Tell me about time shares

[mommy2allyandaveri]

I've always been interested but it seems so overwhelming and I'm afraid of getting scammed.

Would need to be a "deal", reasonabley priced, and must be able to go to Mexico because we love it there.

We've looked into DVC but I don't think it would make much sense for us because we mainly go to DL.

 

[*pixie*dust*]

Each timeshare is different. Are there certain companies that you are considering? Some are based on points. You but a certain amount of points and then can "spend" them to travel at different times of the year and at different locations. Annual dues are based on how many points you own.

Other timeshares have you purchase a set week at a set resort that you can use each year. Annual dues are assed yearly and depend on the conpany.

There are also other hybrids that use other ownership types. It is overwhelming at first! Do lots of research and consided buying a resale which can often be considerably cheaper.

 

[bluehen]

I own two timeshares.

The two basic rules

1. Buy resale
2. Buy where you want to go every year.

Precautions

The number one issue is maintenance fees and the ever increasing of them. My two timeshares total cost will be 95% or more maintenance fees and less than 5% original cost.

A discussion of timeshare issues would fill a book. Saying this here is the best book.....http://www.tug2.net/

 

[pixiewings71]

We own with Shell, they just opened a property in Napa and it's amazing!!!!! PM me if you more info and I'll get back to you tonight after work. I have a lot of info on timeshares. We did shop around before buying so I have some info....LOL

 

[actnkidz]

We own both DVC and Hilton Grand Vacation Club. Hilton is good for the mexican resorts, hawaii, and florida. My complaint about hilton is they nickel and dime you for every reservation you make you pay $49. The also charge you to bank or borrow your points. DVC is great about that you only pay fees when you go outside the normal such as the cruise.

The Hilton properties are very nice and you can usually get in at most places recently. If you buy Hilton I would recommend owning in Vegas or Orlando since they have the lowest maintenance fees.

 

[Indiana Rose Lee]

You can rent them for far less than people pay for them.

 

[NancyIL]

I have considered DVC, but I don't need suite accommodations, and I could stay for a week for what the maintenance fees cost. I prefer to pay as I go.

 

[HeatherC]

One thing to remember about timeshares is that even after you pay the initial purchase price, you will have to pay maintenance fees EVERY SINGLE year. Even if there is a year you can't use it.

What I've found is that I have always been able to rent a week at a timeshare for less than the owner would have to pay in maintenance fees. This is particularly true in Orlando where there are so many, but in other places as well.

For our situation is just doesn't make financial sense to lock into something forever that is going to cost us more money than renting would.

There are also other fees involved that most places neglect to tell you about upfront. Like an exchange fee if you want to deposit your week and exchange it for another. That also costs extra money on top of the maintenance fee.

The timeshare users group is a great source of info on them. It is tug2.net.

Hope this helps!

 

[cjnix29]

We own with bluegreen vacation club. We enjoy it. But you really do need to do your homework before you buy into anything. I second what has been said about resale. And also, not sure about other companies...but there are benefits you can't buy with resale that come with buying from the developer. Look on TUG, also yahoo has groups for members of timeshares. Do not think of it as investment, because you will NOT be able to make a profit on it if you sell it. Figure out what you would spend on a hotel for vacations, determine the kinds of vacations you want and what types of rooms you would usually need. A lot of companies also trade into RCI, so you can check out rci.com to see what resorts are in their system. I haven't ever used them, since we have enough resorts just in my network that I haven't gotten to. Timeshares can be great if you learn how to use them. Those that are the most disappointed are the ones that have no idea how to use them, or those that feel they got taken because they didn't do enough homework before they bought. If you are someone that likes to book last minute, you will probably often be disappointed. BUt if you plan your vacations well in advance, you will probably be very happy. You also have to be someone that can be flexible when you travel. Good luck with whatever you decide.

 

[floydfamily4]

I've always been interested but it seems so overwhelming and I'm afraid of getting scammed.

I have had a timeshare and had to let it go because there was no way I could sell it for what I owed. The fees kept going up and once my life changed (kids, etc.) I no longer needed nor wanted the type of vacation it supposedly afforded. They are incredibly hard to sell. I would not buy. I would rent where you want to go or definately buy resale and get a deal. Just my opinion. Good luck!

 

[windycitymom]

Don't ever buy! Rent. I had 3 weeks at one time and they served a purpose, but life changes and you are STUCK with them. Finally, I got rid of them but it was a big hassle. There are lots of websites with people who want to rent them because they can't use them or sell them.

 

[jgates]

Another issue with many timeshare companies right now is as people are letting them go back, or costs rise, they are not maintaining the properties as well as they should. There was a news article on this on I believe the NY news CBS channel recently.

You wouldn't run into this issue with DVC, but there are companies that are having this issue.

Have 2 co-workers both who want to divest themselves of their time-shares. One was willing to nearly give it away and the other is just trying to list hers (Florida - somewhere close to Disney) and hope to get something back from it.

 

[mommalissa]

Run away from a time share as fast as you can. We bought one 11 years ago. The maintenance fee was $300 and we were told it would rarely increase. The maintenance fee for this year was over $1500. The resort added a club fee that you had to pay to be able to use your points at all of the resorts the company owned. The club fee was over $300. They then hit you up for money every time they wanted to make improvements at the resorts even though that is what your maintenance fee is for. We tried making reservations and sell our unit for that week but we could not sell it cheap enough to compete with the resort itself. Thankfully, we were able to get rid of it before the end of 2009 so we are out from under the ridiculous fees. We could have went on really nice vacations for what we were paying them to be able to use this resort that we had already paid for.

I had a friend that bought the same year we did and it took her 5 years and over $5000 to sell it. She only made $500 on it.

The sells people bill these resorts as an investment in your future. It's not anything but a blood sucking parasite that you have to fight to get rid of.

 

[Bearvet]

I will disagree with many of the above posters - we've owned a timeshare for 15 years and have only positive things to say about it. We purchased in Ft. Myers Beach since we knew we'd return there to vacation - the unit cost $4000. We bought a fixed week in Feb. during our school vacation week. We have since purchased 2 more fixed weeks and 1 flex week (for only $1000!) at the same resort. We have never been approached by salespeople there - we have initiated the purchases.

Yes, our maintenence fees have gone up over the years, but are still one of the most reasonable (under $500). We are guaranteed a 2-bedroom, 2 bathroom, full kitchen unit wherever we go. With a family of 5, it's much better than hotel rooms.

Not only have we returned many times to our place in Ft Myers Beach, but some of our exchanges include Orlando (multiple times), Cape Cod, Sedona, AZ, Southwest Colorado, Williamsburg, VA, White Mountains in NH and multiple trips to Myrtle Beach. We have 3 weeks in Hawaii lined up for this summer - 1 week on 3 different islands and I got separate units for friends who are going with us.

If you learn the system and purchase a place you plan to return, timeshares can be wonderful. I agree with www.tug2.net for info - very valuable. I just wanted to give you an opinion of someone who's had a positive experience with timeshares. BTW Orlando is not a good place to buy into.....

 

[snowgooseltd]

We have a Sheraton Vistania Village week, in Orlando, that is available, for sale....you name the price. We recently retired and purchased a home in Florida so we don't need it. The week is available to be used any week of the year with no restrictions. It's a two bedroom, two bath unit.

 

[klynn]

Take your time and do your homework. There are good deals on the resale market. Join tugbbs and ts4ms to learn about timeshares.

 

[Indiana Rose Lee]

We have a Sheraton Vistania Village week, in Orlando, that is available, for sale....you name the price. We recently retired and purchased a home in Florida so we don't need it. The week is available to be used any week of the year with no restrictions. It's a two bedroom, two bath unit.

You aren't allowed to sell items on this board.

 

[nelson84]

You can buy timeshares on ebay for as little as $0.99. Try to get a timeshare with a 2 or 3 bedroom. Always check the price of the maintenance fees. I own at the vacation village at parkway. It is just across the freeway from disneyworld. It is a 2 bedroom with a lockoff. Lockoff means you can close off part of the condo and only use one half. This year we traded on side of the lockoff for a 2 bedroom in orange lake right next store to disneyworld and the other half of the lockoff for another 2 bedroom condo. So we got 2 weeks in disneyworld for just trading one week at our condo by trading both halfs, good deal! And the maintenance fees are low at vacation village at parkway.

You can also buy a condo that works every second year. Just make sure you buy a condo with a gold crown don't get the bottem of the barrel because they have low trading power.

But you don't have to buy a condo to use condos. All you have to do is buy a membership at RCI and book vacations and only pay about I think it is about $150 for a week.

If you have kids, a condo is where you want to be, hotel rooms are to small for a family.

 

[nelson84]

You can buy timeshares on ebay for as little as $0.99. Try to get a timeshare with a 2 or 3 bedroom. Always check the price of the maintenance fees. I own at the vacation village at parkway. It is just across the freeway from disneyworld. It is a 2 bedroom with a lockoff. Lockoff means you can close off part of the condo and only use one half. This year we traded on side of the lockoff for a 2 bedroom in orange lake right next store to disneyworld and the other half of the lockoff for another 2 bedroom condo. So we got 2 weeks in disneyworld for just trading one week at our condo by trading both halfs, good deal! And the maintenance fees are low at vacation village at parkway.

You can also buy a condo that works every second year. Just make sure you buy a condo with a gold crown don't get the bottem of the barrel because they have low trading power.

But you don't have to buy a condo to use condos. All you have to do is buy a membership at RCI and book vacations and only pay about I think it is about $150 for a week.

If you have kids, a condo is where you want to be, hotel rooms are to small for a family.

 

[Tink9295]

We own a timeshare in Cancun. We bought it 17 years ago when it was under construction. For us it has been a great way to see the US. We only stayed in Mexico once and have since traded. We have a week every other year and with a reasonable maitenance fee. It has worked for us. I know it doesn't work for everyone. So make sure you want to make the investment.

If you are going to buy make sure it's a Gold Crown resort. They say a larger unit the better. Although we have always gotten a bigger unit that our suite in a gold crown resort. Last year we also traded for Orange Lake. We had a 2 bedroom villa. We've been to Sedona, Florida, Massachusetts many times, Virginia, Hilton Head to name a few. We have almost always been happy.

Just educated yourself on timeshares and do some research before you buy or trade and you'll be happy.