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There was a recent article in the New York Times about timeshares. I'm still amazed that so many people fall for the high-pressure sales tactics of many of these timeshare companies. It sure seems to lend credence to the old saying that "there's a sucker born every minute". Does anyone here have stories to share about timeshare tactics or the pitfalls of ownership?
I own with Disney Vacation Club and Marriott. My DVC is actually worth more now then when I purchased it. Marriott is not as good but still has good value. You need to be very savvy when purchasing and the resale market usually has better deals. Don't buy from shyster companies - do due diligence and they are great.
Location: Stuck on the East Coast, hoping to head West
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I can tell you this: every single person I know who owns a timeshare is desperately trying to get out of it. I have one friend who, every single time she hears I'm going to Disney, tries to sell me/rent me her timeshare. I can always do better on my own.
My neighbor owns 3(!) timeshares that she's been trying to sell for years. Worse, her vacations are exactly the same every single year. And she has to plan them well in advance.
I do not get the Disney Vacation Club appeal at all. Lodging is only a fraction of Disney costs. The tickets + food cost me more than lodging.
I don't know if this is true or not, but another friend claims that she missed a maintenance fee on her time share and had some sort of lien filed against her.
I don't know if this is true or not, but another friend claims that she missed a maintenance fee on her time share and had some sort of lien filed against her.
Doesn't sound right, they can send it to collections but they can't put a lien on your house over it.
Most timeshares are worthless, so worthless in fact that the timeshare companies won't take them back for free. They don't want them either.
I can tell you this: every single person I know who owns a timeshare is desperately trying to get out of it. I have one friend who, every single time she hears I'm going to Disney, tries to sell me/rent me her timeshare. I can always do better on my own.
My neighbor owns 3(!) timeshares that she's been trying to sell for years. Worse, her vacations are exactly the same every single year. And she has to plan them well in advance.
I do not get the Disney Vacation Club appeal at all. Lodging is only a fraction of Disney costs. The tickets + food cost me more than lodging.
I don't know if this is true or not, but another friend claims that she missed a maintenance fee on her time share and had some sort of lien filed against her.
Lodging is a HUGE part. A regular room at a Deluxe resort is 400 a night, a 1 bedroom is $800 a 2 bedroom $1200. For my maintenance fees of $450 I can stay a week or more at a deluxe resort (1 bedroom or studio depending on what I want). If you like Disney it was a good buy (not so sure now the prices are ridiculous). When we go I like to stay on property. The resorts off property have value but not like DVC. You just have to be smart.
I have 3 in Vegas on the strip, worth far more than I paid for them due to location. Had one in Mississippi that I just essentially gave away, but got our use out of it. Have a bi-yearly by Ft Lauderdale that I plan to sell should be able to easily sell it due to location (between the intercostal and the beach). But all of mine are deeded weeks, transferable times, etc.
The people selling 'points' should be arrested, as these are worthless. You can literally buy hundreds of thousands of points (Wyndham, etc) for $1. Yet they con people into paying tens of thousands for these 'vacation points'.
I have 3 in Vegas on the strip, worth far more than I paid for them due to location. .
I've only been to Vegas twice, but I've never payed for a hotel room there, and this was at Harrah's one time and the one across from the Palms the other time. I was a player at AC so I got comps, most people do, they give those rooms away to players. I can't understand why anyone would even think of getting a timeshare in Vegas, that's how the Westgate guy, the Queen of Versaille's husband almost lost his fortune by trying to open a huge timeshare tower there. The only reason I would go to Vegas would be to gamble and I would never be in the room anyway.
I think it really depends on where you own and what kind of time and resources you have to travel.
If your timeshare has a high trade value (say on RCI), then you can actual take several vacations year year. Each week costs less than the next one if you add the maintenance fees and exchange fees together and divide. In those cases, you usually do save money for the week. You are also usually getting anywhere from a 1-3 bedroom instead of just a little hotel room.
I think they can be great for a retired couple that has time and money to travel. (There are also last minute deals that can be good). We own in Hawaii and actually have a hard time using all our exchange points (and we only own every other year!). We let our family members use them too.
Do I wish we hadn't bought it - yes. Would I sell it if I could? Sure. But, it's not awful and it kind of forces us to take vacations and encourages to go out of our immediate area. (We are going to Cape Cod this summer!) But, would I recommend anyone buy one - probably not. But, if you do definitely buy it used and check the maintenance fees and how much trade value it has with whoever you are going to deposit it with (like RCI). Get the cheapest one you can, with the cheapest fees and the highest exchange value!
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