Timeshares?

My wife mentioned a timeshare yesterday.

A few people i work with have them and they seem to think its a pretty good deal. I know nothing about them or how they work or anything.

We are planning a trip to disney this year so my 3yr old can see mickey and all that. And there is a timeshare company offering to pay for 90% of a week long trip if we take one day and sit through a 4 or 5 hour long sales pitch.

I'd like to know how they work and basically if it would something I would be interested in before we take that offer. I don't see how i can save us money in the long run. The only up side to it, is i can deed it to my son and when I die, he gets it for the rest of his life. So it basically will be his timeshare for his lifetime.

Just wondering if anybody here has one and if you think it was a good idea or not?

 

There are so many pros and cons to a timeshare that would take up an encyclopedia. It's mind boggling. Do not listen to the pitch men there and do not take advice over the net. This is property and you can get in over your head real quick. Listen to the hour speach but consult a realestate attorney before committing.

 

How good are you at saying "no" to someone who will not take "no" for an answer?
Timeshare people are the most hardcore, hard-sell people in the business world.
You say "no"
They ask "why not?"
You answer.
They counter your objection.

One by one, they leave you with no reason to say "no"

The 4-5 hour sales pitch will last 6 or more, and you will be trapped. Their shuttle will take you to a remote location and you're stuck until THEY are done with you. You can't simply walk out.

 

I figured as much.

 

But if you have the time to sit for their BS, you can score hotel accommodations + park tickets for your time...


The whole fallacy regarding timeshares was brought down when people started dumping their units on Ebay and Craigslist.

The true expense on it is not the "mortgage" payments is on the "maintenance fees".

 

Yes! And when the other share holders sell guess who picks up the tab? The association fees on a 1M condo is not cheap.

 

my dad and stepmom belong to RCI, which is a timeshare company with resorts and houses all over the world. they bought in a very long time ago (2 weeks in nantucket and one week in montauk, long island) and the thing they love about it is you can "trade" one of your weeks in wherever you bought for a week in an "equivalent" timeshare someplace else in the world (and it doesn't have to be the same week). they have traveled all over the country and the world using this company's resorts.

if i were going to buy a timeshare, i would probably go this route rather than being locked into just one location, and the same week year after year.

i have never looked into the financial aspect of a timeshare only because times and circumstances change. i don't think they are so easy to sell if you want to get out. i do know, as mentioned above, they use the "hard sell" most of the time and if it's that great of a deal, why the hard sell? i'd be very cautious.

 

im friends with twin brothers i went to high school with ... in the last 3 years i think me and them have used the timeshare more than their sister who actually has it

edit: to backup what jackhart has said, i dont know where the original timeshare is, so far we have used it in kissimee, fl, south lake tahoe, ca and mt hood, oregon

 

1) They are mostly all like that, specially after the industry consolidation.

2) The hard sell part? They are model like a gym. For every 5 paying customers, one (1) shows up!

 

reminds me of that south park episode in aspen

 

You said "The only up side to it, is i can deed it to my son and when I die, he gets it for the rest of his life. So it basically will be his timeshare for his lifetime." What you will be giving your son for a lifetime is the obligation to pay maintenance fees, whether he ever uses the timeshare or not. And if he tries to sell the timeshare, he'll find out is it worth exactly nothing. I've owned timeshares for many, many years. I know what I'm talking about. I'm not saying that you should not do it. Just be VERY careful before you buy anything.

 

dont do it. horrible investment.

with all the fees and stuff, you can just pay for a hotel..when you do travel.

now if you use someone else's timeshare..win.