We are thinking about a Timeshare Purchase, whats your honest opinion???

Understood, However you would have to be a fool to even accept my TMC "TRIENNIAL" from me for free. It is split time over 3 years. 7days = 3 days +2days + 2days over 3years maintenance = about $2100.( comes to $700.00 per year)With restrictions as to days of week & time of year.

gerards23 wrote:

Understood, However you would have to be a fool to even accept my TMC "TRIENNIAL" from me for free. It is split time over 3 years. 7days = 3 days +2days + 2days over 3years maintenance = about $2100.( comes to $700.00 per year)With restrictions as to days of week & time of year.

Most biennial or triennial timeshares involve a full week of usage every other year (biennial) or every third year (triennial), with a single week maintenance fee either billed in full during the year of actual use or split up into equal payments each year.

In my own 35+ years of timeshare experience, I have never once heard of the situation you describe above. If you have described it accurately (I'm very doubtful, frankly) and you are paying $2100 in fees for 7 days of total usage in 3 years, just 2 or 3 days at a time, you have plainly signed onto a real ripoff, the likes of which I've never even heard of before.

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.

XXXX

Yes Ken, Although my situation may be rare or unusual or unheard of it is very real.I was not fortunate enough to have purchased this on the "secondary market" for $1.00 as some suggest is the ideal way to benefit. As you may have heard after the conclusion of the 4 year NYS AG investigation into The Manhattan Club , TMC is forced to sell the whole operation. The new buyer is Blue Green. TMC must currently be "cleaning house" in preparation for the transfer of ownership as I've been notified that they're willing to do a "deedback". My lawyer will be handling details. It was never my intent to make a profit when I purchased this back in 2007 just as it was never intended to make a profit when I purchased my home but simply needed a place to live. I will be glad when this whole ordeal is over.

I wish I would have asked this question before purchasing my timeshare. They make them sound great at the time and they skip over the real details and the biggest fact that you can't get out of them without paying more money. I have one with Exploria Summerbay and they will take it back but they want another $2195.00 to do that. It is worth nothing to sell so that is my only choice if I want out from under it. I have to pay to give it back to them to resell. Be careful not to will it to your family. They will be stuck paying fees when your dead and gone. They are like a virus that you can't kill.

Renting them would be the only thing I would do. You can rent for a similar price as a years worth of maintenance and your not stuck with rising fees.

Stay away from the slick salespeople!!!!!!

FYI- your children do not have to accept an inheritance- including a timeshare. Make sure to tell them to speak with the attorney upon your passing.

maryannp12 wrote:

FYI- your children do not have to accept an inheritance- including a timeshare. Make sure to tell them to speak with the attorney upon your passing.

This is very good and absolutely correct input. The only way offspring can ever be obligated to accept the obligations of timeshare ownership from their parents is if the parents (very unwisely) put their children's name(s) on the deed, essentially making them co-owners (a very bad idea for a number of reasons). Unless the offspring names are on the deed, the offspring can simply "disclaim" any such inheritance when that time comes.

They are not an investment, they are an un-pluggable money drain. Use rentals from Redweek, VRBO, airbnb or other reputable rental sites. Yuo may pay a few dollars more but there is no longterm commitment. This way you will never have to face the frustration and expense of trying to get rid of a timeshare somewhere down the road of life.

rogerf39 wrote:

They are not an investment, they are an un-pluggable money drain. Use rentals from Redweek, VRBO, airbnb or other reputable rental sites. Yuo may pay a few dollars more but there is no longterm commitment. This way you will never have to face the frustration and expense of trying to get rid of a timeshare somewhere down the road of life.

Yes, I'll agree that renting, even if you have to pay a few bucks more than the maintenance fees, renting is a good option and alternative if you are unsure or do not want a long-term commitment or headache of getting rid of it down the road. I will also partially agree that they are not an investment if you are looking to flip it for a profit later on down the road.

However, some owners do feel that timeshares are a good investment in the accommodations for their vacations if they can get the place they want at the time they want. They are able to go to their favorite places for less than what they would pay for rental of either a timeshare or hotel room. Again though, it depends on location and time of year.

johnh1645 wrote:

My wife and I are new to Red Week and joined to start doing some purchase research. What's your honest opinion on all the above and more?

Rent. And don't EVER go to "updates" or anything else at the Dreaded Sales Gallery.

Wow; after reading some of the comments, I embarrassed to say this but I love my timeshare. I have two weeks at the Hilton Hawaiian Village that I've owned for 25 years. We occasionally trade for one of the other islands but the whole family loves Waikiki. I sometimes think about purchasing another week but I'm in my mid 70s now and don't think I could make good use of it.

For a pretty long while we owned 17 weeks worth of timeshares -- purchased on eBay. We like timeshares, too. And we used them every year. However we had great flexibility and could plan far ahead so we would always get the units or weeks or trades we wanted. SO many timeshare owners cannot or will not really try to do that. That's why I posted my answer as RENT -- don't buy. Saves money and anger.

We have 5 Marriott timeshares in Orlando. We are retired and plan a year in advance to either go to our home resort, Grande Vista, or exchange to another Marriott resort in Orlando or West Palm. We need to get 5 consecutive weeks a year. We then have plenty of time to plan our flight and rental car. It's not cheap, but gets us out of the cold winter for a few weeks. I doubt that we could find 5 consecutive weeks for rent anywhere. The kids and grandkids also plan months in advance to come and visit. We love it. By the way, our maintenance fees only go up by about $100 every year for all 5. Only regret, is not buying on Redweek.

I also say never buy a timeshare because I think there are many crooks in the business these days. We purchased a timeshare in Mexico many years ago when it was sort of a new thing. We have been very happy with this property, and the maintenance fees have remained reasonable. But when we returned last and went to an update, we found the same predatory sales practices are now taking place there as well. We actually were sold, and canceled during the rescission period (3 days in Mexico.)

Because the first one went well, we bought another in Sedona, Arizona. That company was bought out by another one and the maintenance fees soon rose to intolerable levels. That property was a total loser and we did get out. Due to a non-disclosure agreement I cannot say more. It was horrible. I will never go to another update, nor buy another timeshare. I used to sit in my Sedona timeshare and look online and see that I could be in the same room for half of what I was paying in maintenance fees. "Maintenance Fees" is really a misnomer, as these funds are used for operations and profit. That one unit could be generating $100,000 in maintenance fees a year. It should have gold toilets at that price, but it does not. Maybe the sales person has a gold toilet.

If these products are so great, why do they have to resort to such high-pressure, deceptive and dishonest sales tactics in order to sell them?

robertr558 wrote:

Because the first [timeshare purchase] one went well, we bought another in Sedona, Arizona. That company was bought out by another one and the maintenance fees soon rose to intolerable levels. That property was a total loser and we did get out. Due to a non-disclosure agreement I cannot say more. It was horrible. I will never go to another update, nor buy another timeshare. I used to sit in my Sedona timeshare and look online and see that I could be in the same room for half of what I was paying in maintenance fees. "Maintenance Fees" is really a misnomer, as these funds are used for operations and profit. That one unit could be generating $100,000 in maintenance fees a year. It should have gold toilets at that price, but it does not. Maybe the sales person has a gold toilet.

If these products are so great, why do they have to resort to such high-pressure, deceptive and dishonest sales tactics in order to sell them?

VERY WELL STATED! Your point about how much money a single unit can generate in a year -- easily $50,000 at $1000 per owner per year -- is rarely if ever included in these conversations. What kind of money do you suppose Marriott generates per year at the Newport Coast, California, resort which has, last I heard, 46 buildings? If, say 20 units per building, times, say, $1500 per owner per year, times 50 weeks in a year (2 out for deep cleaning?) times 46 buildings? And now we can understand how Marriott got to be the WORLD'S largest timeshare company....