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Time Share Pros and Cons

Old 04-04-2009, 03:17 PM
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Default Time Share Pros and Cons

My son is getting married this August and one of his aunt's was thinking of giving him a time share for a wedding present. I wondered if this was a good or bad idea as I really know nothing about time shares. I do not want my son to get into high yearly fees etc. Can someone give me a run down or the pros or cons or would you buy a time share again, or would not? Any info would be appreciated? Thanks. Dwain
Old 04-04-2009, 04:11 PM
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if it's one your going to use it like paying for a expence hotel year after year. Is she giveing them one she owns or getting it for them? I hope it's not a new buy, I got 3 weeks i'm trying to sell , priced to sell , just what I paid for them. Can't afford them any more. And I can't sell them.
Old 04-04-2009, 04:41 PM
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Originally Posted by freddy063 View Post
if it's one your going to use it like paying for a expence hotel year after year. Is she giveing them one she owns or getting it for them? I hope it's not a new buy, I got 3 weeks i'm trying to sell , priced to sell , just what I paid for them. Can't afford them any more. And I can't sell them.
Good luck if you bought them new. For everyone's future reference - 50% of the sales price that you pay is typically allocated to sales and marketing costs - the other 50% represents the underlying value of the property. You'd be lucky to get half what you paid in most instances. Some developers - Marriot and other big names do not give the same exchange priveleges if you did not buy direct from them.

If the Aunt already owns the week, she's just passing along a liability.
Old 04-04-2009, 08:04 PM
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Yeah, wedding blessing or curse!

You are on the hook for those yearly dues/maintenance fee's, etc... forever!

Tough resale market, because you are in competition with the new offers and high pressure marketers.

Check the contract CLOSELY! Some you can NEVER sell. You can only pass on the responsibility to someone else but you are still on the bottomline like a co-signer would be.

And some have such high "transfer" fee's that even if you gave it away it would cost too much.

Good luck!
Old 04-04-2009, 09:09 PM
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It would not be hers, but she would purchase another time share for him. I think I am a little leary of this. Dwain
Old 04-05-2009, 06:16 AM
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I never bought a TS and NEVER will. AVOID LIKE IT IS THE PLAGUE.
Old 04-05-2009, 01:06 PM
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Dwain ~ congrats on the kiddo's upcoming nuptials.

As for the time share thing - I would thank the Aunt for wanting to do such a generous thing for the kids, but that given the current economic downturn they would be better served with something a little more "practical"....say a check for the amount that she was going to spend on the TS or maybe some CD's or opening them a money market account....;?

Young people have enough obstacles facing them and their future - no need to start with something they know nothing about and that could end up being an albatross.

I wish them the very best!
Old 04-05-2009, 01:17 PM
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Tell her to assist in a down payment in an actual 52 week a year Home.


John
Old 04-05-2009, 02:11 PM
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No, No, No. Never, Never, Never.

Lots of cons, no pros.



Ray, Tennessee 2180DLX Carolina Skiff 90HP Honda
Old 04-05-2009, 02:19 PM
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A time share is like getting married to a motel room. Why buy it when you could just choose to rent or not rent the same or different place anytime you want.

I cannot think of a single good thing about a time share.
Old 04-05-2009, 02:25 PM
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Pros;
if his/her vacation is always the same week every year, that's good
if they couldn't possibly enjoy a condo to buy, then this is next best thing
if their spending habits are more suited to a monthly bill instead of paying off a once-a-year expense, it's good.

Cons;
Monthly bills that can go up at the developer's will
Resale is going to reduce the equity. timeshares rarely appreciate in value for the buyer (think diamonds)
Locked into the same time every year unless they spend time and energy trying to trade their time slot for another one, or another vacation spot.
Nasty furniture and heavily-trafficed building due to the hotel-like atmosphere.
Lots of people with the, "screw it, I'm only here a week and can trash the place" attitudes.
Old 04-05-2009, 02:32 PM
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A elderly friend of our has offered to give me 2 time shares, in different locations, for free. I looked into both of them, and while I was tempted to take them, I turned the offer down. It is not worth it to me, to pay the ongoing expenses of a timeshare, for the week or 2 week per year use. We have a motorhome, and go where we want, when we want. Far better for us, than a timeshare.

Someone else may feel they are worth it, but just try to get out of one, and let me know how that works out for you. Most people that I've heard and read about, can't even sell the for the annual fees that they owe.
Old 04-05-2009, 02:41 PM
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Timeshares are a complete waste of money. Why do you think they serve you lots of alcohol at the presentations??

Sold ours for 75% of retail.
Old 04-05-2009, 04:03 PM
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I picked up one years ago at auction, paid $2,000 for it. Gold property, floating week, and a $400 yearly fee.
Traded it off for different locations, Mexico, California, Florida and ski condos in the northeast, so it's paid for itself 5 times over. Some of the properties were good, others were fair, but well worth the money I paid plus the yearly fee. In fact, I've only been to the original place (in Vegas) once for two nights and it was VERY nice...
My take is this, if you can buy one CHEAP and it has a LOW yearly fee, a floating week and is considered a prime property where you can trade it through RCI or Interval for other prime properties, it's NOT bad, and if you plan ahead and are organized, you can trade it for some VERY nice places like Atlantis, Italian county villas etc. BUT I would NEVER recommend buying one at a price much higher than what I paid or with a high yearly fee......
Old 04-05-2009, 04:40 PM
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What I call a temporary Redneck Home away from the trailer park
Old 04-06-2009, 12:07 PM
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I guess I am in the minority, but we own two; Hilton Head and Orlando. We bank the weeks if we dont use it, and interval international trades with others. We have never lost any money, and when in europe, we always have a nice place to stay.

We traded for a week in Madrid, and in July we traded a week in London (Kensington) and a week Paris (seventh district, 2 blocks from the Eiffel Tower).

It also depends on the season/week you own. I would say it is a nice wedding present and I am sure many have received less.
Old 04-06-2009, 02:11 PM
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I bartended for a couple of years next door to a timeshare resort. The salesmen and other staff were regulars and I got to know a few of them very well. Various salesmen all had one thing in common: If I got to talking about time share and the pros and cons, they would all tell they would never personally buy one. That says a lot.
Old 04-06-2009, 02:21 PM
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Wait about 20 years until the underlying owner(s) raise the maintenance fees, etc. to the point where it strangles you and you opt to accept their offer to turn your investment over to them.

This link should provide you with some information as to what can potentially happen.

Funny how the BOD of this establishment doesn't have any of their Time Share owners on it.

Good luck

http://gurneysowners.com/

Disclosure: I don't own, nor have I ever owned a Time Share unit, anywhere.


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