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browneyebuttafly | I am looking into buying timeshare and I was wondering if you think its a good deal or am I getting ripped off |
I live in PA and Im in Virginia Beach right now. I have a chance to buy timeshare on this beach. One bedroom, small kitchen, oceanfront view with personal deck. We get 7 days a year and getaways for about 50% off reg price. The price of the condo was $36,000 and was sold to us for $11,700 because somebody just upgraded their condo. I don't know if this is a good deal or what? Its through Gold Key Resorts and I can exchange my condo for many places throughout the country for $139. Also do you think I could resell for more than I paid for it? Since its worth that. They said it would actually cost them more to get this condo number back on the list than it would be to sell for what the other people owed or paid into. Im just learning about timesharing. I heard it was a good deal and then I heard no cause of the way the market is now. Also I heard yes and no about writing it off on your taxes. Is this true? Any info and help would be greatly appreciated. Thanks! Additional Details I can use this for the rest of my life too and pass it on to my kids afterwards. Once I buy it, its 'forever' not just one year. |
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Real Estate Guy
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Timeshares NEVER sell for what you paid for them. Google timeshares and see the thousands that are for sale for pennies on the dollar. They are NOT a good investment.
In regards to trading them for other places. Unless you have the best week available at this place, like july 4th weekend, they you don't have as much trading power. Each week is assigned a value. Best weeks higher and bad weeks (dead of winter at VA Beach) lower.
Lets look at the cost. 11,700 for 5 years at 8% works out to around 2,500 a year.
PLUS there is a yearly maintance fee (you didn't mention this) estimated to be around $400 to $500 a year.
PLUS the exchange fee of $139.
So to take a one week vacation in VA Beach in a small one bedroom place it would cost you about $3,000. For this amount you could rent a full beach house in the outer banks (only a few miles south) with a pool and 5 bedrooms. Plus you can bring your friends and split the costs. We do this every year. For 3,000 to 4,000 we rent a BEACH FRONT house with a pool and take my brother and sister. We split the costs equally. MUCH BETTER DEAL then
Think about what you can do with 3,000 a year in regards to travel.
TIMESHARES ARE NOT A GOOD INVESTMENT. |
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Doctor Deth
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buying a timeshare is the absolute worst investment in the world - even for that $11,700 price, you have to use it for 12 yrs to make it pay off, plus you see - you have to pay additional fees to use anyone else's timeshare - and when you want to sell it, you have to pay a broker like $600 up front , plus probably a commission when it sells, plus what if no decent timeshares are available the week you want to use it each year? Then you still have the travel costs to get to each place each year - and with oil prices like they are, airfare won;t be getting any cheaper in the future |
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Uh huh, go on I'm listening
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1 week a year for $11,700?!
you could go on a 3 week cruise for that! its a rip off, a big one at that. even including the 7 days 1/2 off, still a complete rip off. dont do it. think of the vacations you could get yourself with almost 12k! |
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iahp_mom
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Ok so you get this place for 1 week a year. How much do you spend to rent a place for a week in virgina beach? $1,000? if so it would take you 11 years of going there before it was a good deal. $2,000? ok then 5 years. Will you go that often? Really? If so then yes it's a decent deal (assuming there are no other costs - some timeshares have you pay an additional $500 a year for maintanence.) If not, then save your money and go where you want for vacation each year. |
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Megz
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No, never really a good deal. I agree with the other person who said to purchase your own condo with another family, so you have access all yr.
Plus don't forget about all the maintenance fees, taxes, and misc. fees....they add up bigtime. I have gone on timeshare trips before and it always sounds so wonderful when your there....however just continue researching and you will see it can get really expensive. Especially since you only get it once a yr.
Save your money and travel around the U.S. and other countries. With all the money you put towards that, you can go different places every summer.
Also, resale value is usually horrible for timeshares, so keep that in mind. |
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Thomas T
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Timeshares are bad deals! Period. Do a little more research on resales by owners of timeshares and you will find you can never get anywhere near what you paid for them. It's a huge racket. Just consider all the marketing effort they put into selling time shares. Very high pressure. Then do a little arithmetic. If the timeshare complex has 150 units and they sold each of them for $12K for 50 weeks of the year, the time share company will get $90 million. Then figure out what these guys paid to build these things. If they paid $10 million that would be too much. They are scamming you. Also after you pay the purchase price, you will also pay an "upkeep" or maintenance fee. And a usage fee. And real estate taxes, etc. If you really want to live in a resort area, buy a house or condo with some other couples that you own outright all year long. You can collect rent when you're not using it. It's a better investment, you'll pay less and you'll get more on resale. |
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nray117
 |
a good majority of things like that are rip offs just make sure to read the fine print |
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Terry S
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The maintenance fees are where the timeshare people make their money.
Once you buy it you own it.
Good luck GIVING it away as many people will not be interested.
If you stop paying the maintenance fees, they will ruin your credit.
RUN LIKE HELL!!!
Enough said. |
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tntsolid
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If you can still cancel then do it!!!
The "upgrade sale" it's just a tactic from the sales person to create urgency and make you buy with out thinking about it.
Lets put it this way, your timeshare is not worth $1000 on the resale market.
Now, if you can not cancel then enjoy the ride you have no choice but to look at it in a positive way.
It is important to remember that purchasing timeshare should never be viewed as a financial investment with the expectation of gaining a profit in either reselling it or renting it to someone else. Timeshare is an investment in lifestyle, in future holidays, in family time together. |
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♥ UR now rockin wit da best ♥
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Good deal... i bought one in FL and u can use it world wide |
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