New to TimeSharing

Je-smith · Aug 17, 2016

Hi, I am new in Timesharing, exchanging of property, I would like to know, how can I determine if the property is worth it.

Also, should I require to use broker to avoid scams?

I appreciate any response.

davidvel · Aug 17, 2016

Je-smith said:
Hi, I am new in Timesharing, exchanging of property, I would like to know, how can I determine if the property is worth it.

Also, should I require to use broker to avoid scams?

I appreciate any response.

Are you renting, buying? Please provide more details about what you are asking.

Je-smith · Aug 17, 2016

For now, I like to know how everything works here, is there a requirements to get a property either buy or rent, for example, if the payment is installment, do I need to prove I have a consistent job or provide bank statements, etc?

davidvel · Aug 17, 2016

I'm sorry I don't really understand your question.

vacationhopeful · Aug 17, 2016

Your questions are not being understood.

Timeshares are a form of vacation ownership .. either via a point system for value (and there are MULTIPLE companies all with different currencies) OR deeded weeks either fixed week or floating weeks.

You can VASTLY over pay for a timeshare ownership IF you buy from the developer (at the resort with a sales staff) or get a BIG DISCOUNT, if buying from the current owner or off eBay. If you understand sales ... the market is NOT PERFECT...bargains can be had .. more likely a novice, will OVERSPEND ..due to lack of knowledge, falling in "love" with a resort or via the flim-flam sales staff.

Knowledge is POWER ... read, ask questions, study and learn for 6 or more months, and rent at a few places YOU might be interested in ... before buying ANY TIMESHARE.

DeniseM · Aug 17, 2016

Two important concepts:

1) You don't have to buy a timeshare from the resort- you can buy on the resale market for usually 10% or less than the developer price.

2) If you have to finance your timeshare, you should not buy a timeshare, because there are depreciating luxury purchases.

Here are some "What should I buy" questions to help you get started and to help us answer your questions:

http://www.tugbbs.com/forums/showthread.php?t=208742

Passepartout · Aug 17, 2016

Je-smith said:
For now, I like to know how everything works here, is there a requirements to get a property either buy or rent, for example, if the payment is installment, do I need to prove I have a consistent job or provide bank statements, etc?

Boy, this is a YUUUGE area. Most of us have spent years to ''know how everything works!" and we have just scratched the surface.

First, a timeshare is a luxury item. It should not be purchased with anything except excess money. It should never be financed. But that said, there are lots of them on eBay, for instance that have virtually no entry price. You can get into them for nothing. Zip. Zero $. But never fear, there is an annual maintenance fee, (MF) that usually comes due about the same time as your holiday bills, and increases every year.

There is also a charge to use timeshares the way most people use them. There is a membership in an exchange company of around $100 a year, then a charge to exchange the week you own for one in a place you'd rather go of $200-$300. Not to mention travel expenses and just living (eating, entertainment, activities) while you are on vacation.

So- bottom line, if you are not, shall we say, financially comfortable, put timesharing on the back burner for the future. If you are, stick around TUG. Read. Learn.

We see posts darn near every day from people who attended a timeshare presentation who say that after a few months, or years, either a reversal of fortune, job loss, illness, age, whatever, that they cannot afford the timeshare, and ask what to do? Simply put, after you enter into a contract to buy something that has essentially no value, you are stuck. The seller doesn't want it back, and you have debt that you must pay off or it will ruin your credit.

And THAT'S how it works.

Jim

Je-smith · Aug 17, 2016

ok, I'll rephrase the question, if I would like to rent, what are the requirements they need?

vacationhopeful · Aug 17, 2016

Je-smith said:
... if I would like to rent, what are the requirements they need?

YOU decide where (city, state, etc),
when (dates .. usually, a FRI or SAT with a few resorts having SUN checkins) for 7 nights,
size of unit ... occupancy laws usually apply (Studio, 1bdr & 2bdr),
and amount YOU are looking to spend.

And start hunting.

If you are seriously going to invest time ... look first at how much MFs are for the week number and unit size at a resort. I have decent and well located 2/2 unit costing me MFs of about $865 week/yearly ... just 1 mile south, Marriott charge MFs of $1500 +/- for the same week and unit size....one is a 3.5 star resort (free parking) and the other is closer to a 5 star resort (and you pay $30/day for parking).

Learn as MUCH as you can before buying ....

Most owners will not rent for LESS than MFs plus advertising costs ...

DeniseM · Aug 17, 2016

Je-smith said:
ok, I'll rephrase the question, if I would like to rent, what are the requirements they need? There are no financial requirements, except the ability to pay for the rental.

Renting = paying a sum of money to use a timeshare that belongs to someone else for one week - you don't own it.

Buying = Purchasing a timeshare deed that you own as real property. The most common form of ownership is one week a year - but there are many other types, including points. There will be a yearly maintenance fee, which can vary widely, depending on the resort. A maintenance fee for a 1 bedroom could vary from $600 - $2,000 per week. You have to pay this every year.

Exchanging = Using the timeshare that you own, to trade for another timeshare. This can be done with an exchange company like RCI or II, or you can exchange privately with another owner. When you use an exchange company, there is a fee for exchanging in the range of $200-$300.

Saintsfanfl · Aug 17, 2016

This thread could go on and on for 100,000 words or you can start browsing existing threads and learning all you can. I don't think there is a shortcut except maybe for rental hunting you just look for listing and inquire each owner.

Je-smith · Aug 17, 2016

vacationhopeful said:
Your questions are not being understood.

Timeshares are a form of vacation ownership .. either via a point system for value (and there are MULTIPLE companies all with different currencies) OR deeded weeks either fixed week or floating weeks.

You can VASTLY over pay for a timeshare ownership IF you buy from the developer (at the resort with a sales staff) or get a BIG DISCOUNT, if buying from the current owner or off eBay. If you understand sales ... the market is NOT PERFECT...bargains can be had .. more likely a novice, will OVERSPEND ..due to lack of knowledge, falling in "love" with a resort or via the flim-flam sales staff.

Knowledge is POWER ... read, ask questions, study and learn for 6 or more months, and rent at a few places YOU might be interested in ... before buying ANY TIMESHARE.

Thanks for giving me an idea bout timeshares, I thought it would be easy to learn in a week or less.

DeniseM · Aug 17, 2016

Je-smith said:
Thanks for giving me an idea bout timeshares, I thought it would be easy to learn in a week or less.

The reason it is not easy to learn, is that every timeshare system is different, with their own rules, prices, reservation policies, different maintenance fees, exchanging policies, etc. You are asking the right questions, but it is apparent, that you have a ways to go.

Answering these questions would be a good place to start:

http://www.tugbbs.com/forums/showthread.php?t=208742

Je-smith · Aug 17, 2016

Passepartout said:
Boy, this is a YUUUGE area. Most of us have spent years to ''know how everything works!" and we have just scratched the surface.

First, a timeshare is a luxury item. It should not be purchased with anything except excess money. It should never be financed. But that said, there are lots of them on eBay, for instance that have virtually no entry price. You can get into them for nothing. Zip. Zero $. But never fear, there is an annual maintenance fee, (MF) that usually comes due about the same time as your holiday bills, and increases every year.

There is also a charge to use timeshares the way most people use them. There is a membership in an exchange company of around $100 a year, then a charge to exchange the week you own for one in a place you'd rather go of $200-$300. Not to mention travel expenses and just living (eating, entertainment, activities) while you are on vacation.

So- bottom line, if you are not, shall we say, financially comfortable, put timesharing on the back burner for the future. If you are, stick around TUG. Read. Learn.

We see posts darn near every day from people who attended a timeshare presentation who say that after a few months, or years, either a reversal of fortune, job loss, illness, age, whatever, that they cannot afford the timeshare, and ask what to do? Simply put, after you enter into a contract to buy something that has essentially no value, you are stuck. The seller doesn't want it back, and you have debt that you must pay off or it will ruin your credit.

And THAT'S how it works.

Jim

Thanks Jim, it seems the first thing I need to do first is to invest in knowledge.

New to TimeSharing

Je-smith

davidvel

Je-smith

davidvel

vacationhopeful

TUG Review Crew: Rookie

DeniseM

Passepartout

TUG Review Crew: Veteran

Je-smith

vacationhopeful

TUG Review Crew: Rookie

DeniseM

Saintsfanfl

Je-smith

DeniseM

Je-smith