When you want to buy a timeshare, know your stuff!
Ways to Buy a Timeshare Property: This article tells you about how to buy a timeshare if you love spending vacations with your loved ones at a specific holiday destination. Ways to Buy a Timeshare Property
Buy A Timeshare Property
Found this great article on buying a timeshare property.
It can be confusing for a starter to decide from where to buy his first timeshare from resale market or directly from timeshare resort or developer. It can be confusing for a starter to decide from where to buy his first timeshare from resale market or directly from timeshare resort. Check out this article here:
Random Facts To Know When You Buy A Timeshare
Just wanted to write some random facts off the top of my head when you consider to buy a timeshare.
A timeshare is a piece of property, usually a vacation rental or room at a resort, that participants pay for up front. The purchaser can then use the timeshare for a specific period of time during the year. For the rest of the year, other owners of the timeshare use the property. While the investment sounds simple, there are many fees and headaches associated with timeshares if you do not know all the facts going in (and the sales people will often avoid disclosing these facts)
Timeshares buyers typically get a certificate of use or a deed after making the purchase. Deeds generally offer the best value, as buyers own part of the property. To help determine a fair price, buyers should check with the property’s management about the availability of new units, the selling price and what perks the dealer may offer for people who want to buy a timeshare.
Prospective owners also should determine the amount of ongoing costs, such as maintenance fees and the current condition of the property as a whole. This is one of the aspects of owning a timeshare that many sales people deliberately do NOT discuss unless asked, and it often ends up being a bit of a surprise to the new owner.
It is very important to understand this going into a timeshare, and many situations where people think that this industry is a “scam” are often from this part of the industry.
For more info, I have written another blog post here.
Want To Buy A Timeshare? Know The Financial Commitment
When possible, visiting the property or renting the timeshare before buying is a good way to check out the property before making a commitment.
Also, if you are interested in buying, check out the resale market. This is where many of hte best deals are as you can get a great property for 50% or less of the retail cost.
Many companies specialize in the timeshare resale market. Buying from these companies may not offer the lowest prices, but buyers who deal with reputable companies can often buy a timeshare without concerns over fraud and can easily compare different properties that the company has listed and at a price less than retail.
The buyer should check out the company’s history through the Better Business Bureau as well as the attorney general in the company’s home state.
Frugal car shoppers know that buying used will almost always result in significant savings over buying new. But buying used is not only a great way to save on the purchase of a car, it also is a great way to save money when buying a timeshare. Most companies and individuals that sell used timeshares refer to these deals as resale timeshares. Those who are in the market for a resale timeshare have a number of options for finding a great deal.
Want To Buy A Timeshare? Know The Financial Commitment
The timeshare industry is often thought to be full of scams. While the timeshare industry is a target for unscrupulous people, it is also a misunderstanding of what the financial commitment of timeshare ownership which also causes some misunderstanding. Here is some info for you:
Assuming you made it through the presentation and are actually considering the purchase of a timeshare or interval, keep in mind there are various fees associated with the unit that might be glossed over during the presentation (or you might have missed them in your lust to own a bit of luxury real estate).
Timeshare resale will afford you better prices than buy timeshare new without compromising quality.
From a “scam” point of view, sometimes the timeshare sales person either omits the facts. This is not scrupulous. This is also why it is a good idea for you to know what the one time costs and recurring costs are.
Initial Purchase Price
The cost will vary from size of unit and location of unit (beach front?) and how desirable the time frame is that you locked in. Costs can be anywhere from a total of $15K upwards to $5K.
Maintenance Fees
Resorts will also collect annual fee for upkeep of the resort of the timeshare. This is no different than an HOA fee if you have lived in a condominium. The fees cover normal day-to-day operations including management, utilities and maintenance; as well as a capital reserve fee, also required by law in most states. These fees range from $450 to $2500 a year.
Special Assessment Fees
And let’s not forget the special assessment, for projects that may not be covered by the above two fees, including major renovation expenses or a component of the property that needs to be replaced.
Is A Timeshare For You?
After all this, why would you actually consider purchasing a time share or interval? Well, the best reason is you vacation every year. It helps if you plan the same location every year so you can use your timeshare, but if you wish to travel, you can then have some leverage with a desirable tradein for other timeshare resorts. Don’t buy it just for the investment. You will lose out. Buy it because you plan to use it almost every year.
I hope these main financial commitments for buy a timeshare has helped.
Your Questions About Free Timeshare Vacations
Richard asks…
has anyone done the “las Vegas Vacation Authority” telemarketing package?
it is supposedly free- a timeshare ploy, but I am hesitant
Emil answers:
Many people would say:
Red flag #1: Telemarketing.
Red flag #2: Time share.
If you want to go to Las Vegas, you’re much better off paying for the trip yourself.
My vote? Sometimes you just need to spend two hours in a timeshare presentation. If you do not let yourself get pressured into sales, then ask what the value of the free vacation is. $300? Is two hours of your time worth $300 (that’s a $300K salary annually). Just educate yourself about timeshares and be stern if your decision is no.
Read my “Timeshare Presentation Survival Guide“
Helen asks…
VACATION HELP…im unsure of some things?
i dont know how legit this is….but at the bulls game the other day we signed a little card to be entered into a drawing..i guess my wifes name came up and they called her about me and her coming in to claim our free vacation…(we have to pay taxes on it) they want to offer us some stuff in a lil presentation or whatever but we dont have to agree. and then after its over they give us our tickets etc…now i have heard of timeshares..but this seems diff cuz its only gonna be me and my wife there and they rn’t trying to share us pakages etc…its more stuff pertainin to other vacations with them i guess…whats its sound like to you?
Emil answers:
It sounds like they are trying to warm you up to buying some discounted vacation packages. Which depending on who it is through it can be very legit just do your homework and check the whole situation out.
Lizzie asks…
When you use a timeshare….?
and you vacation on a resort, is the meals and drinks included(free) in a all inclusive package or does it depend???
are the meals***
Emil answers:
It depends. Usually, even if you use a timeshare, you need to pay the all-inclusive price for the meals. Call ahead to ask.
Paul asks…
Would you go on a family vacation if you really couldn’t afford it?
So this upcoming Sunday my whole entire family is venturing down to Williamsburg/Virginia Beach for a week long vacation. My parents own a timeshare that we all stay in for free. I’m really looking forward to our trip as me and my husband are very much overdue for a vacation. The only problem is is that were practically broke! Right now we only have $800 in our checking account and $300 cash. Thats if we don’t spend another dime before we leave! Are we dumb for thinking we will make it on a week long vacation with this small amount of money? Were a family of 3 but all our sons meals we are taking with us so we just have to worry about feeding ourselves lunch and dinner (were taking breakfast foods with us to eat at the condo) Plus alot of times my parents will foot the dinner bill. So all we have to pay for is gas and anything else we might need/want while down there. So should we still go? Would you take your family on vacation with only $1100 bucks?
It’s about an 8 hour trip.
All our bill are paid and i’ll actually get a paycheck direct deposited into our checking account next Friday. I don’t think we have any more bills due til at least July.
My son is only 16 months old.
Emil answers:
You will not go bankrupt from a vacation like this! I can understand your worry if you were going to, say, Disney but you will be with family. You don’t have to spend any money really- just for gas and a few incidentals.
You should go and have fun- you deserve it! Memories of time spent with loved ones are priceless.
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Attending A Timeshare Presentation? Survive The Sales Meeting
The timeshare industry is often thought to be full of scams. While the timeshare industry is a target for unscrupulous people, it is also a misunderstanding of what the financial commitment of timeshare ownership which also causes some misunderstanding. Here is some info for you:
First, it is important to know that many freebies are offered to you to attend a timeshare presentation.
This can vary from a few gift cards to free stays in a timeshare rental. This is in exchange to attend a one hour or two hour timeshare presentation. Is it worth it? Some people think that because the freebies are quite generous that some scam must be involved.
It is important to separate the two parts of timeshare presentation: the freebie and the commitments of ownership:
The first item is: Is it worth my two hours to get the gift they are giving me? Well, if the gift is worth $15o, that means you are being paid $75/hour ($150K annually). Is that worth your time?
The second item is: know what a timeshare is. Know what the benefits are to timeshare ownership as well as the financial commitments. Then figure out if this is for you. This should be INDEPENDENT of whatever freebie gift you get.
Sales folks are professional, but you can always just say NO!
The sales folks are professionals, often paid on commission, and they are there to get you to buy a timeshare. Participants describe these presentations as intense and stressful, many vowing never to return. Others consider the presentation part of “playing the game” and understand that it is a means to an end, the end being the promised free gift.
Know the game of attending a timeshare presentation
I prefer you to keep an open mind, learn about timeshares, and see if they are a benefit to you. But if you are for sure not interested, here are some things you can do:
1) shut down your body language into a closed position to note you are not interested
2) Don’t ask questions
3) Don’t give out personal details
4) If you have kids, feel free to bring them. This is like an “escape call” on a date
5) Feel free to have someone give you an “escape call”
Most importantly, I would say it’s fine to keep an open mind and then say no. Showing them you had an open mind, thought it out, and came to a rational decision might work on many people. If they persist after your repeated “no” answer, take that as a sign of disrespect of your opinion and feel free to be more abrupt.
Hope these tips help you to surviving a timeshare presentation!
Your Questions About Travel Insurance
Carol asks…
Travel Insurance?
I am a british citizen, planning on visiting the US for about 80 days. What I am looking for is good, cheap, reliable travel insurance. I’ve seen some quotes that cost as much as the flight itself so any assistance would be appreciated.
–Thanks.
Emil answers:
I think that you will find a great deal on Moneysupermarket.com thats where I got my travel insurance, and they actually had to pay out on my policy as I ended up in a French hospital.
My insurance was about 40pounds, and it was for annual insurance! I think from memory you could go away for up to 94 days at a time, or 17days at a time if you included winter sports.
Hope this helps – just remember to read the small print about how many consecutive days away from the UK you are covered for! Happy Travels!
Daniel asks…
travel insurance?
hi me and my gf have split up we are to cancel our prepaid holiday the flights are non-refundable my question is if i take out adequate travel insurance now can i make a claim
Emil answers:
No,not without defrauding someone
Linda asks…
Travel insurance?
Does anyone know of a good travel insurance? I am traveling with my 9 month old baby from US to Japan for a month. Just in case, I want medical and flight insurance. There are so many insurance companies and I don’t know which one is reliable and reasonable in price.
Emil answers:
If you have medical insurance in the states, you should have coverage while traveling. Check your policy.
A lot of flight insurance plans will cover medical as well as trip interruption, emergency travel and health services.
AIG has a good reputation.
Lizzie asks…
How much does travel insurance cost for 3 months?
Hi guys. I’m planning a trip to los angeles in June 2010 for 3 months and im trying to calculate the amount of money i’ll need.
The problem is, i have no idea how this travel insurance stuff works,so how much would travel insurance cost me for this period?
Any help appreciated, thanks.
Emil answers:
Try this site for a quick quote on travel medical insurance. TravelEx allows for pre-existing conditions. —> http://www.travelex-insurance.com/index.asp?location=07-0018
David asks…
In Travel Insurance why is there a large difference in premiums when the policies are similar?
I have been comparing travel insurance for two people under 60 for four days in europe. I have checked the excess details and there is no considerable difference between the different insurers. The policies I viewed are almost identicle and where I have seen differences, they are negligible.
So why have I seen policies with premiums as high as £30 and some low as £6-£7 (and the insurance is covered by big insurers for the low ones I found too). I looked at the small print and again from what I could make of it, there was no considerable difference.
What’s the difference then? What am I missing? and if it is as black and white as I can see, then is it worth me just buying the insurance at the cost of £7?
Emil answers:
Having a friend who’s a qualified underwriter and once actually wrote the small print ………………
Travel insurance as sold by travel agents is one huge scam.
Once one sets aside the stuff sold by travel agents, the difference tends to hinge on three things:
1. The method of selling: companies geared up to selling on the internet have very low overheads compared to others
2. The strictness of underwriting i.e. How they treat “substandard lives.” Some policies are only offered at standard rates to people who in effect have never had a day’s illness in their lives. If you’ve ever been near a hospital for anything or if your parents died before they were 80 you aren’t covered, even if they’ve taken your premium. It’s all there in the small print, if you could understand it.
3. The claims policy of the company concerned. Some companies keep the premiums low by contesting every last penny of every claim and in effect paying out next to nothing. Others charge more but pay out more readily.
Read the small print VERY carefully.
For what it’s worth — and it’s decades since I worked in insurance and there’s nothing in it for me! — I’ve used
www.simpletravelinsurance.co.uk
with considerable satisfaction. It’s an example of the sort of company that keeps the price down by using the internet via a well-designed website.
No one company is best for everyone, though, so do your homework thoroughly.
If you absolutely must use a travel agent’s insurance, then Trailfinders are as good as any of the travel agents’ insurance offerings.
Www.trailfinders.com
Nothing at all wrong with it, but there’s cheaper out there on the web that’s just as good.
Michael asks…
What is the difference between travel insurance and medical insurance?
Next year I am taking a gap year and have been looking into volunteering outside of Europe. I need travel and medical insurance but I am unsure of the difference between the two types of insurance. Also, are there any good sites that I can get good deals off? Thankyou! 
Emil answers:
Healthquotes.awardspace.info – here is my health insurance plan. As I remember they can provide such a service.
James asks…
can you get travel insurance if you have a internal defibulator?
My dad lives in New Zealand and is traveling to the USA and does not seem to be able to fined travel insurance. He has a internal defibulator and has been told by several travel insurance company’s that they won’t give him travel insurance. Does anyone know who may give it to him?
Emil answers:
You will have to contact as many insurance companies as you can find to see if any offer it. I don’t think you’ll find any answers here for such a specific problem. Make sure that if you do find one that the exclusions don’t make it worthless.
Maria asks…
How much is travel insurance if I want to travel to and from Ireland this summer?
This summer I want to enroll in a program where you travel to Ireland and work for the summer. The program requires travel insurance. do you know how much it is?
Emil answers:
Healthquotes.awardspace.info – here is my health insurance plan. As I remember they can provide such a service.
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Sell My Timeshare – Is this a SCAM
I love timeshares. If you look through my blog you’ll see I think buying timeshares and owning timeshares would be a great benefit to many people’s lives. However, there are a lot of “timeshare scams” in the industry.
And while there are many unscrupulous people in the timeshare industry, I think a lot of the so-called “scams” come from people who just don’t do their research before purchasing a timeshare and then realizing there is a lot more obligation to owning one.
Here is a great article to that point on the website “Timeshare Buying Scams”
“Sell My Timeshare – Is this a SCAM”
This is a very informative video. But I must tell you upfront that it is also a pitch for a timeshare resale service. The pitch comes at the end so you are not being hammered all the time.
The video had a number of facts that I was not aware of. For instance did you know that in Florida alone there were 28 investigations into timeshare resale companies. That is in Florida alone. The complaints against these companies are going through the roof.
Another fact that I did not know was that there are 4.7 million timeshares owned in the USA but there are 3 millions on the resale market. That means there are tons of people trying to dump their timeshares.
And here is the sad part. You cannot just stop making payments on your yearly fee because you will be sued and a judgement will go on your credit report. And even if you should die, the timeshare and the fee gets passed down to your heirs. Brutal!
The author of this video claims to have a method that will help you get out of your timeshare. I do not know if it is true or just another timeshare resale scam. So if you contact him please leave a comment on this post.
Original article:
http://www.timeshare-buying-scams.com/timeshare-blog/sell-my-timeshare-is-this-a-scam.htm
Your Questions About Vacation Rentals By Owner
Mary asks…
Anyone used VRBO or Vacation Rentals By Owner??
Has anyone used Vacation Rentals By Owner very often and if so, what was your experience?
I am thinking about going through them to find a villa to stay in (one in France, one in Italy and one in Greece.
Emil answers:
Yeah. I prefer a different company. I can get you the best deal with a 110% rate guarantee! With thousands of choices! Contact me on megpcp3 on yahoo!
Paul asks…
Can you negotiate “Vacation Rentals by Owner” Property prices?
Can I talk an owner down on the price that they have set for a weekly vacation rental?
Emil answers:
You can always try-the worst that can happen is they say “no”; you might want to research what similar rentals are going for in the area–you may already have a bargain. If its a “hot” area as well, you may have no bargaining power–if there already are multiple potential renters. Good luck.
Charles asks…
Looking for vacation by owner rentals in Wine Country, CA., that can hold 100-125 guests for a wedding?
Looking for a wedding location in wine country that is not astronomically priced- hoping to spend approx. $10,000 on the event total. Does anyone know of any vacation rentals/B&B’s that could hold the event for this budget? (July/Aug. wedding, 100-125 guests).
Emil answers:
Check out vrbo.com. They have vaction rentals all different prices
William asks…
Vacation rentals by owner site are they good ?
I used www.vrcbc.com and saved a $100.00 a night off a condo in Destin.
http://www.vrcbc.com/vrcbc/index.htm
Emil answers:
If you saved $100 a night (wow!) by going to a vacation rentals by owner site, than I would say they are pretty good!
Sharon asks…
If you will be staying in a vacation rental by owners, what do you expect them to have?
If you are looking for a vacation rental owned by owners in the Philippines, what do you expect them to have?
Emil answers:
Unless stated I would expect beds and mattresses and pillows and a table with chairs.
But I know that many people will expect:
Linens, (can be charged extra for if mentioned,) a full kitchen outfit, with stove and pots and pans at least, microwave, kitchen knives and cutlery for table use, cups, plates, coffee maker and teapot.
Outside seating with chairs just for that.
Some rental owners offer to fill the fridge before arrival of the new guests as well as some basic foodstuff like breakfast cereals and rice, and herbs and spices. Of course the guests pay for this service.
George asks…
vacation rentals by owners.com, vrbo.com?
So, a friend rented a house through vrbo.com. She send a check for $2500, and it was a total scam. They took her money (the owner of the house), and vrbo.com says they are not reliable. But if they advertise owners, they should check them and make sure they are legitimate, right? Can she make a complain to any bureau or get at least partial payment back?
Emil answers:
I agree with you that they should be vetted better. All your friend can do is contact the owner, have her do so consistantly unitl she can get resolve. However since she sent a check she is out of luck on getting her money back from her bank.
My recommendation would be to use a credit card to utilize fraud protection as go through a reputable company for a time share like http://www.abetterstay.com where you go through a large company and not an individual who is not properly vetted.
You could also file a claim with the Better Business Bureau a, however this is probably a waste of time since it is one individual. Although it will send signs to VRBO.com to screen there properties more thoroughly.
Good luck to your friend.
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Buy A Timeshare: timeshare ownership, time intervals, and point systems.
When you buy a timeshare, it is important to know what you are getting into. There are quite a few terms and aspects to understand. With buying a timeshare, there are three main types of ownership: timeshare ownerhsip, time intervals, and point systems.
Timeshare Ownership:
With buying a timeshare in the traditional sense, you own the “right to use” a class and size of unit during a specified season based on its desirability which would be low, medium, or high.
Worldmark Timeshare resort in Fiji
To use your timeshare, you would call the resort to make your reservation. You will get the rental in the season and general location, but it may not be the exact same unit and the exact same week every year.
Time Intervals
This is the more common type of ownership. You are given a “home week” and a “home location”. In fact, this functions more like actual real estate ownership. You own the property and will receive a real estate deed to your unit for specific weeks each year.
With ownership also comes “association” fees or maintenance fees
Point Systems
A timeshare is a great way to get lush accommodations at a reasonable price
This method of ownership is becoming increasingly popular and is the method RCI timeshare uses. The timeshares are vacation houses put into the system by their owners. RCI then sells “points”, offering very flexible types of ownership. You then redeem your points to obtain vacation rentals. Naturally the more desirable the location and more desirable the season, the more points you must redeem for that timeshare “rental”.
These are but a few of the methods offered to folks who want to buy a timeshare. More methods available means more flexibility resulting in an increasing number of lifestyles that would benefit from timeshare ownership.
