Vacationing – What Are Some Advantages and Disadvantages of Buying a Timeshare vs Renting a Hotel Room?
I went to a timeshare presentation a few weeks ago because I had an afternoon to kill and they gave me a complimentary bottle of rum (which I polished off that night to make up for the wasted hours of my life required to obtain it).
It made me wonder how good a deal a timeshare really is, because NEVER in my entire life have I met salespeople so pushy and aggressive when marketing any other product. It made me think that if buying a timeshare is really as beneficial and lucrative as they claim, shouldn’t it sell itself?
They also wanted me to make a decision IMMEDIATELY (‘I’m really not supposed to do this, but I’m making a special deal just for you"), without any consultation with my wife or a financial adviser.
Is it possible to compare the timeshare vs hotel question to a home vs apartment question? It sounds similar (buy vs rent), but I’m not that familiar with timeshares. I just wasn’t going to make a k+ decision without a bit of thought.
Do you know anyone who has owned a timeshare? How has it worked out?
I own a timeshare and its been great. It is totally different from home ownership.You won’t make as half as much on it if you sell so plan to keep it. But the timeshare is great if you go every year and plan to go to the same place or you can space bank your time and trade it for another timeshare. 50K is high – there are PLENTY out there for alot less. Don’t let anyone pressure you into something you do not want or can afford. Its my familie’s yearly tradition to go the week I own and we love it.
They need you to make a fast impulse decision because if they give you time you will come to your senses and turn them down. If they were as good of an investment as they claim you should be able to buy and finance one in a more civil manner. Call any bank and as them what there interest rates are on timeshares and they will tell you they don’t finance them at all. This should stand out as a read flag.
My brother-in-laws parents bought one many years ago and it is paid for, except for the taxes, the maintains fees and what ever other fees they have to pay (they go up every about every year). These fees come up to over $1500 a year even though it is paid for. That is $1500 dollars to stay one week. If it wasn’t paid for it would be much more!!!!
Google "time shares" for sale. If you do want one check it out that way.
I also have sat with these salespeople and they are the pushiest. Everything I have seen and read about timeshares say they are the worst investment ever. There is no way they can convince me that paying this huge amount of money for the timeshare is cheaper than just renting a place each year. It was ridiculous. Please……………………..
The hotel room is cheaper.
1. $50K is a lot of money.
2. The annual fees are there forever.
3. While there is a market for selling your timeshare, they aren’t going to pay you $50K.
4. The tax benefits are virutally nil.