timeshares

[the third's herd]

my husband and i are looking at buying a timeshare in myrtle beach. i was wondering from people who have timeshares what do you think of them? do you like them? and does anyone own a timeshare in myrtle beach? if so where? or does anyone know of a good place to buy one in myrtle beach! ok i know alot of questions but i don't want to jump head in on something that is not worth it!!

[the third's herd]

...what are points? lol...i am so lost!!!!

[Admin megansmama]

My DH and I own a timeshare in Hawaii and I will be honest there are times when I wonder if it really is that great of a "deal". I will first off say though that the absolute best thing it has done for us is gotten us to take regular family vacations. Scary to think about it now but before we bought it had been almost 7 years since we'd taken a true vacation :eek:

The reason for my concerns over it being a great deal. You still have annual maintenance fees for the upkeep of the facilities in addition to the purchase price of the timeshare. Granted - I'm staying in a really nice condo versus a hotel room so there's more expenses involved in the upkeep but it still gets me how much that upkeep is per year. My suggestion to you is to figure out how much you think it would cost you to stay at a hotel (one with a kitchen if the timeshare is so outfitted) for the same amount of time and then weigh that cost to the annual maintenance fees.

Most people think of timeshares in the traditional sense of you get 1 week a year but with "points" it allows you so much more freedom (IMO). The timeshare program we bought into gives us access to tons (and I mean tons) of timeshares worldwide. Since we bought into Hawaii - we get one of the higher amounts of points for our timeshare because it is always "peak season" and is a much desired destination. Thus we can if we choose not to go to Hawaii one year (:eek: dare I even say that out loud!) use those points towards a stay at another timeshare or break it up into multiple stays at different timeshares.

HTH in making your decision! My DH and I have thoroughly enjoyed our timeshare - even with the concerns I have every now and again (usually when I have to write out that blasted check is when they come around ;)).

[Admin Nicole VA]

I would just caution that a lot of financial planners out there will tell you that they aren't a good investment. Well, they really aren't an investment at all. If you ever go to sell, you will literally get pennies on the dollar for them.

A timeshare provides a nice place to stay while on vacation, so people who tend to return to the same vacation spot year after year are prime candidates for timeshare ownership. They never have to worry about finding accommodations for their annual trip, and the property is maintained for them, although share owners do have to pay maintenance fees.

Even if you're only looking at initial purchase price, the market is flooded with thousands of resorts and millions of shares. It isn't a seller's market. Once you take into account total costs, including annual fees and the fees that timeshare brokers charge to facilitate the resale, it becomes very difficult to recoup the initial purchase price, much less make any money on the deal.

The Federal Trade Commission says, "You should know that the value of [timeshares] is in their use as vacation destinations, not as investments." Florida has even considered passing a law that would make it illegal to mention the phrase "investment opportunity" in a timeshare sales pitch.

That isn't to say that timeshares are a bad idea - as vacation destinations, they can be the perfect plan for people with certain vacationing patterns. They just aren't a good way to make money.

The last thing I would add is that you need to buy a timeshare from someone who is trying to get out. Like I said before, you will get a STEAL on the upfront payment.

HTH!

[Admin megansmama]

LOL - hubby and I definitely weren't looking at our timeshare as a money making endeavor! :p We just really realized how little we vacationed up to that point in all our years of marriage.

[the third's herd]

ok we go to myrtle beach every year..it is only 4 hours ffrom here and we spend a week down there away from everyone!!! the plant my hubby works at has a shut-down week the first week in aug. so that is our vacation!!! we already put put about a grand every year for the hotel anyway and i have looked at a couple that are like $1500 to buy and then $500 a year to keep up! not bad when you consider what we are paying already for the hotel room! we stayed at the beach cove resort this past summer and are looking at maybe doing something there! not sure yet!

[the third's herd]

[QUOTE=Admin megansmama;9309]

Most people think of timeshares in the traditional sense of you get 1 week a year but with "points" it allows you so much more freedom (IMO). The timeshare program we bought into gives us access to tons (and I mean tons) of timeshares worldwide. Since we bought into Hawaii - we get one of the higher amounts of points for our timeshare because it is always "peak season" and is a much desired destination. Thus we can if we choose not to go to Hawaii one year (:eek: dare I even say that out loud!) use those points towards a stay at another timeshare or break it up into multiple stays at different timeshares.

QUOTE]


ok still so lost by this!!!! LOL!!!

[Admin megansmama]

LOL - I'm not the best at explaining points but let me try it again after going out and finding a site that explained it quite well. Here's my modified version of their explanation.

As an owner we receive X number of points each year that can be used towards the time period(s) and type of accommodation(s) we desire for our vacation(s). For example, say we receive 5000 points a year and want to use them as follows: 4 nights in a 1 bedroom unit at XYZ property uses 1500 points and then we use the remaining 3500 points for 7 nights in a 1 bedroom unit at ABC property. Or we can use all 5000 points at our favorite property for 14 nights in a 1 bedroom unit. Using points allows us to change our vacation plans from year to year based on where we want to go.

When I talk of "traditional timeshares" I'm referring to those where you buy a specific week at XYZ property that you always go to year after year and stay the same week year after year.

In your case it sort of sounds like traditional might be good for you. I saw your later post about the costs - sorry I can't give you any recommendations because I know nothing of what timeshares are like on the East coast. Best wishes to ya in your search :D

[Sunflo76]

Timeshares can get handed down from gen to gen though.. so in the long run I think it's a great deal. I espically love that I am going to Aruba in 3 days for over a week for only $239.. for a 2 bedroom 2 bath fully eqip kitchen.. 42 inch new upgraded plasma.. right on the ocean...

gotta love it!

[arubagirl]

we own a timeshare in aruba,, when we dont use it, i rent it out... this year i rented it out, ad the used the money to rent a diffrent week when the kids were off.. one thing is we belong to rci, they are not very helpful and i donot plan on renewing the membership with them... i do better renting on my own and i dont have to deal with a middleman

[Sharon]

You should check into buying them from ppl wanting to sell, instead of straight from the company. Like PPs said, they resell for pennies on the dollar, and that could greatly benefit you.