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Thread: Timeshare presentation we attended at home and Interval questions

  1. #11
    Senior Member Traceyd14's Avatar
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    Our sales person kept saying 'our maintenance fees never go up". I asked about any special assessments and she didn't seem to know what I was talking about. We would only buy one that we could pay cash for. The 2nd salesmen tried to talk us into some 18 month trial ownership with payments but when I did the math, I was like no way. That is great advice Ace. I like the 3 questions.
    Last edited by Traceyd14; 05-09-2015 at 02:35 AM.
    Not sure when, but we will be back

  2. #12
    Senior Member ArubaAce's Avatar
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    I find that hard to believe that maintenance fees never go up. Inflation is at 2% so what are they saying that the cost to maintain the property will remain the same 10, 15, 20 years from now? That replacing furniture will cost the same 10 years from now. Unbelievable.

    Just to give you an idea, my maintenance was around $350 when we purchased. Now we are paying $920.00 for each week. However, it has been 25 years.

    I did a search a few months ago on timeshare owners, message boards and there are a lot of people trying to unload their timeshare and they can't get rid of it. The number one reason they want to sell is because they don't use it and don't want to pay the high maintenance fees for a week they never use. One elderly couple posted their week on red week selling for $1.00. They didn't want any profit or money they just wanted to get rid of the week so as not to pay the maintenance fee since they no longer use the week, were retired on a reduced budget.

    I feel I got my money's worth even with the high fiancing I paid. If when I got older I was no longer using it, I would hate to pay the maintenance fee. However, it is deeded and my newphews, niece can use it and also inherit it so I'm ok with the purchase.

    What really lured me into timeshare was that I liked the resort, loved going to disney at that time and I loved the idea of exchanging to travel to new destinations. Back then there were a lot more places to exchange but over time things change. For example, I used to exchange to a top resort in Cancun which I loved. It was very expensive to buy time share at that resort and most owners financed for 30 years. So I was lucky I could trade my week anytime I wanted to go without any problem. Well, the industry changed in Mexico and now that resort will honor the Interval Exchange but then make the guest exchanging purchase a mandatory all inclusive plan which comes out to $120 a day per adult. It's not even an option! You exchange there and when you check in you have to purchase the all inclusive.

    I can go on and on and I'm not trying to discourage you but I'm just giving you a heads up on what I have experienced.

    So if you really love the place and feel you would make the most use of it, pay cash for it up front, get a great price and be willing to pay the maintenance fees which will increase over time, then go for it. Forget the pitch that you can rent it if you don't use it or sell it later on for a profit if you no longer use it. That's easier said than done and it's not an investment​ its a vacation property you are purchasing.

    Good Luck!

  3. #13
    Senior Member cindyo's Avatar
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    Here's a thought to wrap your head around when thinking of buying

    investments don't always appreciate, however the value to your life does

  4. #14
    Senior Member Traceyd14's Avatar
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    Quote Originally Posted by cindyo View Post
    Here's a thought to wrap your head around when thinking of buying

    investments don't always appreciate, however the value to your life does
    Great point. Cindy, your podcast about how it was an investmet in your family has really stuck with me.
    Not sure when, but we will be back

  5. #15
    Senior Member
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    Quote Originally Posted by ace2063 View Post
    I find that hard to believe that maintenance fees never go up. Inflation is at 2% so what are they saying that the cost to maintain the property will remain the same 10, 15, 20 years from now? That replacing furniture will cost the same 10 years from now. Unbelievable.

    Just to give you an idea, my maintenance was around $350 when we purchased. Now we are paying $920.00 for each week. However, it has been 25 years.

    I did a search a few months ago on timeshare owners, message boards and there are a lot of people trying to unload their timeshare and they can't get rid of it. The number one reason they want to sell is because they don't use it and don't want to pay the high maintenance fees for a week they never use. One elderly couple posted their week on red week selling for $1.00. They didn't want any profit or money they just wanted to get rid of the week so as not to pay the maintenance fee since they no longer use the week, were retired on a reduced budget.

    I feel I got my money's worth even with the high fiancing I paid. If when I got older I was no longer using it, I would hate to pay the maintenance fee. However, it is deeded and my newphews, niece can use it and also inherit it so I'm ok with the purchase.

    What really lured me into timeshare was that I liked the resort, loved going to disney at that time and I loved the idea of exchanging to travel to new destinations. Back then there were a lot more places to exchange but over time things change. For example, I used to exchange to a top resort in Cancun which I loved. It was very expensive to buy time share at that resort and most owners financed for 30 years. So I was lucky I could trade my week anytime I wanted to go without any problem. Well, the industry changed in Mexico and now that resort will honor the Interval Exchange but then make the guest exchanging purchase a mandatory all inclusive plan which comes out to $120 a day per adult. It's not even an option! You exchange there and when you check in you have to purchase the all inclusive.

    I can go on and on and I'm not trying to discourage you but I'm just giving you a heads up on what I have experienced.

    So if you really love the place and feel you would make the most use of it, pay cash for it up front, get a great price and be willing to pay the maintenance fees which will increase over time, then go for it. Forget the pitch that you can rent it if you don't use it or sell it later on for a profit if you no longer use it. That's easier said than done and it's not an investment​ its a vacation property you are purchasing.

    Good Luck!
    My father in law had a similar experience trying to sell his timeshare, which is why now my husband and I own it. Back in the day the only timeshare available on the island was the Sonesta, now known as the Renaissance. He came to Aruba with a timeshare swap from North Carolina, and fell in love so he bought a week. fastfoward to 2007, he wants to sell because he bought 2 weeks at the Costa Linda. His Renaissance timeshare sat on the market for years and years without so much as a nibble. My husband and I met in 2009 and got married in 2012. We visited Aruba together in 2011 and got engaged, and asked if we could just take over the payments and thus we now own!

    He was not going to be able to get rid of it otherwise. Though the payments weren't that bad, he is an owner of multiple timeshares now and it just became too much to pay for when no one was using it. A lessoned learned for anyone looking to own, they are great as long as you know you will use it. If you don't, you will be out the money every year.

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