I’ve heard this question many times, particularly when my friends have just returned from vacation: “Are timeshares a good buy?” On more than a few occasions, my friends had already bought the timeshare and were just looking for positive reinforcement for their impulse purchase! There are inexpensive family vacation options to consider before you find yourself sipping a daiquiri at a timeshare presentation.
I guess the answer is that it really depends. First, a typical timeshare will cost you between $ 10,000 and $ 20,000 up front, which can be financed at a fairly high interest rate (and the interest is no longer tax deductible). You will also have to pay an annual maintenance fee of between $ 500 and $ 1000. Lastly, you better like the resort where you bought your timeshare because finding available timeshares in more exotic timeshares on the dates you want can be very difficult. and it may cost you more money. If your children have grown up and you prefer to go to Maui instead of Disney World, prepare to be flexible and patient!
Another option that we are seeing more and more, particularly in the poor economy, is discounted vacation clubs. They usually charge an initial fee of between $ 1000 and $ 10,000, but you will never have to pay again and you will have the membership for life. Also, the appeal of the discounted timeshare vacation club is that it is not limited to certain weeks each year, or certain resorts. The world is your vacation option and you also have the option of all-inclusive cruises and resorts. Plus, you don’t need to feel stressed if you miss a year because your membership is already paid for in full. The last advantage I see with discounted vacation clubs is that they have resale value. In fact, its value will remain at least what you paid for it should you decide to sell.
In my opinion, timeshares are no longer a great buy. You have much better options. I know it’s tempting when you’re on vacation and you get an offer for a free breakfast and a round of golf if you attend the timeshare presentation. You are not required to buy anything. Well, I know 2 different couples who own 2 timeshares each in the same areas in Florida. Those presentations can be very persuasive while you are relaxed and enjoying your vacation. It’s not that relaxing when you’re back home making those monthly timeshare payments wondering what you’ve gotten yourself into!