Timeshare

[NickCats]

I was thinking about purchasing a timeshare and wanted to get some feedback from some of you on the forum that might own one or know something about them.

Option 1 :

Condo on the beach in Del Mar, CA.
Walking distance from the beach ( I have stayed there before ).
$6000 for one week a year.

Option 2 :

Condo in North Carolina
Member of RCI and II
$1000 for one week a year.

I grew up in San Diego and go back once a year to go surfing. My parents have been kind enough to let me use a week of their timeshare over the years but I was thinking of buying my own now that I am married. I have stayed at the one in Del Mar and the location is great. The one in North Carolina is much cheaper but in the same network as the one in Del Mar so I could trade when it is available. My parent’s timeshare is actually in Hawaii. They have 3 weeks and usually give me a week, which I trade for Del Mar.

Any advice would be appreciated !

Thanks,

Nick

[AUDIOGUY]

Look into Fairfield... the program is super flexible and they have properties all over the place including Vegas!
Check it out.

[Travis]

I would suggest you look into The Hilton Grand Vacation Club, I have owned with them for about 7 years and it has been great. The thing that is different from them is that they are on the point system and you do not have to be stuck to use one week at a time, you can use a day only if you like or convert your point into Hilton Honors points and stay at any Hilton Hotel. And they are also a member of RCI.

http://www.hiltongrandvacations.com/

If you like PM me and I can mail you some gift certificates where you get like a free three night stay in Las Vegas or Orlando (Sea World) and you just have to agree to take the tour.

[SD987]

If you pay me $6000, I'll let you stay in my place for 2 weeks ! :)

[RandallNeighbour]

I think timeshares are a rip off. My friends who have bought them regret it, saying it was a waste of money because some years they couldn't use it due to life or work circumstances. And when they tried to sell the week or two they could not use, they were paid a pittance for it by a middle man who advertised it for rent.

I have also been on the other end, buying a week here or there from a company representing timeshare owners or directly from a timeshare owner for pennies on the dollar for what they paid.

It just makes more common sense to me to buy week or two of someone else's timeshare in the place you want to have a vacation that year and not be locked into long-term commitments or big up front costs.

And I do realize that most timeshares are flexible in that you can choose from a number of locations. I still think it's a scam to take your money.

[bmussatti]

I don't get the whole time share attraction, either.

When I go on vacation, I also want other amenities like; valet parking, room service, bellmen, doormen, concierge service...just to name a few.

Another hidden, dirty truth, about time shares is "special assessment fees". Especially in storm ridden and high risk areas...i.e. hurricanes. Make sure you have an understanding about this prior to entering into a contract...and potential funds set aside for damage and/or repairs & property improvements.

[Perfectlap]

Is that a misprint?

$6,0000 for one week? :eek:

If it is I sure as heck have to go up there for a visit because it must be something else for that price.
You wouldn't believe the two week vacation I could put together in Rome, Italy or Alicante, Spain for that price or a kick ass week of go karting, partying and pool side lounging in Las Vegas at the Venetian.

[dcporsche99]

Hi,
I bought mine two years ago in Connecticut right on the Long Island Sound. It's called Water's Edge. Anyway, I couldn't use my week this past August so I "banked it" ---that's the jargon these folks use. Anyway, the week is good for a year anywhere in the world as long as you are a member of RCI. The good thing about that week is that you are not stuck to ONLY that week. So, if you were to purchase one, IMHO I would make sure that it (1) is a RED week (w/c is more likely to get rented), (2) that it allows you the option of becoming an RCI member so that you have the flexibility of "banking" the time or renting it out, and (3) that it is deeded to you--this allows you the opportunity to transfer ownership to your kids later on if you so choose.

Some things to keep in mind:
(1) There's usually a realtor involved who takes care of the paperwork b/w you and the seller. I was very lucky with my purchase because the previous owners were prominent people residing in the area who no longer wanted it, so I got a really great deal! One of the few times where I can actually say that I got MORE than what I paid for!
(2) Once you make an offer and it is accepted, then the realtor gets the ball rolling and that's when you start writing out checks! :ah:
(3) You may or may not want your own attorney involved. I'm lucky cuz one of my siblings is an attorney (but I didn't have to use her cuz she already knew the realtor). But, if you decide not to, that's okay too because the paperwork is pretty straightforward. However, IMHO I would do it just to make sure that all your bases are covered.
(4) The usual charges during a purchase are for the transfer of the deed, taxes, realtor, and maybe something else. I can't remember off hand.
(5) There are usually yearly membership fees and taxes (w/c may or may not already include maintanence fees).

Well, I hope this helps!

Good luck!

[YellowJacket]

I don't have a whole lot to offer that others haven't said, but I'll echo the comments on making sure that you actually have a property deed, not just some nebulous ownership of....something?. Hilton's HGVC is supposed to be one of the better ones.

But I don't personally think it's a great deal. If I want to rent somewhere each year, I can find better deals just by searching the paper or through a rental company, without all the hassle of trying to swap weeks, swap properties, all of that. In 5 years or so when my wife and I are done going somewhere new every year and ready to go to the beach that's 2 hours away for the rest of our lives, we'll probably just buy a condo that we can rent out for half the year and use as we wish. So what's the point of a timeshare? I don't get the stability/freedom of ownership OR the freedom of not owning. Hmm.

Also, think about this -- there's a reason why timeshare companies exist, and it's not because they want you and me to have exciting vacations; it's to make money off of us. Just make sure that you feel like you're getting what you paid for. When I looked at a timeshare in Honolulu, I calculated out that at 1/52 ownership for what they were asking, it was roughly a $1.3MM studio apartment. And that's without all the creative fees...

[NickCats]

Thanks to all of you for the information !

Perfectlap, $6000 for a week every year…

SD987, 2 weeks every year ? How far are you from the beach :D

Nick