Bought a gold crown week 41 in Las Vegas and cancelled.

[vickyvickie]

Hi. I hope someone here will have the time to respond in detail. Me and my husband were pulled into a timeshare presentation and although we agreed between ourselves before going in that we won't buy, we thought it was too good a deal and ended up buying. I did some research afterwards and realized it isn't as good as they portrayed and sent my cancellation within the rescission period. Now, I'm trying to learn the ropes of timeshare. I'm a total newbie and theres too much info. There's weeks, there's points, there's different exchange memberships. There's an annual expense related to being owners. There's a secondary market where owners are selling for $1+ transfer fee.
I'll note the attraction of the sales pitch here. They said, altho I'm buying one week, I'll get a floating week extra. I can let them handle my week and they'll give me a guaranteed rental of $1400 annually. Out of which, I'll pay $400 maintenance fee and still be left with $1000/yr. Now the benefits: even after renting out my week, I'll still have unlimited weeks to exchange per year as long as i pay $230 exchange fee. (I learnt this to be untrue). I'll benefit from capital gain on my resort building and my share in property can only go up.
When i was doing my research as to keep or cancel, there was too much info.i want to know if i can vacation with TS benefits without having bought one? And vacation across Europe/london. We are a family of 6. And if TS makes sense to buy, then which one is good for me in which i can keep yearly expense to minimum and vacation for cheap across the world with family? And possible week exchanges as well as per day hotel stays.
Thank you

 

[vacationhopeful]

Good thing you cancelled ... you believed the 'fluff of the market plan' the timeshare sales person was saying about renting ... 90% of timeshares have almost no rental market to collect even 50% of the MFs ... plus an agent helping you rent, will claim most of the rental dollars as their commission and costs.

Timeshares very, very seldom increase in price ... there is NO CAPITAL GAINS ... and personal loss, is NOT deductible off your income taxes (I do believe ... not a tax expert).

I can't think of ANY timeshare were the MFs for a 2bdr unit yearly is under $200 yearly ... NONE. Even if you found an ownership where you use it 1 year out of 3 years (tri-annual) for a 2/2 unit ... the MFs would be higher than $200 yearly (or $600 per use year).

Unless you can pay more for MFs ... it would still be hard to find a 2/2 unit with MFs under $800 yearly.