FloridaJim57
Recycles dryer sheets
In plain, simple English can someone explain the concept of time-sharing? Don't get me wrong, I have no plans to purchase a time share just wish a better understanding of a term I have heard quite often.
But, there is not a good secondary market for these timeshares that allow you to make any money. My parents finally sold theirs for $1 after paying about $150,000 into it over the years.
Understand that there is a resale market for timeshares. Never buy retail from the sponsor or developer because they sell for pennies on the dollar on the resale market. Before any purchase go to TUG2.net and spend time reading in the forum designated for the timeshare you are interested in.
I have bought Hilton timeshares resale and paid 3-5% of the what the original owner paid. However, this discount only applies to the purchase price and you must continue making the annual payments which can be raised at the whim of the sponsor. I like Hilton because of the process and the flexibility of using the allotted points. There is no designated week and I can use my points anywhere in the system SUBJECT TO UNDERSTANDING THE SYSTEM WHICH HAS SOME COMPLEXITIES. LASTLY, DONT BELIEVE A WORD ANYONE IN THIS INDUSTRY TELLS YOU. VERIFY EVERYTHING IN WRITING, EVEN THE SMALLEST DETAIL.
More importantly, do not buy unless you will actually use the timeshare every year or all the available points.
Depends on who is backing the timeshare and demand.
We own Disney Vacation Club. Purchased almost 22 years ago. We could sell today instantly for almost triple what we purchased for.
Our only regret is that we didn't purchase sooner.
I'm not a fan of Disney but I read somewhere that their timeshares had an end date after which you no longer owned them. True? This makes good sense to me since most of the people who are trying to sell timeshares enjoyed them at one time but no longer want them because of deteriorating health, kids grown up, etc.
This is true. Legally, it is a lease for a specified number of years and then ownership reverts to Disney Development Corp. When a new timeshare property is constructed, sales are for a term of 50 years with a specified termination date. Regardless if you buy from Disney or resale, the termination date still remains the same for all units at that property, 50 years from the original opening date of the property.
We purchased ours in 2000. The termination date is in 2042 (original sales for the property were in 1992). Some years ago, Disney made an offer to extend the termination date by 15 years through 2057, and we paid the fee (I believe it was $2500) to do that.
This is true. Legally, it is a lease for a specified number of years and then ownership reverts to Disney Development Corp. When a new timeshare property is constructed, sales are for a term of 50 years with a specified termination date. Regardless if you buy from Disney or resale, the termination date still remains the same for all units at that property, 50 years from the original opening date of the property.
We purchased ours in 2000. The termination date is in 2042 (original sales for the property were in 1992). Some years ago, Disney made an offer to extend the termination date by 15 years through 2057, and we paid the fee (I believe it was $2500) to do that.
I'm not a fan of Disney but I read somewhere that their timeshares had an end date after which you no longer owned them. True? This makes good sense to me since most of the people who are trying to sell timeshares enjoyed them at one time but no longer want them because of deteriorating health, kids grown up, etc.
Timeshare: The act of succumbing to a sales pitch during one’s first euphoric visit to a beautiful location, leading to an impulse purchase based of the promise...
You can bypass that part by buying in the secondary market- a friend once told me he'd bought a couple of timeshare foreclosures in Myrtle Beach and used them. That was maybe 20 years ago- I'd be curious how that's working for them now.
I'm surprised that more don't adopt Disney's model. I'd feel a whole lot better buying one with a fixed end date, and it gives the property owner a chance to re-price it.