Thanks for posting this. First of all, I am a newbie in the timeshare world and this video made me to think twice about purchasing my timeshare. Cancun is my go-to vacation spot and sometimes, I go twice a year. A few weeks ago, I came across a resale opportunity of a studio with low maintenance fee (compared to what I have seen online) for even years in a top resort managed by Vistana. The seller has accepted my offer and I just completed the preliminary paperwork with my info for the upcoming contract. The reason #2 (booking in advance) is that concerns me the most. You mentioned about owners should start making reservations such as 12-8 months prior to arrival. Per seller’s statement, the unit includes weeks 1-4, 18-23, 36-43 and 48-50. We are in November right now and I will have a trip to Europe but even if I wanted it, there is no chance for example, to use the weeks 1-4 or 18-23. Perhaps, with a little luck and depending when I get the ownership papers in the mail, I may or may not have some chances for September which is a low season (I have no interest in October), and December. Booking a unit one year, 11, 10 or even 8 months in advance because if you miss the booking timeframe you will lose it, it’s an issue to me. It’s a long time and so many things may happen until the date of your check in, such as work, health, etc. I am the kind of person that I think the period of 4-6 months in advance fit better. I am really having seconds thoughts now.
Thanks for watching! Timeshare reservations certainly work differently than booking a hotel. I beleive you have contracted to buy at the Westin Lagunamar? If so, studios are usually the last to book. Owners at the resort have a home resort priority 12-8 months from checkin. At 8 months, inventory also becomes available to other Vistana owners in VSN to be able to reserve. So if you can reserve more than 8 months from checkin, that gives you a good selection of inventory. That said, I have access to check Vistana availability and there still looks to be whole 7 night availability for weeks 1-4 and 18-23 in 2023. Realize that this is VSN inventory, so it might be different for Home Resort reservations. With all that, I think you should be fine. If you don't mind saying, how much did you purchase the week for? Gold studio units never used to sell on the resale market for much in the past, so I am wondering if the market has changed some over the years.
@@DestinationTimeshare Correct, it's Westin and we closed the deal for $300 and the last MF was 367.41 What are you thoughts about the numbers above? Was it a bad deal?
It was fine. $0, $100 or $300 isn't all that much to worry about. In the end, the long term costs are the annual maintenance fees and those are the same for everyone. You get to enjoy a week in Cancun (every other year?) at a fantastic resort for a little over $100 a night.
@@DestinationTimeshare thanks for your comment. You know, as a newbie, there will be always a bunch of questions and what your wrote concerns me a bit. One of the things that attracted to me on the seller’s ad was the low MF (compared to the same unit and other ads). I had an impression the MF was proportional the date when the timeshare was purchased. So for example, if someone bought a timeshare in 2010, the MF wouldn’t be a little lower than what is charged to someone who bought in 2020? Or not? Do you have the values for a studio in 2022 and if available, the forecast for 2023? TIA!
The maintenance fees are the same for every owner each year. Ads often have a lot of bad information and the maintenance fee could simply be wrong in the ad. I don’t know what the actual fees are for a studio at Lagunamar, but the fees being around $300 makes me think you are actually buying an every other year unit.
Pay money to go into all this obligations? Timeshare is more expensive, more limitation, more risk. So what is the benefit? I think you should also mention 85-95% regret buying timeshare contact.
I have shell time share. We already paid. Now they own two hotels that we can use Las Vegas and San Francisco they are very expensive that we do not have the points for that. The maintenance was $75.00 now is $206. If l cancel will that make my credit bad?
I would suggest contacting Wyndham (who owns Shell) and ask if they will take a deed back on your timeshare. Doing this won’t impact your credit. Stopping paying could have negative impact.
If I'm a flexible frequent traveler, that plans head, can buy outright, what timeshare is perfect for me? My answer: Buy Wyndham Hotel points on Cyber Monday, and RENT!
not completely true with the new points networks but info is very valid if your buying a set week(timeshare) and only other option is to use an exchange company ie RCI or II etc. Those systems have banking options, more uses, transfer options to different networks ie last minute like Travel n Leisure or hotels houses etc.
Perhaps. Point systems do provide some additional flexibility but ther eis also a cost. Using vacation club/timeshare points to book hotels and houses is not a good value. The best value is always in booking timeshare properties. If someone also wants to book high season weeks, it will always be necessary to plan and book well in advance. Thanks for watching.
The resorts are most expensive so do have the most value however you said people shouldnt buy if they are x types. Well if 3 years i get a 4,5, and 7k$ vacation and 4 years i get a 2k trip cuz i didnt book further out or used houses/hotels which are available last minute. And 2 years i got zero value but banked my points thats stil way way way more value than my maintenance. Also most companies do have products that reward last minute travel ie RCI last calls an exceptional value, or systems that reward you for booking places last minute. There is value for many. I do feel u at least are fair to the decision making process as these category types of people do get less value and/or have a harder time gettibg the max value. I just wanted to stress though that with points systems and high availability mixed with options or owner benefits there still is value over the high costs/and disincentive to travel that most face because we have to give up our money. When people look at a trip and its 2k-6k they have every reason to skip the trip. Thanks for the info i just thought you should say those who may have a harder time vs those who shouldnt. You do examine the challenges of many programs tho so for the average system this stuff can ring true.
It all depends. Most timeshares are sold for 50-51 weeks for each unit. Sometimes they sell all 52 weeks. Then a resort may have 100 units. That means there could be anywhere from 5000-5200 owners at that resort. Many resorts are however much larger and could have tens of thousands of owners. Thanks for watching!
@@DestinationTimeshare WOW !!! Have you ever listed all the time shares you own? and where? I am watching all your videos. So interesting. My husband is very interested. We may be taking the leap!
@@pennyarizzio2824 We only own four timeshare weeks. All in Orlando. If you are considering buying into timeshare, you need to look at resale. All of our weeks are resale. I also highly suggest looking at TUG (Timeshare Users Group). There are links in my video descriptions. They also have forums where you can ask questions and read up on other owner experiences with timeshare.
this was helpful. Do you have or would you consider putting together a video or series for those who are brand new to timeshares, who are considering buying a timeshare? Covering all the ins and outs, terms, etc. I am new to your channel so maybe you already have this. BRAND new to all this, looking on the resale market
I bought (finance it and did not research ) timeshare I cannot afford it, did the August of this year. I finally got an email back from HGV he said he can explain the fees but I cannot get out of it . Can you please advise how I can get out of this
Unfortunately once you are outside your recission period, there is no easy way out. You are party to a legally binding contract. There is no real way to sell a timeshare that still has a loan as the loan is probably more than the resale value of the timeshare. One piece of advice I can give is to NOT pay some company that claims they will get you out of the timeshare. These are scams. They will likely tell you to stop paying which will just result in foreclosure. You can do that yourself without paying a company thousands of dollars. I provided this link in a prior reply to your comment. I suggest checking it out; tugbbs.com/forums/forums/hilton-grand-vacations-club-hgvc.52/
I think timeshares are a terrible waste of money. And I’m a traveler that travels often, as much and often as I can. One thing I don’t like to do is go to the same city over and over again. I know some people that will go to Disney world every year or Las Vegas every year. But I like to see different places
With modern timeshare systems, you don't need to go to the same resort year after year. Some systems have 90+ resorts that you can book and exchange into. You can also us exchange companies to trade into thousands of other resorts. If you want, you never have to go to the same place twice. Whether they are a waste of money or not, that is a different question with different perspectives.
I’ve actually had very good luck with exchanging last minute. In January 2017 Availability suddenly became available for San Francisco ( and that city is very limited) and I booked a week before. There are other times when I booked an exchange within 60 days. Having said that booking for my home resort in 2010 just a different week was done 10 months in advance. So you can get last minute exchanges.
I’m out. Not a long term anything, and like to hop on a plane and go on a whim. Good info👍
Glad it helped. If that is how you like to travel, then timeshare is not right for you. Thanks for watching!
Thanks for posting this. First of all, I am a newbie in the timeshare world and this video made me to think twice about purchasing my timeshare. Cancun is my go-to vacation spot and sometimes, I go twice a year. A few weeks ago, I came across a resale opportunity of a studio with low maintenance fee (compared to what I have seen online) for even years in a top resort managed by Vistana. The seller has accepted my offer and I just completed the preliminary paperwork with my info for the upcoming contract. The reason #2 (booking in advance) is that concerns me the most. You mentioned about owners should start making reservations such as 12-8 months prior to arrival.
Per seller’s statement, the unit includes weeks 1-4, 18-23, 36-43 and 48-50. We are in November right now and I will have a trip to Europe but even if I wanted it, there is no chance for example, to use the weeks 1-4 or 18-23. Perhaps, with a little luck and depending when I get the ownership papers in the mail, I may or may not have some chances for September which is a low season (I have no interest in October), and December. Booking a unit one year, 11, 10 or even 8 months in advance because if you miss the booking timeframe you will lose it, it’s an issue to me. It’s a long time and so many things may happen until the date of your check in, such as work, health, etc. I am the kind of person that I think the period of 4-6 months in advance fit better. I am really having seconds thoughts now.
Thanks for watching! Timeshare reservations certainly work differently than booking a hotel. I beleive you have contracted to buy at the Westin Lagunamar? If so, studios are usually the last to book. Owners at the resort have a home resort priority 12-8 months from checkin. At 8 months, inventory also becomes available to other Vistana owners in VSN to be able to reserve. So if you can reserve more than 8 months from checkin, that gives you a good selection of inventory.
That said, I have access to check Vistana availability and there still looks to be whole 7 night availability for weeks 1-4 and 18-23 in 2023. Realize that this is VSN inventory, so it might be different for Home Resort reservations.
With all that, I think you should be fine. If you don't mind saying, how much did you purchase the week for? Gold studio units never used to sell on the resale market for much in the past, so I am wondering if the market has changed some over the years.
@@DestinationTimeshare Correct, it's Westin and we closed the deal for $300 and the last MF was 367.41 What are you thoughts about the numbers above? Was it a bad deal?
It was fine. $0, $100 or $300 isn't all that much to worry about. In the end, the long term costs are the annual maintenance fees and those are the same for everyone. You get to enjoy a week in Cancun (every other year?) at a fantastic resort for a little over $100 a night.
@@DestinationTimeshare thanks for your comment. You know, as a newbie, there will be always a bunch of questions and what your wrote concerns me a bit. One of the things that attracted to me on the seller’s ad was the low MF (compared to the same unit and other ads). I had an impression the MF was proportional the date when the timeshare was purchased. So for example, if someone bought a timeshare in 2010, the MF wouldn’t be a little lower than what is charged to someone who bought in 2020? Or not? Do you have the values for a studio in 2022 and if available, the forecast for 2023? TIA!
The maintenance fees are the same for every owner each year. Ads often have a lot of bad information and the maintenance fee could simply be wrong in the ad. I don’t know what the actual fees are for a studio at Lagunamar, but the fees being around $300 makes me think you are actually buying an every other year unit.
Pay money to go into all this obligations?
Timeshare is more expensive, more limitation, more risk.
So what is the benefit?
I think you should also mention 85-95% regret buying timeshare contact.
I have shell time share. We already paid. Now they own two hotels that we can use Las Vegas and San Francisco they are very expensive that we do not have the points for that. The maintenance was $75.00 now is $206. If l cancel will that make my credit bad?
I would suggest contacting Wyndham (who owns Shell) and ask if they will take a deed back on your timeshare. Doing this won’t impact your credit. Stopping paying could have negative impact.
If I'm a flexible frequent traveler, that plans head, can buy outright, what timeshare is perfect for me? My answer: Buy Wyndham Hotel points on Cyber Monday, and RENT!
Renting without the obligation of ownership is certainly a great option and works for a lot of people. Thanks for watching!
Just remember you’re buying something that you cannot sell later on it will not be like a house
not completely true with the new points networks but info is very valid if your buying a set week(timeshare) and only other option is to use an exchange company ie RCI or II etc. Those systems have banking options, more uses, transfer options to different networks ie last minute like Travel n Leisure or hotels houses etc.
Perhaps. Point systems do provide some additional flexibility but ther eis also a cost. Using vacation club/timeshare points to book hotels and houses is not a good value. The best value is always in booking timeshare properties. If someone also wants to book high season weeks, it will always be necessary to plan and book well in advance. Thanks for watching.
The resorts are most expensive so do have the most value however you said people shouldnt buy if they are x types. Well if 3 years i get a 4,5, and 7k$ vacation and 4 years i get a 2k trip cuz i didnt book further out or used houses/hotels which are available last minute. And 2 years i got zero value but banked my points thats stil way way way more value than my maintenance. Also most companies do have products that reward last minute travel ie RCI last calls an exceptional value, or systems that reward you for booking places last minute. There is value for many. I do feel u at least are fair to the decision making process as these category types of people do get less value and/or have a harder time gettibg the max value. I just wanted to stress though that with points systems and high availability mixed with options or owner benefits there still is value over the high costs/and disincentive to travel that most face because we have to give up our money. When people look at a trip and its 2k-6k they have every reason to skip the trip. Thanks for the info i just thought you should say those who may have a harder time vs those who shouldnt. You do examine the challenges of many programs tho so for the average system this stuff can ring true.
Hi There, I have another question.. On avg. How many people own the same timeshare? Love all your video's!!!
It all depends. Most timeshares are sold for 50-51 weeks for each unit. Sometimes they sell all 52 weeks. Then a resort may have 100 units. That means there could be anywhere from 5000-5200 owners at that resort. Many resorts are however much larger and could have tens of thousands of owners. Thanks for watching!
@@DestinationTimeshare WOW !!! Have you ever listed all the time shares you own? and where? I am watching all your videos. So interesting. My husband is very interested. We may be taking the leap!
@@pennyarizzio2824 We only own four timeshare weeks. All in Orlando. If you are considering buying into timeshare, you need to look at resale. All of our weeks are resale. I also highly suggest looking at TUG (Timeshare Users Group). There are links in my video descriptions. They also have forums where you can ask questions and read up on other owner experiences with timeshare.
this was helpful. Do you have or would you consider putting together a video or series for those who are brand new to timeshares, who are considering buying a timeshare? Covering all the ins and outs, terms, etc. I am new to your channel so maybe you already have this. BRAND new to all this, looking on the resale market
I do have some videos on the topic, here is one on how to get started buying a timeshare; ruclips.net/video/z7J_bIiG4H4/видео.html
@@DestinationTimeshare thanks so much checking it out now, appreciated. So much to learn but wanna know what I am getting us into
Great info bro
Appreciate it. Thanks for watching!
I bought (finance it and did not research ) timeshare I cannot afford it, did the August of this year. I finally got an email back from HGV he said he can explain the fees but I cannot get out of it . Can you please advise how I can get out of this
Unfortunately once you are outside your recission period, there is no easy way out. You are party to a legally binding contract. There is no real way to sell a timeshare that still has a loan as the loan is probably more than the resale value of the timeshare.
One piece of advice I can give is to NOT pay some company that claims they will get you out of the timeshare. These are scams. They will likely tell you to stop paying which will just result in foreclosure. You can do that yourself without paying a company thousands of dollars.
I provided this link in a prior reply to your comment. I suggest checking it out; tugbbs.com/forums/forums/hilton-grand-vacations-club-hgvc.52/
you mentioned Tug BBS, what is this?
tugbbs.com/ It is an online web forum of owners who ask questions and discuss timeshare.
I think timeshares are a terrible waste of money. And I’m a traveler that travels often, as much and often as I can. One thing I don’t like to do is go to the same city over and over again.
I know some people that will go to Disney world every year or Las Vegas every year. But I like to see different places
With modern timeshare systems, you don't need to go to the same resort year after year. Some systems have 90+ resorts that you can book and exchange into. You can also us exchange companies to trade into thousands of other resorts. If you want, you never have to go to the same place twice.
Whether they are a waste of money or not, that is a different question with different perspectives.
There's actually a sixth group of people that should not buy timeshares. People that are smart and realize timeshares are not worth the money.
That could be considered a group, but then that group won't be saving money on luxury vacation accomodations.
I’ve actually had very good luck with exchanging last minute. In January 2017 Availability suddenly became available for San Francisco ( and that city is very limited) and I booked a week before. There are other times when I booked an exchange within 60 days. Having said that booking for my home resort in 2010 just a different week was done 10 months in advance. So you can get last minute exchanges.
Too late I signed now what 😟
When did you sign? Are you still within the rescission period? ruclips.net/video/bMHnUuQMBQ0/видео.html
1. Me
2. Me
3. Me
4. Me
5. Me😜
Timeshares certainly aren't for everyone. Thanks for checking out the video!