Only an investment in heartache. Please take your time to investigate this very complicated topic.
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