Consider Timeshare Purchase Only A Vacation Investment
On a recent vacation I had a first-hand opportunity to see how the timeshare world operates and it wasn't a pretty picture. I've never been a big fan of timeshares as a real estate investment and so I decided I'd better get the low-down on what they're all about and how consumers or vacationers get sucked in to the timeshare world. We were paying guests at a small resort that was part of a timeshare listing service, one that you could exchange your share in another timeshare property for this one. Over fifty percent of the hotel lobby was the office area for seven full-time timeshare sales people that worked the ever-changing flow of new arrivals staying at this beautiful place. I watched the sales people for a couple of days and decided to experience the timeshare pitch, and what a pitch it was, with pressure laced throughout, to buy now. If your thinking about buying a timeshare or want the ins and outs of how to buy one, Mark Nash author of 1001 Tips for Buying and Selling a Home offers valuable tips on the reality of timeshares. -Food and beverage are usually the sales pitch hook for timeshares. A free lunch or hotel stay is usually how you are enticed to visit a timeshare property. The old saying goes, there is no such thing as a free lunch and if you like lots of pressure to buy a timeshare now, go have the free lunch. -Timeshare salespeople are trained to close you on the first visit. Your salesperson is to close you in ninety minutes. First you receive a property tour and then sit for a meal, over which the pitch goes into overdrive. Resist and you will be offered a stream of discounts to sign on the line today. I was first offered a $3,000 discount (called first day discount) then another for $1,000 when I wouldn't sign. If you you didn't bring your checkbook you can put 10 percent on a credit card and finance the rest at 10 1/2 percent interest rates through their in-house financing company. -Trading your week is considered the future vacation lure. My sales representative told me the biggest reason to purchase was the flexibility to trade the location I purchased for one at another of this large companies timeshare properties around the world. But to do that I had to pay $99-$199 in administrative fees to trade my timeshare week. This was a major revenue source for the timeshare company. -Buy in the right property to increase the chances of trading your share. The problem with most timeshare trading is you have to purchase in a high demand property to trade into another high demand property. I learned that there is a surplus of timeshares in Orlando, so those people have a difficult time trading for a week anywhere. Where I stayed, it was a five-star timeshare, and one week at peak (mid-winter) season for a two bedroom, two bath was $35,380 for 98 years, plus assessments. -Assessments can be a larger hidden cost than you think. Your timeshare ownership is tied directly to the resort property you purchase in. If it's an older building the higher the assessments. Where I looked it was a new property,and the assessment was $554 annually, but over 98 years that property will require quite a bit of repairs and renovations. What's the point of diminishing returns when buildings need a new roof or a major hurricane blows through? Those costs might come sooner than you think even if you bought in a brand new property. -Timeshares are not a real estate investment. No matter which way you look at the numbers and the way you hold your ownership interest, you are really pre-paying for future vacations. Many timeshares are difficult to sell and are usually heavily discounted at resale and sometimes require paying a commission to whoever is brokering your timeshare. -Consider fractional ownership. If you want a deed and title to your vacation property investigate what s called fractional ownership. This recent improvement on timeshares allows you to own an actual percentage interest in a designated unit. Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today. |
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