Is Buying Timeshare A Good Idea?
Are timeshares really as bad as most people think they are
? The answer is "yes and no." Or maybe the question should be, "Is buying a timeshare really a good idea?"The answer to that one is "maybe." Historically, timeshares have endured a fairly bad reputation for several reasons. Let's take a look at some of the issues.Timeshares (or the idea of sharing time at a vacation resort) began sometime in the late 1960's. By the mid- 1970's, the idea to lease the same unit for the same time every year became popular. Then in 1974, RCI (Resort Condominiums International) came into being. For a small fee, you could exchange your unit and week in your location for a similar-sized unit and week in a different location. Thus, if you were tired of always going to the same place, you could exchange and go somewhere else.
So far, this sounds pretty reasonable. But what became (and still remains) unreasonable are the inflated prices that timeshare developers charge for their deeded property. Not only are the prices inflated, but their means of soliciting potential buyers border on the inhumane. This is what is referred to as "timeshare promotions," or the "timeshare tour."
You may be strolling down the strip in Las Vegas, through Pigeon Forge in Tennessee, or at Downtown Disney in Orlando, when suddenly you are attacked by the front man for a timeshare company. He will offer you any number of wonderful gifts, ranging from a free restaurant dinner or show to actual cold cash IF you and your spouse will complete a short survey and give your opinion about their lovely new timeshare. It will only take 90 minutes, and you are under no obligation to buy.
This actually sounds like a pretty good idea, so you sign up for the tour. When you arrive, you are greeted by a salesperson who usually disregards the 90 minute time limitation. After 2 hours (and several negative responses to buying on your part), the salesman leaves briefly to bring in a manager. He proceeds to strong-arm you even further, demanding to know why you would pass up such a good deal. If you continue to refuse to buy, it will end there, if you are lucky. Or, they might bring in a "closer." who will continue to put the moves on you, and/or demand names of friends who might be interested in buying. At this point, they might use the line, "How much would you be willing to pay for this today?" After 3 or 4 hours you finally escape, with your gifts, although at this point you"re not sure that you even want them!
Most timeshare companies spend 50% of their assets on these promotions. Why not sell the deeds up front, and lower the prices?
One need only to check eBay to see what resale timeshares are selling for. Generally, you can buy a deed for about 1/10 of the developer price, and maybe even less in today's economy. Unfortunately, this is not good for the seller who paid the inflated price.
So, is buying a timeshare a good idea? It could possibly be a good idea, if purchased resale. If you like to travel and enjoy home-like accommodations versus a sparse hotel room, then timesharing might be for you. But be careful about how much you pay for it - someday, YOU may be the seller!
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