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Just asked my 10yo (because thats the level of intelligence it takes to ask that question) her response: Why would anyone pay $18k for a vacation plan when you can just use google and use hotel/airline points to get the best travel deals!
I'm not saying it's a good investment, but one pro for this type of thing is that it forces you to go on vacation. My husband and I went to Hawaii last year at a time that wasn't super convenient, but if we didn't go we'd lose it. I was worried about my project, and you know what, I barely remember why. Hawaii was awesome, and I learned how to surf! 🏄🏻♀️
Interesting---just seems like another layer of cost and one more reason to avoid (as if another was needed)
Btw-op--when you say 18k total investment, that excludes the yearly maintenance fee i would assume. You will want to get out of that thing so fast it will make your head spin.
It includes maintenance fees
So I'd say that timeshares really depend on how you use them. If you know hat you want to go to the same place every year, then it can make sense. But if you go in thinking you will be able to trade for other properties and travel the world, then it's not worth it. My parents have some that they use every year and they absolutely love it. Cost ~$20k for two weeks with sub $1000 maintenance fees. But like I said, they use it every year and they go to the same place every year
That makes zero sense op. Maybe it includes them for the period of loan, but they don't just go away after that.
Maybe, as I said, haven't looked deep enough. The global collection they had was impressive though, but blackout dates is my biggest concern. They also claimed appreciation of the value. So yea, lot of unchecked claims, plan to dig deeper
OP, the concept of owning a hotel based vacation property is very attractive, especially at the sales center, however, when you step back, it's done want really work out, especially for those in a consulting lifestyle that rack up serious amounts of points every year.
Also, availability is an issue - I own a vacation property with Hilton - tried to book in NYC couple of years ago and literally had to call 9 mos. in advance, at midnight when the block opened, to actually book a room. Also, it's seems whatever you buy is not sufficient for how you want to vacation / always a fee or surcharge or change in redemption criteria keep devaluing your ownership. And, if you decide to get out of it, you can't because actual worth is pennies on the dollar, not to mention the maintenance fees that negate what little value remains.
If you do decide to do it, make sure you buy enough points and that you clearly understand when and how to redeem and maybe ask them to take a test run prior to committing.
Great points pwc2! Don't plan to be miles/points generating consultant all my life, so imagining a scenario where there's no pints coming in. But I can see the frustration creeping in from constantly low availability and random unknown charges
Is that really worth it on a 13% loan? Well I mean if u put like 75% down maybe but umm... it's not land and won't appreciate
Don't care about the 13% loan, $18k is not much for me personally. As I said before, I get the rate is crazy, but I wanted insight into the actual product experience, which based on the replies above is a bit of a mixed bag
EY2, have some self respect - REALLY.
Ok Op, but honestly would stick to booking directly, using points and bargaining. I think u might come out better
One more thing, before you do buy with Sheraton, check out Marriott - their network is huge, you still maintain access to the Sheraton proprieties, plus, based on my understanding, you also get access to the Ritz Carlton clubs, hotels and the broader Marriott/SPG hotel network. Pricing should be roughly the same.
^ thanks man! Very helpful
Just don't. I own a company that sells time shares and the client always overpays. Bookings are subject to availability and you're placed last over other customers.
You can get some on the second-hand market for next to nothing. If you do a property at a "mandatory resort" you also get the star option conversion. This is the best way to go about the time share life. Check out tug2.net
Waste of Money
Timeshares are a pain in the ass, you can't just on a whim use your week to book something, you have to plan it out like a year in advance or whatever you're looking at gets booked up.
You have to be careful if maintenance fees. These usually don't pay. You are better off buying from a person who got suckered into it
Timeshare are in the if it flys floats or ?ucks, lease don't buy