The next day- after a three hour presentation and tour I ended up buying a timeshare property at the Grandview Las Vegas.
I have spent the last couple of months thinking over my decision- sometimes pleased and sometimes kicking myself…
Here is what I know so far about the pro’s and cons of timeshare ownership.
· Some people talk about timshare as an investment. This is totally wrong. it is like buying a new car- the value of timeshares goes down over time- you cannot look at it as an investment, it is more of a luxury purchase
· I did one of the worst things which is to buy from the developer- if you are considering timeshares look into buying on the resale market where you can easily save 50-70%.
· You are locked into paying maintenance fees on the unit- whether you use it or not. My maintenance fees are over $600 per year
· If you do buy from the developer- watch our for the financing. The financing which is offered is VERY expensive- avoid it at all costs. The one I was offered was to pay 50% down and 50% over the next 12 months at 0%, or 10% down and 90% over the next five years at 17%!!
· If you take a lot of vacations (as I do), or if you like to go to the same place every year- you can save money compared to staying at hotels.
· If you are member of a network such as RCI you have many different places which you can trade for.
I haven’t used my timeshare yet- but as I take two or three vacations each year to different places, I am hoping to save some money on my yearly vacations.
My best advice- whether you own a timeshare or not- for the best information on the net about timeshares, go to the Timeshare Users Group. It is an excellent resource which I wish I had known about before buying- there is a ton of free information on the site.