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Time share.... pros and cons

England
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Time share.... pros and cons

I wonder if any members had views on commiting to a time share time share purchase.

Without looking to it in any detail it doesn't appeal to me as you seem be locked into an ever increasing service charge.

we have some friends who bought something called holiday bond for thousands and seem quite happy with it.

Ireland
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1. Re: Time share.... pros and cons

Yes Trickster, I've just had visitors staying with us and her parents have just sold one at Anfi, after many years. Apparently they used it every year for to weeks at a time, BUT their weeks fell in UK school holidays so they paid dear for flights and yes, the service charges were big. As much as I adore Mogan and would definitely if I came into any real money, I wouldn't want timeshare. I would want my place in the sun to be home from home, being able to leave all my personal stuff around. Still, with my finances, I guess I don't need to have to even consider any of it! :-)

Lytham St Anne's...
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for Malta
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2. Re: Time share.... pros and cons

Once you buy a timeshare , or any type of holiday scheme, you are committed to a never ending yearly payment which will increase all the time.

Despite what you will be told these timeshares are almost impossible to get rid of.

People are trying to give them away to get the yearly payments stopped but find it impossible to do so.

Don`t get involved at any cost.

Graham

Hampshire, UK
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3. Re: Time share.... pros and cons

Hi Trickster

Have you been watching "A Place in the Sun" a bit too much on C4 recently ? ;)

Personally I wouldn't want to commit to the same place at the same time each year (says the girl who went to Lopesan Costa Meloneras late June from 2008-2012!!)

In all seriousness, that was out of choice, rather than what I was financially committed to. And then, with the risk of the investment value going down, plus the inescapable service charges going up, and with no guarantee of the quality of the maintenance/services in the building in 10 years time, and with no-one able to predict the cost of flights in the years to come, it's not something that appeals to me.

Personally I would rather enjoy the flexibility (and the fun!) of booking an annual holiday to wherever I feel like going that year, at whatever time of year suits me.

Besides, the weather's lovely today, why would you want to be anywhere other than the Midlands? :)

Dundee, United...
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4. Re: Time share.... pros and cons

Measured up both a few years ago, before we bought, looked at a small apartment v a few weeks timeshare, as mentioned before we would have been tied to dates unless you could swap,ever rising maintenance charges (mark you the community charge has never gone down :- ) ), no certainty that you would be in the same apartment each time, you could only leave a small case of personel stuff As we knew we wanted to holiday in Gran Canaria as often as possible pre retirement we were looking for someplace where we could leave all the stuff you assemble for using on holiday We had a great lawyer and initially bought on a holiday complex where the fees included maintenance, electricity and water charges, and it could be used by family members also the complex management would arrange rental if you were looking for an income.Have to say it was one of the best decisions we made the joy of no luggage travel and then just chilling in your own space in the sun can't be beat, mark you sometimes you spend to much time in Ikea or cleaning windows etc.

England
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5. Re: Time share.... pros and cons

Thanks for the replies.

In the mid 80s whilst on holiday on the costa del sol we were talked into viewing a time share complex. It was lovely, but it took 2 hrs before they revealed the price of a week at Easter (5k).

We said w'd think about it and wandered down to the older first phase of the development (which was actually in a better location right by the beach). These houses were mostly privately owned. Some were for sale and we saw a much smaller one than the time share ones which we liked. We asked them to tell the owner we were interested and returned home. When we told our best friends about it, they asked to come in 50/50. We agreed and bought it. For the next twenty years many holidays were taken, but during this time because both marriages broke down, me and the current Mrs Trickster ended up owning the whole place. it wasn't really big enough to use as a permanent retirement home although the resort and location were great. Apart from that we don'T want to retire overseas as we like it in uk where we are. So a few years ago we sold up, which explains our happy link up with GC.

As an aside the former Mrs trickster bought a time share in Tenerife. I sometimes wonder how that worked out for her.

With the way prices have crashed on the Spanish mainland We're tempted to buy another property but if we did, it would be on a shared ownership basis with say two other couples. That way it wouldn't be sitting empty 40 + weeks of the year.

We know someone who has a time share on the other bit, but can't use it or any other place and is stuck with the service charge. He tries to find someone to pay it in return for the use of the flat.

I never regretted buying or selling the little beach house

montreal
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6. Re: Time share.... pros and cons

Despite all the negative opinions on timeshare , we own quite a few since 2005 and it works quite well for us . We never go to our own TS , use most of the time to swap and we have been to London , Venice , Nice, Spain ( this coming September ) , Malta , NY , Boston , ... and of course a lot of places elsewhere in US and Canada .

Yes , you are tied to them forever , just like a house unless you sell them , but we travel a lot and almost always get to the ones that we wish . We have been to europe in 2011 and had 5 weeks of TS , and this year 4 weeks in Spain . We take time to travel , 1 week in 1 place , do our own cooking , live like locals , feel like being at home as there is more room than a hotel room , and we save on our meals !

I understand it is not for eevryone , as we are retired , we are more flexible and have more time fo use them !

England
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7. Re: Time share.... pros and cons

glad it's worked for you jardinpr

Are you prepared to tell what you paid for the initial purchase and how much you have to pay each time you go?

montreal
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8. Re: Time share.... pros and cons

At the beginning we bought from TS comapny ( marriott , Intrawest.. ) and paid high price 20K . After this first lesson , we bought on the second market , very cheap from 1$ ( yes it is not a mistake ) to 5000 at the most and always 2 BR lockoff meaning we can use 2 weeks 1 BR unit . The annual fees plus exchange fees come out cheaper than renting with kitchen and all amenities . The annual fees are not going up a lot , somtimes not at all . The negative one is the exchange fees charged by RCI , it is skyrocketing ! last year we paid 207$ for 1 exchange , now 247$. It might be about time to set up with another company !

London, England
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9. Re: Time share.... pros and cons

Having worked and lived in Spain for over 20 years I have often thought about buying a property. Especially now, with prices so low. Would never ever consider a timeshare as IMHO they are a very expensive millstone to have around your neck.

Although I am always looking at properties to buy, I don't think we would bother. We prefer to go to different places and not be tied to returning to the same place each year. Mind you, if we win the lottery, well, that's different......

montreal
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10. Re: Time share.... pros and cons

We never went back at the same TS , except major cities like NY , London , Washington.. and a few place not far from home for colors in autumn or skiing in winter . And that is why the exchange companies RCI , Interval.. exist.

And As I said , we pay lower than renting the comparable , but I agree with you , you are freer without a property . Also flexibility is a key point, If you have 2 fixed weeks for vacations annually , forget it , you are just losing your money!