Retired couple Mike & Angie McCaffery of Los Angeles have in the past paid as little as 50 cents for second-hand timeshares. Having used their timeshare across four U.S. resorts, they also were able to afford stays in Spain, Costa Rica, England, Mexico, Hawaii, Mexico and the Caribbean.
“You hear all the nightmare stories, but if you know how to work it and you can plan ahead, it’s the best thing ever,” says Angie McCaffery, 71.
Timeshares, just that, sharing time and been able to holiday all around the world, apartments consist of bedrooms, kitchens and living areas, home from home in most cases. The initial layout is the purchase cost and annual maintenance fees. These can vary from 900 dollars to 3000 depending on the resorts, high end properties will always cost more in maintenance fees.
Generally, with timeshares consumers purchase a specific per year, or there is the option to opt for a floating week that can change from year to year. In addition to a set week or floating there is also a points system that can be converted into reservations for days or weeks at timeshare resorts. The majority of timeshares also offer exchange opportunities that permit owners to holiday at other resorts if they plan well in advance.
It is paramount that consumers understand that purchasing a timeshare is not a financial investment.
On average the cost of timeshares sold by sales representatives has risen over time and now is estimated at around 20,000 dollars, this is according to the American Resort Development Association, an industry trade group. Unscrupulous sales representatives imply, or even assert, that the timeshare you buy will increase in value. This is not the case. Resale value is pennies, some may be lucky and receive pounds, the typical timeshare sells for 10 percent or less of what the original owner paid, eBay, for example, is full of for sale ads from owners willing to sell for just a penny in order to free themselves of the timeshare and maintenance fees.
Don’t get duped into purchasing a timeshare whilst on holiday.
We all know whilst we are on holiday, people are more relaxed and wishing that they could stay on the paradise island forever. Many a timeshare are bought on this fact alone, later consumers regret their purchase all because salespeople are often much better at selling than you are at resisting.
If you are interested in purchasing a timeshare, please do so with caution, contact the resort direct and holiday there first before been dragged into a presentation and signing on the dotted line.
“I tell my friends, ‘Don’t ever go to a presentation.’ They’ve gotten very hard-sell,” Angie McCaffery says.
Do your research before purchasing.
The McCaffery’s purchased their first timeshare in 1994 direct from the developer, paying 15,000 dollars for a two-bedroom condo in Palm Desert, California. They later learned that they could save thousands by buying directly from other timeshare owners who no longer wanted to pay their annual maintenance fees. Please note consumers who for whatever reason stop paying the annual fees risk having the debts turned over to collection agencies.
After hearing the could have saved thousands the McCaffery’s purchased a one-bedroom timeshare in Park City, Utah, on eBay for 100 dollars. They did the same again, four years later, this time only paying 1 dollar in total for two timeshares, a one-bedroom unit in New Orleans and a two-bedroom unit in Ruidoso, New Mexico.
Only purchase in sought after areas.
Research the popularity of resorts and search for reviews, don’t buy a timeshare in an undesirable location on the promise you can trade it to stay in more desirable ones. If it’s not good enough for you to holiday at then the chances are that other potential exchange partners won’t want to either.
Plan and enjoy your experience.
We at the TCA recommend consumers take time out to understand the ins and outs of each timeshare system, weeks, floating weeks and points, take time to understand each and every one. The point systems are often promoted as a way for people to holiday at the last minute, the reality is that the best deals must be secured at least nine to twelve months in advance.
Angie McCaffery, who has the time, is able to source out the best deals due to doing so way in advance of the desired dates they require.
“Half the fun of it is planning it,” she says.
Posted on: July 2, 2018
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 0203 519 3808 or email: info@TimeshareConsumerAssociation.org.uk