cheapie

We went to a timeshare presentation today here in Cabo San Lucas, MX. Total PITA but they basically gave us $200. Beautiful place and we were interested...but not at the $38K, $29k, or $13 that we could have had it for today. The place is exactly the kind of place that we would like to start to frequent. The kids would absolutely love it because it's similar (but better) to the Hilton resort we're at.

I found a week on ebay at this place ($19 years left on contract) for $1500 plus $634 in back fees owed plus $150 in transfer costs.

It is for a decent-sized place. However, it would only have one bedroom w/two queen-sized beds plus a pull-out couch.


After paying the back fees I'd get a week to use this year. Again, the location is stunning. The amenities, pools, view, etc., etc. are exactly what we would look for. Additionally we'd obviously be able to trade for other locations around the world.

Good idea?

Itsme

I'll bet you get the comments saying they love timeshares and they are good, and half saying "no way."

I have a Marriott timeshare and love it.

I think the real measuring point is what type of vacation you usually take, or like to take.

If you like to stay at a really good resort and usually pay a few hundred dollars a day and stay a week, then the cost of the time share is comparable.

If, however, you are the type of person who scrounges around for a super deal, pays less than $100 a day by staying at a motel and enjoys this type of vacation, then a timeshare will seem expensive to you.

Ours is all paid off, so we now (only) pay a yearly maintenance fee of $800. If you normally pay more than that for a week at a vacation hotel, then it's a deal. If you pay less, then maybe it's not a good deal.

LegendKiller

There are several things you must ask yourself.


1. How often are you going to go there?

2. Are you financing at all (at 1,500 I am assuming not)

3. How strong is the points network, or are you going to join something like RCI?

Timeshares are great ideas if you can get it for the right price (secondary market like you are doing) and you don't mind going to the same place year after year, or you can trade your points in for a different location. Since your points are an annuity with 19 years left, at only 1,500, thats not bad.

One thing I would caution, make sure you know that that resort is a good one. Many of them look nice on the surface, but the HOA's end up not keeping them up as well.

MrGreg

Personally I don't like the idea of going to the same place over and over. I know most places have a way to trade with others, but if you're trading every year, why bother with the hastle instead of just paying as you go?

That said, I know several people who are very happy with their timeshares, but they enjoy going back to the same place every year. To them it is almost like having a vacation home instead of a hotel.

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cheapie

it's this place http://www.haciendadelmar.com.mx/ and it's run by sheraton

how do i go about researching how well it's kept up? they talked all about the RCI network and how it's the highest rated property in mexico and you will be able to get 2 weeks in exchange for 1 week at most places. not sure how to verify that.

and yeah, the $1500 would be cash. we usually take more nature vacations. however, with the kids getting older they are getting to be more and more of a PITA, and frankly not nearly as cheap as they used to be when you factor in the extra car rental, food, etc.

LegendKiller

There are ratings for those places. You could probably go to RCI's website and request a book, I think the good ones are RCI "Gold Crown" resorts, there is another one also that you could check, forgot what it is called.

I'd also do some internet searches for Sheraton timeshare in general, check on the general consumer opinion.

cheapie

it's getting tremendous reviews here: http://travel.yahoo.com/p-reviews-38...ws-i?from=-9#7

well, maybe that's for the hotel. the only reason i might be in a rush is that there's an auction for someone that went bankrupt and it looked like a good opportunity to jump on.

brainsmile

isn't Mexico one of those places where the land reverts back to the country some time in the future?

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cheapie

yes. when you die. but i'm not buying a piece of property. i'm buying a share of the company for the next 24 years so that isn't an issue. i think this is the case. right lk?

Chgoman

Always keep in mind the secondary market (used so to speak) when looking at time shares. If you're not set on a specific one, you can often find timeshares for 20-40 cents on the dollar. I've heard the biggest market for them is now Ebay.

cheapie

are you talking about buying a single week for a single year or buying the contract for a week until the contract runs out?

Itsme

For my Marriott Timeshare we go to our home resort at Palm Springs Desert Springs every other year..so we don't get bored. In the off years we trade through Interval International for somewhere else in the world.

If for some reason something comes up and we decide to to use it in any one year, we have the option of turing it in for that year and getting 150,000 Marriott Points which we can then yse for just about any Marriott resort in the world.

LegendKiller

That's where he is going.


Cheapie: As long as you avoid the financing, buy it on the secondary market, and are OK that the quality is good, then I would pull the trigger. You are avoiding all of the "pitfalls" of timeshare purchasing. Also, as long as you are comfortable with the fact you will be vacationing there, then it's all good, but you can also trade in, so it's even better.

cheapie

thanks lk. ygpm

Chgoman

Sorry, sleeping at the wheel today

LegendKiller

np dude, hope you win that auction.

Sirrich3

I've had my two TS for about 10-15 years. I've been happy

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gear02

Holy crap...I didn't know TSes were being sold on ebay. I didn't know it was that easy.

I'm still learning about them (I think I started a TS thread a long time ago), even though it's a long ways off before I get a chance to buy one.

The prices on ebay are weird. $500 for a TS? I thought they cost 10k or something?

zippyjuan

What would you spend on a hotel room in the same place? How many times could you visit before that came up to the purchase cost and would you go that many times? Is your week at a time you would go? Trading options for other places? $1500 sounds good. Thousands would make it more questionable for value. And always read the seller reviews. But you know all that.

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Jeffbx

Don't forget to factor in the cost of the airfare to wherever you're going. That can take you out of your budget range pretty quickly, esp. when you're buying for the kids, too.

faither

We've been members of the Disney Vacation Club for four years and love it. Purchased on the secondary market and enjoy the same benefits had we purchased directly from Disney.

VTGreg

Have you been happy with your Marriott Timeshare? My wife and I recently stayed a few days at the one in Orlando and got the sales pitch. It sounded like a pretty good deal, just a lot of money. Have you had any experience with trading in your week(s) for time at another location?

We are still batting the idea around but we've both heard such bad things about timeshares in the past that we are a bit weary of making the investment.

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LegendKiller

Marriott has a pretty nice product. Which one did they pitch you?

You should check out Fairfield Bonnet Creek, now that place is nice!

As I mentioned before you need to avoid the classic pitfalls. Avoid buying in the primary market and avoid financing at high rates. If you have to finance, check and see if they have a 30-day same as cash clause and then take out a home-equity or another loan through your bank. Even at lower rates, such as 9.9 for timeshare financing you can find something for less in a different market, provided your credit score doesn't such.

Keep in mind that Marriot and Disney are annuities, they only last for 20 or so years. Fairfield and Trendwest are perpetuities that are also part of the largest in-house points club. Also, Fairfield & Trendwest & RCI are owned by the same company (or will be in a few weeks) Wyndham Worldwide. I wouldn't be shocked to see if Wyndham rolled out some kind of Wyndham structure for sharing points with all Wyndham resorts (fairfield, trendwest, wyndham), which would be the biggest in-company sharing structure on the planet. Also, since RCI will be owned by Wyndham, they might strike some favorable (but arms-length) deals.

avlena

My parents have had their timeshare since I was a little kid, and we made good use of it, traveling all over the US and staying in the timeshares. Now, my dad has his paid off and just pays the maintenance and RCI membership fee, and has a number of weeks per year banked up. My brothers and I all use it (they like to go to Vegas, and my husband and I have used it for our Mexico honeymoon and our upcoming South Africa trip). Graf and I are looking forward to inheriting it.

So, if you make good use of it, it's worth it, but like Itsme pointed out, it depends on your vacation style.

btw, regarding going back to the same place every year.... my family did go back to their official resort in Minnesota a lot, because it was only a few hours away and a good escape. Now that we no longer live there, we usually trade for somewhere else.

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LegendKiller

I don't see any reason why your family would want to go anywhere else but MN, it's undoubtedly the best state in the union

brainsmile

it may be that the $500 is to assume their debt

faither

Not sure of your use of "annuities" but our interest at Disney is deeded interest in real property, good for another 40 or so years. Ownership can be sold and is also transferable, even upon death.

cheapie

the one i'm looking at is only for another 19 years. hmmm....

LegendKiller

Annuity is for the limited time that you have it, whereas, companies like Fairfield/Trendwest, are perpetuities. Once you own those points, you own them forever, death, transfer, sell, whatever. There is no time component to it.

VTGreg

This was also the case for the Marriott Vacation Club timeshares.