In simple, layman terms, what time share scams do I need to avoid?
Posted on May 01, 2009 under Time Share | 6 CommentsI get the impression that some people are very afraid of Time Share but am too inexperienced to understand why.
What are the usual warning signs?
What measures can the seller or I take to improve my confidence and safety?
All timeshares are scams in one way or another. Best way to avoid problems is not to invest.
May 1st, 2009 at 7:16 pm
The ones that make it sound so cheap. Like in Ebay. Deal with either a specific project, like Ron Jon’s Cape Caribe Resort – any Resort, or through a local Real Estate Broker who has experience handling these types of properties. You can look on “redweek.com” for locations for sale and rent all over the world. A year subscription is only $10 and you talk with the owners directly.
References :
Realtor MN FL WI – Timeshare owner in Ron Jon’s Cape Caribe in Florida – I have two weeks for sale if you’re interested, email me.
May 1st, 2009 at 8:04 pm
You should avoid all time shares.
Try to find just one person that bought a time share and was happy about it. When you buy a time share, you’re signing on to a monthly bill that you’ll pay no matter whether you actually use the service. If you want to get out from under than bill, you normally lose money.
Why not just put that money into a savings account and take the vacation you want when you want it? It will probably cost you less and you can choose when to stop paying.
References :
May 1st, 2009 at 8:13 pm
first off unless you want to go to the same place time after time you are gonna waste your money. They are so expensive. for example if you bought a time share in destin fl. its like owning a second home that you could not use whenever you wanted. not to mention you are kinda bound to destin fl because you pay so much that you cant afford to go any where else. I myself love destin but I also like to Visit other places like tennessee or california. Its way way cheaper in the long run to get a hotel or even buy a camper.
Ex in price. you spend 200.00 a month or 2400.00 a year for one place you can only use in a certain part of the year for so many days. Or you can spend roughly 150 for 16 days (=2400.00) a night for a really nice hotel anywhere you want to go any time you want to go.
with meals, gas and hotesl I could spend 2400.00 in Tennessee for 5 days. and next year do the same thing in Virginia on that amount. I would not want to be stuck in a time share and be bound to the same vacation place year after year.
References :
May 1st, 2009 at 8:27 pm
The industry is full of scams and unfortunately one scam leads to another.
Timeshare is definitely for people with NO FINANCIAL problems and when doing it for the RIGHT reasons and under the RIGHT CIRCUMSTANCES it can be a GOOD THING.
BIG “NO,NOS” IN TIMESHARE:
*If you normally spend less than $100 USD a night for accommodations then timeshare is NOT FOR YOU
*It is not a financial investment
*Don´t buy if you plan to rent it
*Don´t buy if you plan on reselling
*Don´t buy if you plan on exchanging often
*Make sure you can afford to travel at least one week a year
*NEVER BUY FROM THE DEVELOPER
THE RIGHT CIRCUMSTANCES:
*This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.
*Get it in an area the you LOVE and that you would visit every year without a problem
*Get it in a very nice Resort (where normally people would pay at least $200 a night)
*Get it in the resale market (it would cost you less than $1000 USD) so all what you have to spend is the maintenance fee.
HERE ARE THE NUMBERS:
$200 USD a night (in a decent resort) x 6 nights = $1200 USD
Maintenance fee in a NICE RESORT x 6 nights = $700
*Maintenance is a “decent resort” x 6 nights = $400
You do the numbers.
References :
http://timeshareownerscommunity.com/
May 1st, 2009 at 8:59 pm
Don’t buy one, period.
They are a terrible investment, the maintenance fees are relentless and very rarely does this work out as a great vacation option for the buyer.
References :
Oregon Realtor
May 1st, 2009 at 9:48 pm
All timeshares are scams in one way or another. Best way to avoid problems is not to invest.
References :
Personal experiance, never again.