What are the best Timeshares to buy?
Im thinking about buying a timeshare. So far the disney timeshare seems great. Are there any other good ones that will allow me to go to multiple places, that are really good?
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- How do I find a timeshare opportunity that will pay for my hotel as long as I sit through their presentation?
- Why are people selling their timeshares?
Tagged with: Disney • Timeshare
Filed under: Buying Timeshare
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The promise of all of them is to take you to multiple places, exchanges may not worked as promised but you would get "bonus weeks" at very discounted prices that will allow you to travel to multiple places.
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
If you are talking about Disney Vacation Club, they are very expensive but are very nice, so I hear. I do know that there are many upscale resorts in Orlando and Orlando is overbuilt. There is always availability there. Maintenance fees with higher taxes for that area. Unless you MUST HAVE Disney Vacation Club, I would look for a timeshare with low maintence fees, prime week, area in high demand but fewer timeshares. Times when kids are out of school, holidays, spring break and summer, oh and prime ski weeks are good too. But the key thing is buy RESALE!! Then exchange into Orlando. Another thing is where you live. Some timeshare systems have many locations including Orlando but maintenance fees might vary depending upon locations so that’s something else to consider. You might want to look for something you can drive to and also exchange to other locations.
I love travelling and am also a real estate investor. My 2 cents: timeshares are not the best investment, even if you have all the financial resources to buy it. You can save money by being a smart shopper, and get great deals on resorts, hotels, even in a destination like Disney.
Tip: Travel non-peak time, just before or right after the peak travel begins- you will get good deals on airfares, rentals, and hotels. Plus, lesser crowds!
Drawbacks of owning a timeshare:
- Annual fee (often a lot). Unless you’re planning to use it every year, it does not make sense financially.
-Same resort (when you buy a resort lease) each year, unless its a club membership. Even there, its hard to get what you want in the peak travel season, which is the very point of owning a unit, so its your when you need it.
- Usually no tax advantages.
-Guilt if you don’t use it. What if you have a time share in Hawaii, and airfares to Hawaii are ridiculous during the only days you can take off from work! what a waste of your money!!
Alternatives
1. Buy a real property: If you’re the person who likes to visit the same destination each year, it is worth researching investing in a small condo or apartment. At least its yours when you need it, and you could qualify for tax deductions, or you could even rent it out all year or few days as a vacation rental and make some money. Caution: If its outside US, please check foreign government regulations.
2. Be a smart shopper: If you’re buying a timeshare because it is cheaper than other accommodations, especially if you want to visit the same destination each year, take my word- you are far from correct. You can find much better deals on hotels, vacation rentals, chalets these days than ever before. I am a bargain traveller, always on the lookout for good deals.
Take advantage of the deals out there, you can probably get a great lodging deal in the same resort that would otherwise sell you their timeshare, and stay for half the price!