Original Message:
We are thinking about a Timeshare Purchase, whats your honest opinion??? (by David M.):
Timeshares can be more comfortable than hotels. I usually buy my timeshares on eBay for $1. I only buy timeshares that I have checked out or stayed at and I choose only locations that I prefer to go to every year (e.g., in my case SF and Kauai). I would recommend deeded weeks only as point systems are complicated and involve extra fees. I originally purchased my first timeshare from a developer over 25 years ago and have learned a lot since then. I prefer timeshares that are controlled by the owners (e.g., Lawai Beach, The Cliffs, Powell Place). I haven't had any substantial increase at Powell Place (SF) in over ten years. I call these timeshares boutique timeshares because they are small and independently run (by the owners). I must say that the people who run for the strata are usually retired but very, very experienced. Some of their qualifications are quite impressive. The other important thing is to have a good exit strategy. How do you get rid of the timeshare when the time comes? By buying highly desirable units or at highly desirable locations you can almost assure yourself that you can get rid of the timeshare. Don't look at a timeshare as an investment because you will be disappointed. Look at a timeshare as a planned vacation. A timeshare is a better fit for someone who plans ahead, not someone who plans at the last minute. For that person, a timeshare is a disaster waiting to happen. I mentioned the exit strategy. Buy your timeshare on the resale market and sell it for very little and you will be almost guaranteed to part with it. There are several tricks for making the sale very, very appealing (but that is another comment).
The industry has changed. However, if you stick to some very simple principles and educate yourself, you can utilize timeshares in a very positive way. I have converted many of my friends to timeshares after I show them the 'value' and after I educate them on how things work. Use the timeshare user's group website (tug2.net) and redweek here to learn more from the experts.
bruceb306 wrote:Unless you have money to burn don't buy "points". Buying points is like buying an unknown. Although the companies claim they only sell points that are backed by their inventory of deeds, I, as well as (I believe) the majority of owners, don't believe them. It seems they just keep printing more points much like the US Treasury keeps printing money, thus diluting the value. Then they try to sell you more and more points to cover the ever increasing number of points required to book a unit.Buying a deeded unit isn't much better. We have 3 floating deeded weeks every other year at Poipu. We must contend with ever increasing maintenance fees and special assessments; and must book 360 days in advance (as well as pay MF in advance) to even have a chance of getting what we want.
One more point to consider before you buy anything: the manmagement company controls the resort's boards of directors (HOA and AOAO) so they can do whatever they want to maximize their proffits. If anyone knows of a timeshare company where this is not true please post.