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Thread: PLEASE help.... buying a timeshare for the first time. need honest advice

  1. #1

    PLEASE help.... buying a timeshare for the first time. need honest advice

    Im 21 years old in active duty military. im wanting to invest in a timeshare for several reasons.

    1. im given 2weeks in summer off and 2 weeks during christmas and would love to take my wife to place that is nice and something that friends can go to and meet.. ect in short for relaxing with the wife..

    2. i dont own a house and i feel that owning a time share would be something THAT is MINE, and the possiblity about making money off of it. (i dont know much about it so any advice would be welcomed)

    Any tips for getting a time share for the first time would be great.
    should i buy through resort? or ebay? or others?

    about how much cash should i be ready to put down on a timeshare?

    any advice is highly valued thank you so much.

  2. #2
    How far in advance do you know the exact dates for your summer and Christmas time off?
    How much cash could you put down without having to finance?
    How much could you afford for annual MF's?
    Where do you live and where do you want to vacation?
    Are you looking for 3, 4, or 5 star accommodations?

  3. #3
    Super Moderator Glitter Brunello's Avatar
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    Sally asks good questions.

    Whatever you do, don't borrow money to buy a timeshare, and don't plan on making any money at it, that is extremely rare

  4. #4
    Goomba & Super Moderator tonyg's Avatar
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    First and most important, buy resale. Second find out all you can about the resort before buying-ask questions. Third, check out this forum for timeshares that people here want to give away free.
    You will probably not make any money on a timeshare, so like was said before---never finance one.

  5. #5
    Also, if you live or plan to be stationed for awhile near a resort area, you can look for one that has day usage. This way you, your wife and friends can take day trips there and enjoy the amenities.
    I echo - don't buy from the developer and look around and read all you can before taking the plunge.
    Good luck!
    Jacki

  6. #6
    Platinum Contributor Nancy's Avatar
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    You also are looking at busy times if you want to trade into. You might consider buying, at least partially, when and where you want to go. Do not buy thru a resort. Find one here or elsewhere.

    Nancy

    ps. You are very young. If you buy a timeshare, you will have to pay maintenance fees on it for a long time. Maybe now you can, but in future you may not have those extra funds.

  7. #7
    Please excuse me, I'm a Dick. Not a moron just a Dick
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    don't

    you can rent for less, with no ongoing obligation, just about anywhere
    RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

  8. #8
    Please excuse me, I'm a Dick. Not a moron just a Dick
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    Quote Originally Posted by Nancy View Post
    . . . you will have to pay maintenance fees on it for a long time. Maybe now you can, but in future you may not have those extra funds.
    RCI Member Since 24-Aug-1989/150-plus Exchanges***THE TIMESHARE GRIM REAPER~~~Exchanging/Searching/SW Florida/MO/AR/IA/Consumer Advocacy/Estate Planning/Sports/Boating/Fishing/Golf/Lake-living/Retirement****Sometimes ya just gotta be a dick

  9. #9
    Im 21 years old in active duty military. im wanting to invest in a timeshare for several reasons.

    1. im given 2weeks in summer off and 2 weeks during christmas and would love to take my wife to place that is nice and something that friends can go to and meet.. ect in short for relaxing with the wife..

    2. i dont own a house and i feel that owning a time share would be something THAT is MINE, and the possiblity about making money off of it. (i dont know much about it so any advice would be welcomed)
    I'm not sure that #2 is a great reason to own something. Making money is very very very hard---next to impossible, without making it a full-time hobby. You probably do not have that kind of time. And, I get the idea of wanting to "own" something, but really all you own with a timeshare is the obligation to continue to pay for the operation and upkeep of a (small part of) a vacation condo.

    As for #1: a relaxing space is a great idea, and timeshares are way better than hotels, but in your case I would recommend renting, not buying. True, you are going during peak times, but even then it is possible to get some very good deals---a little bit more than it would cost to own, and often even less if you are not dead set on the most in-demand locations. In exchange, though, you are buying a lot of flexibility---and that's flexibility that you might need in the future. As a 21 year old, with a wife but (it sounds like) no kids yet, kids will throw a huge monkey wrench in your vacation habits in ways you can't begin to predict.

    So: rent for now, get a sense for whether or not the timeshare lifestyle is one that you like. After your life stabilizes a bit more---heck maybe even after retiring from active duty service---that's the time to revisit the buying decision. Even then, renting might be better.

  10. #10
    Goomba & Super Moderator tonyg's Avatar
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    You cannot rent and get exactly what you want when you want it very often. Right now timeshares are easy to rent, but that will not always be the case. As the economy continues to improve, rental prices will increase to beyond the cost of the annual fees at desirable times and locations. Timeshare is something that follows the economy in cycles. Those who say no to ownership are those who can't give the timeshares they own away.

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