Tips and Suggestions Before Buying Timeshare
Here is a list of 8 important things to keep in mind when purchasing a timeshare:
- Do not be pressured into signing at the initial presentation – you can take a little bit to think about making such a huge commitment. Being aware of the different tactics employed by timeshare sales associates will help with this.
- Be informed about the different type of seasons at timeshare resorts. RCI uses red during seasons of high demand, yellow during seasons of moderate demand, and green meaning off season or low demand.
- Make sure your week offered is in a good season so you’ll have more bargaining power. You can find this information via a quick Google search.
- Ask if they offer the points system – points members have a lot more options than week members.
- Ask what other costs are involved, i.e. maintenance fees, taxes, closing costs, admin fees, membership fees, exchange fees, and anything else they may put in there until you see the contract.
- If you decide to buy a timeshare, make sure it is in a place you actually want to go back to. This is especially important if you are buying into a weeks program because changing locations can be more difficult.
- Buy a timeshare because you want to vacation. Selling unused timeshare weeks is difficult and timeshares do not make good investments – they rarely appreciate in value and resales usually yield about 60% of the purchase value.
- Use a timeshare sales company that has a solid reputation, read about industry warnings, and use a good closing company to complete your property transaction.
Ok I have comments. I agree with 1, 2 and 3. #4 – I have RCI weeks and like it better than points. My maintenance fees are way less than the point system. I only pay annual $215 per week. With points you are locked in to the higher maintenance cost of the point people. So even if you can buy discounted points you still have the higher annual fee. Some people say they like points because they can use 3 days or 5 or what ever and not waste the full week. At the lower price I bought in and the lower maint fee a week works for me, even if I stay for only 4 days. Plus RCI now has it where you can buy shorter stays, 1, 2, 3 nights etc. as needed. RCI now shows trading power (TP). My weeks have a 19 (TP), I recently booked WorldMark LasVegas – an excellent resort, booked for Oct and the TP was 8! That left me with an extra 11 TP that I can add to another of my weeks and have 30 TP to use, or I could just use the 11 to book another week somewhere at 11 or less TP. The last part about Points vs Weeks, is that Points people tend to use the smallest amount of points they can (to get more vacations?) So that has been leaving more 2 and 3 bedroom units available for weeks people. So that’s what I book. I invite family or friends to come along. Then they usually pitch in some and it offsets my cost for the exchange and maint fee, we all win. 5. I agree with. 6. I say the cost of the unit and the maintenance fee are the most important, and your week needs reasonable TP. Points are points. I never go to the resort where I purchased, I just used it to buy into the system. So that way I purchased 3 weeks over a few year (1, then another and then later the 3rd week) all 3 for about $2150 – not each, but all! I trade anywhere in the world, Hawaii, FL, WA, OR, CA, NV, TX, VA, NJ, Canada, Costa Rica etc. 7. Totally agree!!! 8. I have only used RCI and it has always worked for me.
I like my timeshare, sorry you feel that way.
I bought into one of the timeshare through Grandview in 2005 in Vegas and have been making pmts taken out through my bank. Now I have missplaced my papers because I moved. I would like to know what mortgage company or bank you guys have for your loans. My bank says they do not have any info on this. Can I get response to as many of you so I can start calling these places. If so may I have phone numbers also. I have not used mines but I have called the resort and my name is still register as members. I had a timeshare many years ago and I love it. The only thing was the week we bought into was Thanksgiving week and it was really cold then. Other than that, we liked it. Thanks Hope I get some response to numbers for the mortgage co. or bank.