anyone who cruises every bought a time share

[newmexicoNita]

You should check out http://www.tugbbs.com/forums/ you can read posts for free or pay a small fee to join - very worthwhile for anyone who owns or is thinking of buying a timeshare. We have owned ours for nearly 25 yrs and dont regret a minute of it. Many family members and friends have used our "bonus weeks" to get 2 or 3 bedrm condos for less than $300 for a week. We only paid $2500 for ours (a 1 bedroom on the beach in St.Augustine FL) and we would probably get pretty close to that selling it. Its the $20,000+ ones that are a rip off especially when bought from the developer -you would never get your money back from resale -can usually get then for 1/10th of that on e-bay!

~Diane

Diane, you bring up some good points: The more expensive ones are a problem but they too, if purchased from the right company are good investments. As I have said, we are sorry we didn't purchase years before we did and look at the rates for hotels now? I can remember about 20 years ago going to a presentation. I think the units were in Ft Lauderdale and were selling for around $5000. the sales person stressed the fact that hotel rates on or near the beach would soon be over $100 per night: I almost burst my zipper laughing (to myself of course) I would never pay $100. Now, when I book a hotel even just for a one night stay while go from place to place. $100 (little towns mind you) doesn't phase me. I just don't think enough people look at it that way. The real deals on the resorts in the Caribbean. Yes, you put the money out fro x number of years and yes, you have a maintainance fee yearly, but the convenience is worth every penny we think. NMnita

[capecruzer]

and... from another point of view: I've researched the pros and cons of timeshare ownership for many years and still don't believe that it is a good investment for my family. I know many who own them and most are not happy with the increasing maintenance fees and difficulty in trading (RCI) where they want to go. My parents have been on a waiting list for HI for nine months and nothing still. Two years ago, they put in for three different Orlando properties and zero, zip, nothing. They do own Red weeks so that should not be the problem. Anyways, to make my point. Nearly every year and sometimes twice a year I am able to rent a condo for about $120/night. Last year alone I stayed at Marriott Grand Vista in a one-bedroom found online at the Marriott site for $129 (no presentation involved). I also stayed at the Fairfield Berkshires to ski for about the same price. I inquired just yesterday for Bonnett Creek at Disney -- price for a 2 bedroom was $120/night (no presentation). Just some examples. THe best part is that I pick where and when I want to go and I'm not locked into anything. Most maintenances fees are somewhere between $500-850 -- for the most part, I'm paying equal to or less than that when you consider the fees and real estate taxes as well. Happy shopping!

[newmexicoNita]

and... from another point of view: I've researched the pros and cons of timeshare ownership for many years and still don't believe that it is a good investment for my family. I know many who own them and most are not happy with the increasing maintenance fees and difficulty in trading (RCI) where they want to go. My parents have been on a waiting list for HI for nine months and nothing still. Two years ago, they put in for three different Orlando properties and zero, zip, nothing. They do own Red weeks so that should not be the problem. Anyways, to make my point. Nearly every year and sometimes twice a year I am able to rent a condo for about $120/night. Last year alone I stayed at Marriott Grand Vista in a one-bedroom found online at the Marriott site for $129 (no presentation involved). I also stayed at the Fairfield Berkshires to ski for about the same price. I inquired just yesterday for Bonnett Creek at Disney -- price for a 2 bedroom was $120/night (no presentation). Just some examples. THe best part is that I pick where and when I want to go and I'm not locked into anything. Most maintenances fees are somewhere between $500-850 -- for the most part, I'm paying equal to or less than that when you consider the fees and real estate taxes as well. Happy shopping!

some of what you say may be true and like anything else, nothing is perfect, of course no one wants to see their prices go up: let's get real. Another factor, of course you are not locked into a particular week anymore; that was the original time shares. As for trading, we have never had any trouble and we have a very limited access to RCI as Hilton, like many of the better hotel owned time shraes have a coop with RCI but not a full part of RCI. Our daughter, on the otherhand has hers connected with Ramada Inn so she is part of RCI. She uses hers or gives them away, plus has access, like someone mentioned to several bonus weeks a year. The cost is more like $149 per week not per night and this is a 2 bedroom. At $120 per night times 7 you are way over the maintaintenance fees and you are talking 1 bedroom. Of course choosing to purchase one is an individual decision and should never been looked it as an investment. As for Hawaii and Orlando, we have never had trouble using ours at either place. Last year, Christmas time we spent 4 nights at one of Hilton's owned properties in Orlando, near the park, our daughter did Hawaii and we do Vegas every year. NMNita

[jerseygirl31]

We bought a Timeshare in Pompano Beach Florida in 2001 for less than $5,000 on a re-sale. We have traded in Cancun Mexico twice, Treasure Island in Florida (not a great resort but right on the beach), Mexican Riveria, and come this Saturday we leave for a week's cruise around the Hawaiin Islands (on our own) then a 1 week stay in O'ahu on a traded week from our timeshare. Yes, we pay maintenance fee's of under $400 per year. But the trips in the resorts we have stayed in would of cost us 4 or 5 times more for a weeks stay. We also pay $149 exchange fee. We have taken friends with us and have been to St. Maarten, Puerto Vallarta, Cancun, St Barts, Aruba with friends on their Timeshares. Depends on what you pay for your timeshare, would NEVER buy it outright always buy it re-sale...we are very happy with our purchase..:) :) This timeshare has more than paid for itself...

[duchess720]

We have a time share and used an exchange for the trip we took to Alaska. we got two cabins and it did save us money. Its not cheap, but we were happy with it. This trip, we got a better deal from Carnival on the free upgrade and didn't use the time share. the difference in price wasn't worth the exchange. We do use our exchange for other places, ie...Nags Head NC, Virginia Beach, Branson Mo., etc.

 

You have to use the time share in order to get the rewards.

[Cruzman]

Recent posts simply reinforce my original contention that the only way that one can recoup his timeshare investment is if one made the original purchase from a reseller.

[jerseygirl31]

Totally agree with you Cruzman...if you are looking to buy...buy a re-sale and also important to us a deeded property in a pretty popular area that has a draw for vacationers...we are always getting called for us to deposit our week in Florida....Cruzman, I called over a year ago for a Hawaii exchange and was very Lucky and got one right away....I was told if you called less than that there is a waiting list...also, Oct is considered off season..but to me no season is off season in Hawaii...Good Luck to your Mom in her quest...

[newmexicoNita]

Recent posts simply reinforce my original contention that the only way that one can recoup his timeshare investment is if one made the original purchase from a reseller.

No one has questioned the value of buying a re-sale; yes, that is the best way to go, but you have written time shares are not worth it period. Again, and I will say this over and over: as an investment, no, as a pleasure, yes. How many of us can say "we have never spent money for the pure enjoyment we get out of our purchase?" Very few. I remember my motherin law, who never wasted a penny, purchasing a player organ several years ago. It cost her about $2000.00. You can't give them away, but she had a few years of pure enjoyment trying to play it, plus enjoying listening to our daughter play it. Did she waste her money, for which she had little? No. she loved her organ. NMnita

[Wormy53]

If you just want a financial answer to your question, then NO! All of the money gurus (Dave Ramsay, Cruz, Howard) say it is not a good investment. However, your own personal desires are a whole different issue.

Personally, I do not want to go to the same place over and over again. I don't want a place where I can cook. I also do not want to take the trouble to "swap" shares for another place. To each his own!!

[EJ'S MOM-MOM]

We stayed at Caesars Palace but we did not use anything to do with our timeshare we just went on our own. I really have never investigated using another timeshare. Our condo is owned by its owners so we only have limited exchange priviliges with RCI. We have always just went to Gulfport cause we liked it some much.

 

Yes our condo was right across the street from the beach. It is the Chateau Charmant.

 

bonniemari,

Sorry to hear that The Chateau Charmant was leveled, that was the one I stayed at when I was in Gulfport ( I just could not remember the name ) it was a lovely place & in a good location for NOLA & Biloxi. I even kicked around buying a week there because I liked it so much but I at the time already had 2 timeshares & DH would have killed me if I bought another one...LOL Hopefully they will rebuild in the near future.:) My daughter & her fiance always talk about going back there because we had such a great time.

[tampabrat22]

Does anyone have any experience with these newer point systems they are doing now?

 

I went to a presentation once and loved the idea but at the time I could not afford it! Me and my cousin travel together every year and have considered buying one together....does anyone know if that is possible?

 

Jessica

[bluto&olive]

if you spent the same money on a resort vacation condo say $1000 per trip for 20 trips (1 a year for 20 years) instead of a timeshare, how much of that $20,000 would you have left ? None. we have done 20 trips (owned for 21 yrs) have been to hawaii twice all my kids were given their honeymoon trips and all of them (8-yours mine and ours) had their choice for senior trips. and this christamas we are spending 2 weeks in hawaii. if we never travelled again (not going to happen lord willing) and we sold it for $2000.00 we figured we would come out ahead. BUT trading a timeshare for a cruise is a LOSER as far as we can see. the companies that arrange that still charge port fees and taxes. some of them charge for "food and entertainment cost of cruise" what a rip... keep the timeshare for what it is a nice luxury week at a resort.

[newmexicoNita]

Does anyone have any experience with these newer point systems they are doing now?

 

I went to a presentation once and loved the idea but at the time I could not afford it! Me and my cousin travel together every year and have considered buying one together....does anyone know if that is possible?

 

Jessica

ok Jessica, I may have your answer, but am not certain. some of the newer time share companies, like Hilton are going with a point system instead of the old color coded program. An example: we do own Hilton and opt for the second level from the top program. This gives us 1 week per year in a 2 bedroom, 2 bath Hilton owned property or 2 weeks in a 1 bedroom, 1 bath property or 3 weeks in a studio unit. The point system also is designed so the higher the number of points you purchase the more flexibility in dates you can use your unit. In essense what this does is give you more flexibility. You can also combine; example: 3 days using your 2 bedroom for x number of points, leaving you with a balance for apply some other way. I don't know how clear I have made myself, but when you once learn how it works it is pretty simple. Again, you can exchange for an RCI property as well, but we have only taken that option once. NMnita

[newmexicoNita]

if you spent the same money on a resort vacation condo say $1000 per trip for 20 trips (1 a year for 20 years) instead of a timeshare, how much of that $20,000 would you have left ? None. we have done 20 trips (owned for 21 yrs) have been to hawaii twice all my kids were given their honeymoon trips and all of them (8-yours mine and ours) had their choice for senior trips. and this christamas we are spending 2 weeks in hawaii. if we never travelled again (not going to happen lord willing) and we sold it for $2000.00 we figured we would come out ahead. BUT trading a timeshare for a cruise is a LOSER as far as we can see. the companies that arrange that still charge port fees and taxes. some of them charge for "food and entertainment cost of cruise" what a rip... keep the timeshare for what it is a nice luxury week at a resort.

Blue and Olive; you have it down and understand the concept like many owners do, but you know, you will never convince the anti that a time share has any value. For us, we can't imagine not having one and are sorry we didn't purchase years ago before the sky rocketed. I am certain we could have gotten what we have for about $5000 less than we paid: Would I pay $20,000? I don't think so, but who knows? You are right you will always have something at the end: trade for a cruise? Not until they get trade more balanced. NMnita

[critterchick]

Tampabrat, we own a Starwood time share and have access to any of their properties (I think there are 12 or so). You get "StarOptions" that you can trade among the various properties - we get enough to stay in at least a 1BR for a week (only 2 of us, so that's plenty) in some very nice resorts that would cost us $300/night if we booked directly. I actually brought my financial calculator along to the presentation to run the numbers based on our travel habits, and we figure that we will break even after about 10 years, then anything else is the "return on investment" so sought after by people.:rolleyes:

 

We can also trade our unit for Starpoints every year, and then those point can be redeemed for stays at Westin, Sheraton, Luxury Collection, W and Meridien hotels (there may be others). They can also be redeemed into your frequent flyer account with many airlines - we were able to fly first class to Europe thanks to that little benefit. We also have stayed at some amazing hotels - the Danieli in Venice, the Westin Bayshore in Vancouver, the Excelsior in Florence. And we get upgraded because you're enrolled at the Gold level. So, for example, we had a jr. suite at the Danieli for 2 nights which carried a rack rate of 1200 Euros. I figure our little investment is paying for some things that we would otherwise not experience. Totally worth it to me!

 

In the Starwood program, you can own the unit jointly, but if you use the Starpoints option, all of the points are credited to one account, so there's no sharing of those. The StarOptions stay with the unit (and they are only good for the use year, unlike the Starpoints, which are good for 6).

 

I figure you trade for a cruise when you can't think of what else to do and don't want to lose the entire year's expenses.

[Steve13]

Time shares, or as they like to call themselves now, FRACTIONAL OWNERSHIP, are real estate deals and like any other real estat deal one of the most important factor is location, location, location. Another important factor is the developer. You're much more likely to have good luck with someone like HIlton or Marriot than a developer who has no track record.

FYI, we looked into some time shares in St. Johns at the Westin. They ranged in price from about $15,000 to $325,000. No that's not a typo.

I can't understand why anybody would pay over $300K for a timeshare. Makes a lot more sense to BUY a condo and put it in a rental pool when you're not there. Of course, the condo's we looked at were about $1.5 mil, so the initial investment (downpayment) is a bit different!

[tampabrat22]

Thanks for the tips! I really think the point system may be a good option for us! I like the RCI system, since they have so many places to choose from!

I am guessing that the more popular the area is the more expensive the intial timeshare would be right? I mean would a time share in Orlando be more expensive than say somewhere not so popular?

From what I have read here it seems that resells are the way to go...are those finaced as well or a cash type thing? Sorry if these are silly questions but I honestly know very little about timeshares! LOL!

Jessica

[Steve13]

[quote name='tampabrat22']

I am guessing that the more popular the area is the more expensive the intial timeshare would be right? I mean would a time share in Orlando be more expensive than say somewhere not so popular?[/quote]

The PRICE may be higher, but that doesn't mean the VALUE is. In Orlando, there are many, many, many timeshares, so the overall value when you try to trade it for a timeshare somewhere else may be low. Economics 101, supply and demand! :)

[bonniemari]

We are self employed and take several vacations a year. We usually cruise 2 or 3 times a year and take 4 or 5 land vacations so the timeshare we had (have) in Gulfport worked well for us. We knew that was where we would be on our week and plus it is easily within driving distance from where we live. My maintenance fee was only $300.00 a year and I could not stay anywhere as nice as our condo for $300.00 a week. It had 2 bedrooms/2 baths, dining room, full kitchen (not that I used that) and a washer and dryer.

If I worked for someone and only had 2 weeks vacation a year I probably would have not bought a timeshare. Too much hassle trying to exchange it and keeping up with points and all that is just not for me. I will be glad when they rebuild cause like I said before I really did miss going there this year.

[newmexicoNita]

[quote name='Steve13']Time shares, or as they like to call themselves now, FRACTIONAL OWNERSHIP, are real estate deals and like any other real estat deal one of the most important factor is location, location, location. Another important factor is the developer. You're much more likely to have good luck with someone like HIlton or Marriot than a developer who has no track record.

FYI, we looked into some time shares in St. Johns at the Westin. They ranged in price from about $15,000 to $325,000. No that's not a typo.

I can't understand why anybody would pay over $300K for a timeshare. Makes a lot more sense to BUY a condo and put it in a rental pool when you're not there. Of course, the condo's we looked at were about $1.5 mil, so the initial investment (downpayment) is a bit different![/QUOTE]
Anyone who would pay 300,000 must really want the prestige of living it up. It must have been one heck of a nice unit. NMnita

[newmexicoNita]

[quote name='tampabrat22']Thanks for the tips! I really think the point system may be a good option for us! I like the RCI system, since they have so many places to choose from!

I am guessing that the more popular the area is the more expensive the intial timeshare would be right? I mean would a time share in Orlando be more expensive than say somewhere not so popular?

From what I have read here it seems that resells are the way to go...are those finaced as well or a cash type thing? Sorry if these are silly questions but I honestly know very little about timeshares! LOL!

Jessica[/QUOTE]
Jessica, you are thinking correctly about the location, so what many people do is purchase in a less disirable area (stay away from Orlando, Hawaii and Vegas) for instance; shot for someplace like Branson, MO (I am not kidding) purchase on the point system (remember not all offer the points and I am not certain RCI does) and if you do a re-sale I am not certain about financing. I am sure you can. Remember what was just said, make sure the company you are purchasing from has a good reputation: Hilton and Marriot are possibly the two best, but they are not the only good ones. good luck and have fun. one more thing, no one has mentioned; you don't actually have to trade a particualar week away anymore, especially with the point system. Those were the olden days; Timeshares have come along way. NMNita

[suezyq50]

Anyone considering buying, should look into Fairfield. They are very popular and located in multiply places.

[WELSH WIZARDS]

[quote name='Cruzman']Recent posts simply reinforce my original contention that the only way that one can recoup his timeshare investment is if one made the original purchase from a reseller.[/quote] I agree wholeheartedly with you that timeshare should not be bought in the heat of the moment, on a holiday, at a presentation, etc. However, your view of Timeshare seems only to be placeing a value on the cost of Timeshares and not factoring in the quality of the holiday. Timeshares , especially Gold crown, etc. are usually very upmarket, well located, etc.[ much the same as cruises. ] . Timeshare is not an investment in Property, but an investment in Holiday Experience.

[bhaglund]

I realize at this point it's probably way too late to help the original poster, but reading over all these horror stories (at least, financial horror stories), I'm hoping my sister's experience might help anyone who runs across this.

A lot of timeshares are fine and nice and not too bad with their fees, and while they're not good investments, the point is purely about enjoyment. Then there are a lot of timeshares that are sold by complete sharks who say different things than the fine print says, and so people get stuck with units that are run-down and unenjoyable; and they have a hard time booking their week(s) at convenient times; and the fees (maintenance, homeowners) and taxes (city, state, property, etc.) are obscene; and they get tired of having the same (bad) vacation over and over again; and after all of that there are still payments to make because the loan was at some pretty hefty rates. I know, I know, people will chime in here and say their experience wasn't like that at all. But my sister's (actually, my sister's ex-husband's) experience was exactly like that, and he ended up paying a company called TimeShare Relief to take it off his hands permanently. At that point it was better to pay to get out than to keep paying forever and ever.

Hopefully, this kind of cautionary tale motivates people to take a *very* close look at the fine print before they sign their names to a timeshare contract. It's a scary business, folks.

[WELSH WIZARDS]

[quote name='bhaglund']I realize at this point it's probably way too late to help the original poster, but reading over all these horror stories (at least, financial horror stories), I'm hoping my sister's experience might help anyone who runs across this.



Hopefully, this kind of cautionary tale motivates people to take a *very* close look at the fine print before they sign their names to a timeshare contract. It's a scary business, folks.[/quote] Yet again , the distintion here should not be made only about Timeshare. People should take a close look at the fine print before they sign ANY contract. !!