What is a Timeshare?
3:51 AM Posted by Admin
You've seen them and you've heard about
them and now your curiosity has got the better of you and now you
want to know the truth behind them. But are you ready for the truth?
Ok, so what is a timeshare?
Let me give you the simplest
explanation and get down to the dirty details later.
A timeshare is where you're paying for
time in a vacation community like a resort. You may have one or two
weeks once a year or every other year.
Now, that's the short answer. Now
what's probably crossing your mind is why timeshares get such a bad
rap.
The Deeper Explanation of What is a
Timeshare
This is where it starts to get
interesting. Let me explain...
Timeshares are vacation developments
built by such well-known companies as Wyndham, Marriott, and Disney.
Vacationers buy time into these developments usually at a timeshare
presentation. The average price range of a timeshare is about $16k
plus yearly maintenance fees.
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The timeshare you buy may include one
or more properties. In order to get more vacation properties, or
better destinations, you'll have to pay more.
Points are used where you can exchange them for various destinations that are outside of your original properties and/or time frame.
Points are used where you can exchange them for various destinations that are outside of your original properties and/or time frame.
Are You Really Saving Money?
This is the loaded question.
Here's what I mean...
Now when you go to these timeshare
presentations, you're going to feel a bit out of your element and
even a little bit intimidated. Sometimes they use a little (or a lot)
of pressure on you to buy into their timeshare right then and there –
there is no “I'll think about it later”...
The timeshare salespeople may even
compare your costs of staying at a hotel and eating out vs buying
into a timeshare and having home cooked meals. If you've ever been to
one of these presentations, then you're probably nodding your head
because you know the whole comparison spiel.
Now don't get me wrong, if you add up
the costs of staying in a hotel, buying food, going out and paying
for entertainment,etc... you may be saving some
money by buying into their timeshare. Did you notice the emphasis on
the word “may”?
However, if you're the kind of person
who's looking for a place to just lay your head and don't need the
amenities a resort has, then a hotel is the right fit for you – not
a timeshare. In fact, if you bought a timeshare you would be losing
money not saving any.
So, if you're sitting there in the
timeshare presentation getting pitched, remember that you have to
come out on the winning end. Don't let them tell you the way you
should be vacationing and how much you spend every year on your
vacations.
First of all, they don't know you.
Second of all, you should know your own numbers – you should know
how much you spend every year on vacations.
Now, if this seems like the salespeople
are trying to talk you into a timeshare – well, you would be right.
This is why a lot of people succumb to the pressure the tactics and
sign on the dotted line right then and there...only to have buyer's
remorse when they return home.
If you think this is where timeshares
get a bad rap, well, you're halfway right.
But there's more...
Even a Hungry Man Wouldn't Eat
Let's go through a typical scenario...
So you decided to buy the timeshare and
actually do use it a few times but then your life isn't so flexible
as it once was.
You cant always get the vacation time
off from work to use your timeshare and so some years you don't even
use it but you still have to pay those maintenance fees. There are
even times where you can't even book a room because everything is
filled up already for the dates that you want.
Then there may be times where you want
a better destination but you don't have enough points and/or the
points exchanging system is so convoluted and confusing you don't
want to even bother.
Add on to the fact that you begin to
notice that your maintenance fees keep getting higher and higher
every year even though you're not getting more destinations added to
your timeshare portfolio.
Now you're growing more and more
disillusioned with your timeshare and you've had enough and you're
ready to get rid of the darn thing. That should be easy – right?
But here's the problem...
Timeshares aren't worth anything...in the end
It's hard getting anyone to buy your
timeshare for any price close to what you paid for it. In fact,
you’ll likely get pennies on the dollar for what you paid for it –
if you can find a buyer.
Some timeshare owners think that they can
just walk away from it, but in reality you still owe the maintenance
fees and whatever else you owe on your timeshare. You'll get turned
over to collections and you'll get your credit dinged.
If you think that you can will it away,
well you can, however, make sure your heirs want it, if not you're
leaving them with a burden that depreciates, but yet has rising
maintenance fees year after year.
What about those resale companies –
are they legit?
Some are, but many are not.
By now you can see how a timeshare can
unravel and lead to a lot of financial woes and sleepless nights for
its owners that decide they don't want it anymore.
So, now you know the reasons for the
bad rap in timeshares. Now, keep in mind there are people who have
good experiences with timeshares and are happy about their decision
to buy into one. It's when you decide to get rid of your timeshare
that things start to go downhill for you.
So, Should You Buy?
Timeshares have advantages over your
average hotel room. However, if you're fine spending your vacations
staying at a hotel room then why put out the extra money for a
timeshare and get locked into a binding contract?
But if you're one of those people who
enjoy all the amenities that come with resort vacationing, then a
buying a timeshare retail is one way to go but it's not the only way.
There's the resale market where you can buy a timeshare for a lot
less than if bought directly retail.
However, you still are going to have to
pay those rising maintenance fees and be stuck with all the
unpleasantness the original owner had.
A Better Alternative to Timeshares
The next timeshare alternative is to get a real vacation club – one that has prime resort vacations that you can
enjoy for a small fraction of what you 'd pay for a timeshare.
Vacation clubs have become the inside
secret of savvy travelers who want all the perks of a resort vacation
lifestyle without the financial burden of a timeshare.
What is a timeshare?
For some people a piece of mind, but
for many others a nightmare that never ends.
I recommend this vacation club. Over 20 years of happy travelers and...counting!
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