Why Buy A Timeshare |BEST|
Several years ago, a friend purchased a timeshare following a tour, as many do. As a result, she was promised luxury accommodation, flexible dates, and so on. She was met with the frustrating experience of not booking and could not figure out the different options. My friend asked me to read the paperwork and figure it out. Little did I know that we were talking about 500 pages worth of terms and conditions. I was able to narrow it down to some key points. This is how I understood the process and how to maximize it. After this, and once I understood the process, our experience with timeshare began!
why buy a timeshare
The beautiful thing about points-converted timeshares is that you can enjoy all the benefits of a fixed week or pick points. For those who own points-converted timeshares, you want all the benefits listed above and:
To buy timeshare points for resale, you should look for the maximum amount of RCI points with the least maintenance fees. You can buy them on eBay or any timeshare resale site. We purchased our timeshare on eBay. It would be best if you did not care where the timeshare is deeded (located). It could be in Tim Buck Two. What you care about is the cost per point to maintain. To compare apples to apples, you will divide the annual maintenance fee by the total number of points to calculate the yearly cost per point. How many points should you be looking for? It depends.
An industry study by EY (Ernst & Young) revealed that 56 percent of reclaimed timeshares stem from foreclosure. Any research you do will tell you that this stems from financial hardship. If you buy a timeshare and cannot afford to maintain it, you could end up being the person trying to sell one or, worse foreclosing. The article is for those looking to take advantage of a foreclosed or resale timeshare to afford the maintenance fees.
Now, this may sound simple enough, but things can still get complicated. Your agreement will either give you a fixed week every year or a floating week where you can choose when to vacation based on your contract and availability. There are also timeshares that operate on a points system where you purchase points and use them at select properties. Some points can be carried over for a few years, which may or may not be a benefit to the owner.
To complicate things, the resale market for timeshares can be limited. Not many buyers will be interested in a timeshare property since the timeshare contract is usually quite strict. Timeshares can be hard to sell for the purchase price you paid and it may even be difficult to give them away.
That said, timeshares can be valuable to some people. Some travellers love going to the same resort or property every month and a timeshare pretty much guarantees them a similar rate every year. There are also some timeshares such as Disney Vacation Club which are incredibly popular since it allows you to stay at Disney-owned properties. Marriott Vacation Club allows you to stay at some of their standard hotels with your timeshare purchase.
We purchased a time share in Florida on the points system. Got nothing but the run around when trying to get room anywhere. They promised me that I could go anywhere using my points. Anytime I tried the rooms where booked 1 to 2 years out. I was trying to book a year in advance. Come to find out that the company was holding back the rooms to sell them somewhere else for more money. They were caught twice & were sued & lost but continue to do it. Well after a year & $4500.00 plus payments. I am free of the timeshare. The writer is correct in saying that it is a scam.
A timeshare in the United states is probably less risky than Mexico since you would be able to leverage the courts system if its a scam. In Mexico the legal system is very difficult to use when you are non local nit to mention expensive.
Branson Mayor Karen Best went a step further. She called for the state of Missouri to add more regulations on timeshares. Best also told the News-Leader she thinks timeshare salespeople should be "required to possess a real estate license."
1. Owning a timeshare is a long-term commitment. Or headache. "It's easier to get out of prison than a timeshare," Larry Rushing told reporters Tuesday. He and his wife, Gayle, live in Springfield. They bought into a Branson timeshare about 15 years ago and lost almost $5,000 trying to get out of it.
"It's easy to see why people buy timeshares," said Melody Payne, a USA TODAY Network columnist, in a video on timeshares. "You went on a vacation and had a great time. The kids loved it. You loved it. So why not go there every year?"
2. Want a timeshare? Check your options. It can't hurt to look at the secondary market before you buy. There's "a glut" of owners who want out of these things. That's according to "The Timeshare Crusader," Lisa Ann Schreier, who's been writing about the industry for 18 years from her home base in Florida. Like Branson, Florida has a ton of timeshares.
3. Know before you go. A few hours of comparison shopping could save you years of tangling with unwanted bills. Better Business Bureau suggests using local travel agents and online travel services to compare pricing. It might be cheaper to use them instead of committing to a timeshare. It's also possible that a short-term rental through something like Airbnb or VRBO is cheaper.
5. Resist pressure tactics from timeshare salespeople. The president of Better Business Bureau's office in St. Louis wouldn't go so far as to call the $9.6 billion national timeshare industry a "scam," but it's clear that timeshare resorts employ salespeople who do their best to get inside the heads of potential clients.
Silvio Bower, a Springfield man who said he's on the hook for about $580 per month across three timeshare bills, said Branson timeshare salespeople talked to him for hours, pitching "dreams," before he signed a contract he now regrets.
7. Want out of a timeshare? Do it yourself. The News-Leader has reported extensively on timeshare exit companies. One of them, Springfield-based Escape Resolutions, has a well-documented series of complaints alleging that the company has taken thousands of dollars from unsuspecting people, promising to get them out of timeshare contracts, then providing no services and playing the runaround game when upset customers try to call company headquarters. The News-Leader called Escape Resolutions multiple times on Tuesday, but nobody answered.
Instead of a timeshare exit company, the Better Business Bureau recommends contacting the property that sold the timeshare in the first place. Ask the property if there is a deed-back program available.
Beware of envelopes bearing gifts. How many New Yorkers have been thrilled to receive a notice that, as part of a promotional effort to sell timeshares, they were the lucky winners of a free trip to a tropical paradise? It's hard to resist the lure of a dream come true for little or no expense.
Unfortunately, all that glitters is not gold. All that is promised is not delivered. Often the free trip turns out to be a grueling trek from timeshare to timeshare, punctuated by endless sales talks, and topped off by a whopping bill for hidden costs and unforeseen charges.
Of course, not every prize winner turns out to be a loser. Some reputable sellers of timeshare products do deliver all that they promise. How can you sift through the offers and figure out who's scamming you and who's not?
A timeshare as any arrangement for sharing ownership of a vacation home, condominium, or other interest in realty where each of the joint purchasers may occupy the unit during a specified period each year.
Sometimes a seller avoids using the term "timeshare" altogether, substituting "interval ownership" or "vacation club ownership" for the word "timeshare." All advertisements to New Yorkers must clearly and prominently use the term "timesharing" to describe the product the seller is offering. No matter what terminology is used, the offer is subject to the same rules and regulations. Before you pack your bags, be sure to establish that the timeshare is on file in New York.
Some of these offers create the impression that you've already won something, like a sweepstakes or lottery. They may promise you a car, television, or some other type of extravagant prize. However, in order to collect, you are usually required to visit the timeshare. Don't be fooled.
This sales technique is against New York law. Under the law, advertisements must "not appear to be an urgent and official notification to winners in a contest and must not use any other means to convey a false sense of urgency or importance." Reputable timeshare developers are familiar with our local requirements. If their competitors are ignoring our advertising rules, they may also be setting other traps to catch you.
Before you sign anything, make sure you have been given an offering plan that has been filed in New York, even if the timeshare or you are out of state. New York law requires that if any business is transacted in New York, the offerors must be registered here. If the seller has decided not to file in New York, they should reject your business unless the entire sale is conducted out of state.
Before deciding to buy a timeshare, remember that this decision involves continuing financial and legal obligations. Does it make sense to take this deal? Buying a timeshare could be a commitment that you have for the rest of your life.
After examining the risks, you still have to decide whether the convenience and appeal of the timeshare is worth the price. Compare the expenses with the cost of a comparable hotel or resort for the number of years you plan to own the timeshare and the time value of your money.
The new breed of timeshare developers has seized upon the concept of flexibility to help market their units. You can sometimes trade or swap for different weeks of the year at different resorts all over the world. 041b061a72