Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

Byron

What Happenned To All Those Time Shares?

Recommended Posts

I know two families that just walked away from theirs and took 100% loss of the capital investments they had made. I don;t know if they had chasers afterwards or not.

Share this post


Link to post
Share on other sites

They're still going and still highly-profitable for the sellers but most people are wise to them.

The advice given when they first began to attract the big maintenance bills and people found that they were unsellable was to give your local homeless druggie fifty quid, take him to a solicitor's office, and legally transfer the timeshare to him.

As a quick caveat I have heard of some very rare examples of people who like their timeshare and use it twice a year perfectly happily and for them it represents good value.

Share this post


Link to post
Share on other sites

They're still going and still highly-profitable for the sellers but most people are wise to them.

The advice given when they first began to attract the big maintenance bills and people found that they were unsellable was to give your local homeless druggie fifty quid, take him to a solicitor's office, and legally transfer the timeshare to him.

As a quick caveat I have heard of some very rare examples of people who like their timeshare and use it twice a year perfectly happily and for them it represents good value.

The only people I have personal experience of who had a time share, my ex-wife's grandparents, loved having one and it worked out well for them.

Never understood it myself.

Share this post


Link to post
Share on other sites

The only people I have personal experience of who had a time share, my ex-wife's grandparents, loved having one and it worked out well for them.

Never understood it myself.

It works if you want to go somewhere a lot. A friend has a timeshare in Vegas, and they go there at least once a year, and let theit friends use it at other times. A week there costs about the same as a day at one of the fancy hotels, and you get a kitchen and fridge to avoid the cost of eating out.

Share this post


Link to post
Share on other sites

They're still going and still highly-profitable for the sellers but most people are wise to them.

The advice given when they first began to attract the big maintenance bills and people found that they were unsellable was to give your local homeless druggie fifty quid, take him to a solicitor's office, and legally transfer the timeshare to him.

As a quick caveat I have heard of some very rare examples of people who like their timeshare and use it twice a year perfectly happily and for them it represents good value.

I know someone who loves their timeshare bought well over ten years ago before some of the con rip-off timeshares arrived .....they get a cheap budget airline flight and spend a week in the timeshare all mod cons and facilities, well maintained and whilst over there sometimes get a good deal staying in different hotels in different places discovering the area....car hire very cheap, see carjet.....this is not me by the way, I would not buy a timeshare....just saying people should do their homework before they part with their money buying anything. ;)

Share this post


Link to post
Share on other sites

Not a lot of flexibility, a bit like owning a house really. When you do the sums of course it would be cheaper to rent a property for your hols and a different one each time to boot.

Brits just like getting saddled and owning stuff even when it means being burdened.

Share this post


Link to post
Share on other sites

Not a lot of flexibility, a bit like owning a house really. When you do the sums of course it would be cheaper to rent a property for your hols and a different one each time to boot.

Brits just like getting saddled and owning stuff even when it means being burdened.

Also know two or three people that always go to the same hotel / holiday camp/ B&B every year, have done for many years....would never change, creatures of habit and familiarity...... ;)

Share this post


Link to post
Share on other sites

It works if you want to go somewhere a lot. A friend has a timeshare in Vegas, and they go there at least once a year, and let theit friends use it at other times. A week there costs about the same as a day at one of the fancy hotels, and you get a kitchen and fridge to avoid the cost of eating out.

Does it? That's a genuine question.

I looked at a few places earlier and they were tens of thousands. Just looked again now, take this one for example, cheaper but not cheap...

http://www.sellmytimesharenow.com/timeshares/index/content/details/AdNumber/700141/sale/

$4,000 for the time share itself, but it's $575 a year in maintenance (for a week). Surely you can get yourself somewhere half decent for not far off $575 for a week... in fact you can, because if you search for that complex there are apartments available for £519, yes that's pounds so about £100 more but I'm not having to pay $4,000 up front.

Or this one

http://www.sellmytimesharenow.com/timeshares/index/content/details/AdNumber/1951599/sale/

You can only use it every other year, cost $13,000 and the maintenance is $900 a year. You can stay there for £1000 for the week. So lets say you have it for 20 years, you can use it 10 times, so that's $1,300 + $900. Keep in mind this is a Right To Use contract, you don't own anything, you can sell or transfer but it's a fixed period only so it is not an investment.

I'm genuinely interested if you can point me to one where it makes any financial sense.

Share this post


Link to post
Share on other sites

In a magazine I saw the other day there was an ad inviting you to Sell Your Timeshare! One of the 'new listings' was a 2 bed in a golf village in Ireland, where funnily enough we stayed back in May for a wedding. The 'lodges' were actually very nice, but I should imagine you'd need to be extremely keen on golf. Many of the wedding guests - there were a lot - stayed there - and it seemed very cheap - about £60 a night IIRC, for 3 of us.

Edit to add - many years ago when they were still a new thing, my folks went to a timeshare presentation aka pressure sales session. They had no intention of buying one, but a clock-radio was promised to everyone who attended. They were quite expensive at the time, so you can tell how long ago that was. My father took great pleasure in helping himself to all the free tea/coffee/biscuits/nibbles he could handle, and seeing the sales staff get steadily more frustrated when he and my mother just smiled nicely and failed to take the bait.

At the bitter end the staff had to hand over the clock radio anyway, and my old man said, 'Thank you very much - that's all we came for.' ?

Share this post


Link to post
Share on other sites

In a magazine I saw the other day there was an ad inviting you to Sell Your Timeshare! One of the 'new listings' was a 2 bed in a golf village in Ireland, where funnily enough we stayed back in May for a wedding. The 'lodges' were actually very nice, but I should imagine you'd need to be extremely keen on golf. Many of the wedding guests - there were a lot - stayed there - and it seemed very cheap - about £60 a night IIRC, for 3 of us.

Edit to add - many years ago when they were still a new thing, my folks went to a timeshare presentation aka pressure sales session. They had no intention of buying one, but a clock-radio was promised to everyone who attended. They were quite expensive at the time, so you can tell how long ago that was. My father took great pleasure in helping himself to all the free tea/coffee/biscuits/nibbles he could handle, and seeing the sales staff get steadily more frustrated when he and my mother just smiled nicely and failed to take the bait.

At the bitter end the staff had to hand over the clock radio anyway, and my old man said, 'Thank you very much - that's all we came for.'

Old people and clock radios!

Share this post


Link to post
Share on other sites

Apparently you can sell/swap your weeks with other timeshare owners in different places.

Of course if you didn't have a timeshare you could use that other medium of exchange called money and do what you like with it.

Share this post


Link to post
Share on other sites

Apparently you can sell/swap your weeks with other timeshare owners in different places.

Of course if you didn't have a timeshare you could use that other medium of exchange called money and do what you like with it.

You mean, like, rent a time share for a week?

Share this post


Link to post
Share on other sites

You mean, like, rent a time share for a week?

Radical Frank! No long term commitment if you don't want to go there next year! -_-

Share this post


Link to post
Share on other sites

Actually sounds a fairly reasonable idea if the ridiculous 'fees' were not so excessive.

Share this post


Link to post
Share on other sites

I'm genuinely interested if you can point me to one where it makes any financial sense.

Maybe they got a particularly good deal. We rented it one time, and it was about $200 for a week. Which I made back from casino winnings...

We did avoid all the 'free' breakfasts with the timeshare salesthings.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Next General Election   90 members have voted

    1. 1. When do you predict the next general election will be held?


      • 2019
      • 2020
      • 2021
      • 2022

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.