I am interested in a timeshare. However, I wanted to know what other benefits from owning one?

Question

My friend gave me some information about owning a timeshare( she purchased one 1 year ago). I thought it was a waist however,she said that I get my week ( I already paid for), and I can join RCI and through them,I can also purchase a week or whenever I want to travel at a low rate. I would like to know if this is true and is the rates really cheap. In addition, she gets a vacation book with cheap stays such a $49 for a cabin in Wisconsin. I am trying to get any information to help me decide because I like to travel several times per year. Thanks

Answer 1

Whether you buy or not depends greatly upon your likelyhood to use the resort for the type of vacation you would like to take if you did not have a timeshare.  If you think you are going to have to change your lifestyle to accomodate a timeshare you are going to regret your decision.  I own a points timeshare (well over 600,000 pts) with Wyndham and I enjoy it thoroughly, but this is because I have three daughters with grandchildren that we take on vacations.  It is also because we paid an extremely small amount for the points by buying them on Ebay.  Before you buy I STRONGLY suggest you look into buying on line.  I had absolutly no problem with the purchase and transfer of deed.  Go to Ebay and search time shares that match your friends and see what you can buy a comparable timeshare for and I believe you will be shocked at the savings.

My timeshare would have cost over $78,000 through a developer, I would not have even considered the purchase.  My cost was over $70,000 less than that.  I believe I can sell it someday and at least get my original cost back out of them.  That will never happen with an on site purchase through a developer.  An RCI membership came with the purchase but I have never seen the need to use them as Wyndham has a great many resorts to choose from and we have never used the timeshare we purchased.  You do not have to take the same vacation every year at the same time.  I can go any time to any Wyndham resort that has rooms available without any additional charge.

Avoid buyers remourse by doing your research before the purchase.

Answer 2

No, don't do it, not worth it.

You are not locked into a place, but it will cost you $100 to change locations.

You are limited to availability, and resorts.  

Forget about resale - you are stuck with it or sell it for a lot less

Fees - this is where they get you.

Answer 3

Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.

BIG "NO,NOS" IN TIMESHARE:

*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU

*It is not a financial investment

*Don´t buy if you plan to rent it

*Don´t buy if you plan on reselling

*Don´t buy if you plan on exchanging often

*Make sure you can afford to travel at least one week a year

*NEVER BUY FROM THE DEVELOPER

THE RIGHT CIRCUMSTANCES:

*This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.

*Get it in an area the you LOVE and that you would visit every year without a problem

*Get it in a very nice Resort (where normally people would pay at least $200 a night)

*Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee.

HERE ARE THE NUMBERS:

$200 USD a night (in a decent resort) x 6 nights = $1200 USD

Maintenance fee in a NICE RESORT  x 6 nights     = $700

*Maintenance is a "decent resort"      x 6 nights   = $400

You do your numbers.

Answer 4

You do need to be careful what you purchase, how much you pay, and what fees are involved.

I have never owned one, but my brother has for many years and has been very happy about it.  He even purchased more weeks a few years back.  And he often swaps to travel to new places.

  

My other brother purchased a time share for a month on a Caribbean island but became unhappy with it because everyone else near them owned one week and wanted to party hard for their week instead of relaxing like my brother and his wife wanted.  They sold out and moved to Florida (no, not using profits from selling their timeshare).

So don't decide based on what you learn hear, nor on what the timeshare sellers tell you.  Take time to do some investigation via the web and by talking to people you know.  One thing is reasonably certain.  A timeshare purchase is a very significant undertaking.

Answer 5

Bad idea.  Do you really want to take a vacation to the exact same place every year?  Also, there are often hidden fees involved.

Personally, I would want to take a unique vacation each year.