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Thread: What do you own when you buy a timeshare? Nothing.

  1. #1

    Thumbs up What do you own when you buy a timeshare? Nothing.

    No property. You own a piece of paper that tell you that you can vacation at one of their resorts if there is availability. If you find a sucker you can sell your worthless piece of paper, but you own nothing in reality. NOTHING. You own debt that will never end.

  2. #2
    Quote Originally Posted by FloridaGuy View Post
    No property. You own a piece of paper that tell you that you can vacation at one of their resorts if there is availability. If you find a sucker you can sell your worthless piece of paper, but you own nothing in reality. NOTHING. You own debt that will never end.
    That is quite true if you own in many points systems. If you own a fixed week in a deeded resort, you own a fractional share of the resort or perhaps in one condo in the resort (some are deeded each way). You don't have to worry if there is availibility as you own that week in that unit, and you will always get it. I much prefer a solid summer week in an oceanfront OBX timeshare resort to ''points'' in any points system ever created, even Hapimag, which is the most solid of the points clubs.

  3. #3
    Quote Originally Posted by Carolinian View Post
    That is quite true if you own in many points systems. If you own a fixed week in a deeded resort, you own a fractional share of the resort or perhaps in one condo in the resort (some are deeded each way). You don't have to worry if there is availibility as you own that week in that unit, and you will always get it. I much prefer a solid summer week in an oceanfront OBX timeshare resort to ''points'' in any points system ever created, even Hapimag, which is the most solid of the points clubs.
    You still own nothing tangible. You own the promise of the use of a weeks vacation and every year you will be billed for more than the cost in maintenance and taxes.

  4. #4
    Quote Originally Posted by FloridaGuy View Post
    You still own nothing tangible. You own the promise of the use of a weeks vacation and every year you will be billed for more than the cost in maintenance and taxes.
    First, as to taxes, they are only billed seperately in a handful of US states. For most timeshares, they are simply one of the components of the maintenance fee.

    Second, if the resort is destroyed or wound up, your fractional ownership entitles you to part of the proceeds, One resort I owned at in Europe did, in fact, vote at an annual meeting to wind up, and in the distribution, my week was paid out at about 2,800 euros.

    Third, as to the cost of renting a week at a comparable resort in the same area compared to the maintenance fee, for my Outer Banks and UK resorts, rental costs would significantly exceed what I pay in maintenance fees, so I get very good value there. For my South Africa resort, I have never studied the rental market there, but it is my cheapest maintenace fee and I use it for trading.

    It all depends on what you own. What do you own that is so terrible? It certainly sounds like it is a points resort in an overbuilt area that is still developer-controlled.

  5. #5
    Quote Originally Posted by Carolinian View Post
    First, as to taxes, they are only billed seperately in a handful of US states. For most timeshares, they are simply one of the components of the maintenance fee.

    Second, if the resort is destroyed or wound up, your fractional ownership entitles you to part of the proceeds, One resort I owned at in Europe did, in fact, vote at an annual meeting to wind up, and in the distribution, my week was paid out at about 2,800 euros.

    Third, as to the cost of renting a week at a comparable resort in the same area compared to the maintenance fee, for my Outer Banks and UK resorts, rental costs would significantly exceed what I pay in maintenance fees, so I get very good value there. For my South Africa resort, I have never studied the rental market there, but it is my cheapest maintenace fee and I use it for trading.

    It all depends on what you own. What do you own that is so terrible? It certainly sounds like it is a points resort in an overbuilt area that is still developer-controlled.
    What do you own? Noting besides A big fat debt.

  6. #6
    Goomba & Super Moderator tonyg's Avatar
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    You own a vacation week in a unit where you can cook and have several people stay comfortably for less than $ 100 a day. Why do you call yourself Florida Guy when you post from California ?

  7. #7
    Quote Originally Posted by FloridaGuy View Post
    What do you own? Noting besides A big fat debt.
    2,800 euros into my pocket when one of my resorts wound up was an asset, not a debt.

    Again, what is it that you own that is so awful? Let other members know so that they can avoid that resort or resort chain, or at least be warned before buying there.

  8. #8
    Senior Member
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    My advice to you is to buy no pieces of paper and move on.

  9. #9
    Quote Originally Posted by tonyg View Post
    You own a vacation week in a unit where you can cook and have several people stay comfortably for less than $ 100 a day. Why do you call yourself Florida Guy when you post from California ?

    I'm not in California, and I can call myself Mars guy and not be in Mars and I am in Florida, and thanks for snooping on me, but your info is very wrong.

  10. #10
    Quote Originally Posted by Carolinian View Post
    2,800 euros into my pocket when one of my resorts wound up was an asset, not a debt.

    Again, what is it that you own that is so awful? Let other members know so that they can avoid that resort or resort chain, or at least be warned before buying there.
    Yeah, nice, if it's true you probably had to pay 10 times that much to get a little bit back.

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