Is buying a timeshare worth it? The annual fees equal $500, so about the cost of a cheap hotel anyway?
But with a timeshare I think I get more rooms.
Is buying a timeshae worth it with those annual fees?
Also, how do I guarantee I get the time I want every year, I know what time of the year I want to go
Related posts:
- How much will a timeshare in a major European city for a couple weeks cost?
- What are the benefits to buying into a timeshare?
- Timeshare?
- how do I know what im getting when buying a timeshare.?
Tagged with: Buying Timeshare • Timeshare • Timeshare info
Filed under: Buying Timeshare
Like this post? Subscribe to my RSS feed and get loads more!
Timeshares can be a great way to vacation or they can be a royal pain in the neck. Before you invest in a timeshare, I have 2 recommendations: (1) read Timeshare Vacations for Dummies and any other research you can; and (2) look for good deals on the resale market like eBay.
I recently bought a timeshare for $1 on eBay plus closing costs of about $450. The annual dues are about $780 and the timeshare is had a resort in Hawaii. See the link below. I know it is a good resort because my parents own there and let me use their unit for my honeymoon. For about $100 a night, I can spend a week at a nice resort on the beach in Hawaii.
I have a "floating" week, meaning that I never know if the time I want is available. I can also "trade" my week through an organization called Interval International for an exchange fee of about $129. The key to getting the most out of your timeshare learning how the reservation system works.
Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.
BIG "NO,NOS" IN TIMESHARE:
*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU
*It is not a financial investment
*Don´t buy if you plan to rent it
*Don´t buy if you plan on reselling
*Don´t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER
THE RIGHT CIRCUMSTANCES:
*This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.
*Get it in an area the you LOVE and that you would visit every year without a problem
*Get it in a very nice Resort (where normally people would pay at least $200 a night)
*Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee.
HERE ARE THE NUMBERS:
$200 USD a night (in a decent resort) x 6 nights = $1200 USD
Maintenance fee in a NICE RESORT x 6 nights = $700
*Maintenance in a "decent resort" x 6 nights = $400