Time shares? How do they work? I see that I can "buy" one for $4,999 (cheap) or rent it for $750...?

Question

I was looking at one in Colorado that's for sale for $4,999 or for rent for $750. How do timeshares generally work? If I buy it, does that mean that I can go there whenever I want? That seems a little good to be true.

Answer 1

In my opinion timeshares are a big rip off and only beneficial to the person who thought it up and the people who are now selling them. It's just like buying a house but only getting to live in it a week out of the year and then strangers living there the rest of the time. That being said , I don't think it's ever wise to pay someone 750 a moth for something your never going to own. So, it's smarter to buy property if you can afford to do so.

Answer 2

Normally you are only purchasing the property for one week out of the year.  So basically your "share" of the property is 1/52.  You can typically travel to the property for that week or exchange it (if it is part of a network) to travel somewhere else for a week at another time.  

Answer 3

The only way a timeshare is a "good" investment is if you buy a great week (say Christmas week in HI or at a ski resort) for a very very very low price. AND you like to go to the same place over and over.  

Yes, you can trade your week, but there is no promise that you will get to go where you want.

Lets say that you purchase a time share that costs you 300 a mn.  That is 3,600 a year PLUS!! 800 for the maint fee.  This is 4,400 a year.  You can rent a ocean from house with private pool during peak summer months along the Atlantic coast for less.  And if you don't like it, then next summer go somewhere else.

Answer 4

No you can only go when they say. You are not the only one that is renting that unit so you'll be sharing it. My husband used to work in a call center at Westgate Resorts which is a timeshare company and he says it's pretty much a big waste of money. Here's a site on how they work to help you make your decision

http://adventure.howstuffworks.com/times...

Answer 5

Generally you buy a chunk of time with a timeshare. You might buy a week to use a specific condo in a certain place. You own that week, and then must pay dues to maintain the property during the year. Other people may own other weeks for that property as well and you all pay to maintain that specific condo or apartment or whatever. However, if you purchase it and you have the rights to it, you can then sell it or trade it with other folks for their timeshares in other places if you eventually get bored with the place you bought.

When you rent it - you're generally renting that week/days from someone else who has purchased that time slot and either can't use it or bought the slot for the sole purpose of renting it out to others.

Answer 6

You share ownership with other people -- it's right there in the word, time share. The problem with timeshares is the fees. Like a condo, you share the maintenance of the building. And if the place empties out, it's kind of that hot potato thing, you get stuck paying more than your share of the bills.

People have gotten so fed up with the fees they walk away from the places.