Why are people selling their timeshares?
I am thinking about buying a timeshare, but I see that a lot of people who have brought them seem to be frustrated about having one, and are trying to sell it. I want to know why so many people are selling their timeshares? Are there any hidden details that are not discussed when purchased? Any information would be greatly appreciated!! I really want to know all of the pros and cons. Thanks!
Related posts:
- Timeshare Owners: What were the key selling points that appealed to you? OR What do you wish you had but don't?
- what do you know about selling Timeshares??? I hate my timeshare!!!!!?
Tagged with: hidden details • pros and cons • Timeshare • timeshares
Filed under: Selling Timeshare
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The best option for a timeshare is to buy a resale. You will get the same product as someone who pad 10 times more at a resort.
BUYING A TIMESHARE
Before you buy, you should be able to answer YES to all these questions:
* Are you POSITIVE you want to spend ALL your vacations there?
*Have you visited the facility? Are you satisfied with its quality, with the stability of the management, and with the terms of the contract? Have you checked out this time-share development with the Better Business Bureau, the Attorney General’s Consumer Protection Office or your Legal Assistance Office?
*Have you talked to some long-time owners in this time-share facility?
*Can you afford both the facility and the round trip travel costs each year?
DO NOT BUY IF:
* You want to rent out the facility.
* You plan on reselling it.
* You plan on exchanging vacation sites frequently.
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. It is important to remember that purchasing timeshare should never be viewed as a financial investment with the expectation of gaining a profit in either reselling it or renting it to someone else. 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.
Pros…can be traded for other locations – only buy premium weeks (the best available) don’t fall for the crappy times for less money…they are hard to sell – for example buy school vacation week in Orlando…and you will always be able to sell it. Doesn’t mean you have to use it then….make sure you understand the policies for trading time and locations.
Cons – high maintenance fees, hard to trade time/locations…you do get what you pay for…..
If it was me and I like a certain area, I would find a condo figure out my monthly payment – figure out 5 years down the road how much would you have paid the time share for 1 week verses 5 years mortgage payments with rental income and a property manager for it – most charge 10% to rent units weekly…..and you would have access to equity……..
well i work at a timeshare resort and there are alot of reasons why people sell their timeshare. there are many different types of companies and different types of timeshares. most of the people that buy them cannot afford them or dont buy the correct type to fit their needs therefore end up selling them, if they can. its hard to sell a timeshare, there are alot of rules you have to follow. most people just foreclose on it. the biggest reason is no exchange power, people want to go all over the world but dont have any exchange power with the resorts that they buy from. i found that wesgate resorts is the number one exchange company with II so with them you have the most exchange power and you dont have to bank your week first. when your exchange company is RCI you have to bank your week andhope someone who owns at the resort that you want to go to wants to go to the resort that you own in. RCI is big on quantity but Interval (II) is big on quality. most people dont know the difference until its too late.but you can e-mail me and i will give you more detail.
my parents have owned a time share in the florida keys its one of the best places to own due to how few timeshare properties there are there and they cant build new ones there anymore.
as far as mom and dad they have owned it a while and no longer use it and have gotten to the age that they dont travel being in thier 70′s
the nice thing about timeshares is you can trade your time share week to go to anouther location but be careful! some timeshares are not as prized and when they want to go to a spicific location they will find themselvs on a wiaiting list for a date.(my parents owned in the north somewhere and when they tried to trade to key west they had to wait a year to get a week there!) they sold thiers and bought in key west!
the down side is you do have fees each year but you can write off a protion of it on your taxes. my parents also get quick deals as a mamber and they used to sell thier deals like 3 days in a new resort for real cheap proces or vegas with a car for a week for a few hundred dollars. they could make enough to cover thier yearly fees.
if you like to travel go for it but buy form an owner already! you wont pay as much and get all the benifits.
my family owns at the hyatt beach house resort in key west florida they can trade to go anywhere and not have to wait now!
timeshares are over pricced , overvalued hotel rooms.
most folks purchase timeshares when they really do not understand their own income budgets or needs.
t/s have yearly maintenance fees – often enough for a week else where.
do ur homework , donot attend a seminar with a check book.
i have owned 3 timeshares they are a waste of money there are hidden fees such as monthly maintnance fees, taxes and you have to give deposits everytime you go somewhere