Original Message:
Timeshare ownership vs vacation property ownership (by KC):
jurih wrote:I'll offer my input, based upon personal experience with both; I have owned a second home (i.e., vacation property) in the past (but no longer). It can be argued that SOME real estate ownerships MAY increase in value whereas MOST timeshares definitely will NOT. However, there are numerous other factors to consider too. I have nearly 30 years of timeshare ownership experience (all weeks were resale purchases), so I'll directly compare the two:Why do people prefer to purchase timeshares over actually owning their own place. I've never understood the fascination with timeshare when so many people get scammed repeatedly. Does it not make sense to just own the vacation property? Or does the annual maintenance and management of a second dwelling make it unattractive to own.Please help me figure it out.
There is something to be said for a guaranteed, routinely maintained condo, with lots of space, full kitchen, on site maintenance staff, pool, etc. --- with access on guaranteed dates in locations of your choice and preference. Pre-cleaned and fully prepped before you check-in (as opposed to "do it all yourself" (with appliances, cookware, dishware, linens, cleaning, seasonal maintenance) upon each and every arrival and visit as an individual vacation property owner.
Unlike individually owning a vacation property, a timeshare owner is NOT personally responsible for handling grounds maintenance (mowing grass, plantings, pruning trees, removing downed tree limbs and branches, trash removal, etc.), or property security, pest control, property insurance, facility maintenance, plumbing, heat and air conditioning, roofing, and the nuisance (and cost) of periodically upgrading and / or repairing appliances or furniture.
A timeshare owner pays only his / her own portion of property taxes (not a full year bill) only for the week(s) they actually own. Who wants to pay a full year's property tax bill for a costly property; personally owned but used for only a few weeks per year? Not me. I did it for some years, and ultimately felt that I was just throwing away a few thousand dollars every year in property tax costs.
Timeshare ownership is certainly not for everyone. However, for many people (including me) who appreciate and enjoy all of the benefits described above WITHOUT all of the maintenance headaches (and much higher costs) of actual individual property purchase and maintenance, the annual maintenance fees associated with timeshare ownership are quite acceptable. Of course, the purchase itself must have been "resale" (i.e., not from a developer) in the first place for timeshares to make good financial sense.
As far as "scams" in the timeshare industry go (...and there are certainly many), people who use their heads (for something besides wearing a hat) don't get scammed in the first place. Smart people NEVER buy directly from developers at exorbitant prices and they NEVER pay ANYONE ANY money "upfront" for ANY alleged "service" associated with timeshares. Those are two very simple rules. The people who get scammed either don't know, don't understand (or just simply ignore) these two simple, basic rules. As a result, they essentially make the CHOICE to VOLUNTEER to get scammed.
Different strokes for different folks, as they say...