Am I too young to buy a timeshare?

[Anw015]

I am 28 and I recently received some money and was thinking about purchasing. I did a presentation and really like HGVC and the concept and I've seen that I need to purchase resale but I'm wondering am I too young? The package I was looking at was 3400 points and I can buy out-right. I travel quite a bit and often use Airbnb so I'm wondering would I even save? I've seen many ppl don't have luck with RCI which would be a down side since I travel internationally a good bit too. Any and all advice is appreciated.

 

[DeniseM]

I don't think you are too young, but timesharing may or may not be for you.

Did you know that you can buy on the resale market for a fraction of the retail cost?

HGVC is a very high quality system, and when you compare it to Airbnb, you may not be getting the same quality. So when you are looking at cost, be sure you compare the cost of Airbnb rentals to the cost of owning high quality properties at timeshare resorts with all the amenities - not just basic condos. And use the resale price - not retail which will be 2-4 times as much.

I would not buy a HGVC resort to use RCI - I would buy it to stay at HGVC resorts. If you don't wat to stay at HGVC resorts, then you should explore other resort systems.

Here is a survey to focus your wants and needs:

http://www.tugbbs.com/forums/index.php?threads/what-to-buy-questions-for-newbies.208742/

 

[PigsDad]

The one thing I have found is that I don't really save money with a timeshare, but it allows me to have much better accommodations for the same amount that I would otherwise spend on lodging. It is especially nice when traveling with a family -- instead of cramming into a single room, the three of us have plenty of room to spread out and makes the vacation more enjoyable.

Kurt

 

[dominidude]

The one thing I have found is that I don't really save money with a timeshare, but it allows me to have much better accommodations for the same amount that I would otherwise spend on lodging. It is especially nice when traveling with a family -- instead of cramming into a single room, the three of us have plenty of room to spread out and makes the vacation more enjoyable.

Kurt

I whole heartedly agree with this.
In addition, timesharing allows me to plan ahead (like 12 months ahead). Planning ahead is a requirement when making timeshare reservations.

 

[CalGalTraveler]

Since you are unsure, you should try to rent or buy a timeshare promo package to visit (if you can say no to the high pressure sales pitch).

Airbnb has some interesting properties - especially when there is nothing else available. However they are inconsistent in quality and sometimes dirty. For example, we stayed in a 4 bdrm in Rio and it needed paint and new furniture (the photos were very old). The beds were lumpy. I had buy cleaning supplies because the dirt on the kitchen counter was 1/8 in thick. Airbnb is also not cheap. We rented a clean, well maintained Airbnb in Playa del Rey that had stunning ocean views for $130/night but when cleaning, deposits and AirbnB fees were added the cost came to close to $300/night. The advantage with Airbnb is that you are not locked in for life and subject to the ever changing rules and rising maintenance fees of time sharing.

Personally, I like timesharing because we not only like the space and consistent quality but we like the amenities such as the pools, exercise rooms etc that you don't always get with Airbnb. However, the best values are in the two bedroom units and you may not be at a life-stage to need this. Your money would be better spent saving for a home if you haven't purchased one yet.

 

[presley]

If you are looking at strictly a financial savings over airbnb, you probably won't find that with timesharing. In addition to your purchase price, you also have annual dues, property taxes and fees like reservation fees and exchange fees. You mentioned that you travel a lot. 3400 points isn't for someone who travels a lot. It's about one week or less depending on where and when you stay.

International timeshares can be few and far between, depending on where exactly you travel. I'm glad you found TUG before you made a purchase. You have lots of time to educate yourself. You are not too young to buy one, but based on your post, I don't think owning one will help you very much.

 

[silentg]

You should do the survey
http://www.tugbbs.com/forums/index.php?threads/what-to-buy-questions-for-newbies.208742/

 

[Luanne]

I was 24 when my ex-husband and I purchased our first timeshare.

 

[remowidget]

We bought ours because we wanted to travel and stay in nice places. We would have traveled a small fraction of what we have traveled without purchasing them. We would have simply spent the money on other things.

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[hurnik]

I don't think that's necessarily too young. If I had it to do over again, I would've waited until I had no debts (except for my home), and then bought resale after much research. Instead, I ended up with quite a bit of debt, when I originally bought from the developer. And then ever worse, I upgraded directly a year or two later as well.

But now I know better and became debt free (except for my home) about 8 years ago and it's a lot better.

So I'd say if you have any debt, get rid of that first. Then research resale and the various timeshare programs. I own 3 (soon to be 4) resale HGVC now and am quite happy with the program (not perfect, but nothing is).

Depending on where you want to go, you can rent a 1 BR for almost the MF, for places like Vegas and Orlando. Hawaii would probably be more. Then see if that's what you like. If you think you want HGVC, then buy resale.

 

[bbodb1]

I whole heartedly agree with this.
In addition, timesharing allows me to plan ahead (like 12 months ahead). Planning ahead is a requirement when making timeshare reservations.

Yes, definitely. Plus I would add that timeshare has forced me to think about and plan for vacations. The old excuse used to be we didn't have the money now so we would wait a bit and see if we could pull something together. By the time the money would be there and available, the window of vacationing had passed for that year.
Now that we pay our MF each month, it is easy to budget so when vacation time does come around I can already have a place reserved. Now it may be the case we didn't do so well that year planning financially or took an unexpected financial hit. In that case, we still went on our planned trip but tried to make sure to enjoy as many free or low cost activities as possible. This is how we became interested in hiking. You'd be surprised how little a vacation can cost above and beyond the cost of the timeshare if you plan it right.

A trip to a national park can be very low price and still be memorable and enjoyable it being in national parks is in your interest set. I've owned timeshare for about 20 years now and I have never regretted that decision.

Now how I purchased the timeshare - that's another story - but if you are looking to the resale market you're definitely on the right path.

 

[breezez]

I have only been timesharing for a bit more than 2 years.... The best part for me it forces me to go explore and see places I would have never seen.

This year alone I wiil have traveled to:

Las Vegas 2 times, St George UT, Grand Canyon, Brice National Park, Zion National Park, Kolab Canyon, Valley of Fire State Park, Snow Canyon State Park, and Fort Lauderdale. I still have trips for Orlando at Christmas, Steamboat Springs, CO this month, Bear Lake and Yosemitte NP next month Minneapolis /St. Paul and Orlando New Years and end of Sept. I have been able to do all this and still work full time, but would have never done any of it if I never got a timeshare.

I will agree you will probably not save.. But if done right you will surly enjoy, and won't feel cramped up in your accommodations like you do in a hotel.

 

[tompalm]

You should buy 4800-7000 points. Keep looking at resale and keep reading TUG. There is no rush to buy. Prices are not going up.

 

[klpca]

I don't think that's necessarily too young. If I had it to do over again, I would've waited until I had no debts (except for my home), and then bought resale after much research. Instead, I ended up with quite a bit of debt, when I originally bought from the developer. And then ever worse, I upgraded directly a year or two later as well.

But now I know better and became debt free (except for my home) about 8 years ago and it's a lot better.

So I'd say if you have any debt, get rid of that first. Then research resale and the various timeshare programs. I own 3 (soon to be 4) resale HGVC now and am quite happy with the program (not perfect, but nothing is).

Depending on where you want to go, you can rent a 1 BR for almost the MF, for places like Vegas and Orlando. Hawaii would probably be more. Then see if that's what you like. If you think you want HGVC, then buy resale.

Best advice is right here (bolded above). Don't buy any timeshare unless your other debt is paid off.

Again, no rush to buy. There are always plenty of timeshares for sale. Take your time before jumping in.

 

[rickandcindy23]

You can buy resale for a lot less money. I would check with sellingtimeshares.net and see what they have currently through resale. You should invest in a Platinum level of ownership via resale. I know those are a better value (even though I do not own Hilton).

 

[marinskas]

This year alone I wiil have traveled to:

Las Vegas 2 times, St George UT, Grand Canyon, Brice National Park, Zion National Park, Kolab Canyon, Valley of Fire State Park, Snow Canyon State Park, and Fort Lauderdale. I still have trips for Orlando at Christmas, Steamboat Springs, CO this month, Bear Lake and Yosemitte NP next month Minneapolis /St. Paul and Orlando New Years and end of Sept. I have been able to do all this and still work full time, but would have never done any of it if I never got a timeshare.

How much vacation time do you get a year?

Also, did you use HGVC thru RCI for these destinations: St George UT, Grand Canyon, Brice National Park, Zion National Park, Kolab Canyon, Valley of Fire State Park, Snow Canyon State Park? These are the places I would like to visit using a timeshare but HGVC does not have anything close (except for Park City I guess)..

 

[Anw015]

I appreciate what's been said. As I've been looking I definitely don't think 3,400 would be enough for me. Is it easy to upgrade through the company for more points or worth just waiting for a deal with higher points? Also how do people feel about biennial time shares?


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[RX8]

You could add more points later but doing so adds another maintenance fee (MF). Would you rather purchase 1 BDM 3400 points now with a MF of $900 and add another 3400 later with another MF of $900 for 6800 total points paying $1800 in MF OR one single 2 BDM 7000 point purchase with $1000 in MF?

 

[Anw015]

You could add more points later but doing so adds another maintenance fee (MF). Would you rather purchase 1 BDM 3400 points now with a MF of $900 and add another 3400 later with another MF of $900 for 6800 total points paying $1800 in MF OR one single 2 BDM 7000 point purchase with $1000 in MF?

That makes sense. Thanks!!!


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[Trudyt623]

I am 28 and I recently received some money and was thinking about purchasing. I did a presentation and really like HGVC and the concept and I've seen that I need to purchase resale but I'm wondering am I too young? The package I was looking at was 3400 points and I can buy out-right. I travel quite a bit and often use Airbnb so I'm wondering would I even save? I've seen many ppl don't have luck with RCI which would be a down side since I travel internationally a good bit too. Any and all advice is appreciated.

Also, think about where you would like to travel and see which of the companies have properties in more of the areas you plan to visit. You may want a smaller package in two different companies to cover more areas. One company may have better US locations an another company may have better international locations. As others stated don't rush, so many timeshares are being given away or sold at very cheap prices. Good luck!

 

[Anw015]

Also, think about where you would like to travel and see which of the companies have properties in more of the areas you plan to visit. You may want a smaller package in two different companies to cover more areas. One company may have better US locations an another company may have better international locations. As others stated don't rush, so many timeshares are being given away or sold at very cheap prices. Good luck!

Never thought about that. Thank you


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[breezez]

How much vacation time do you get a year?

Also, did you use HGVC thru RCI for these destinations: St George UT, Grand Canyon, Brice National Park, Zion National Park, Kolab Canyon, Valley of Fire State Park, Snow Canyon State Park? These are the places I would like to visit using a timeshare but HGVC does not have anything close (except for Park City I guess)..

So far all my stays this year have been either Wyndham or WorldMark, My two Orlando stays 1 is Sheraton Vistina over Christmas week. Exchange with Wyndham points in RCI. The other is a Platinum Escape week from Interval.

I get 5 weeks of vacation, benefit of working 20 years same company. I generally take 2-3 week long trips, the the rest I either do as 4 or 5 day trips. Doing it this way allows me to do a lot of trips a year. Sometimes it seems kind of wasteful one of Platinum Exchanges is for a week but I'll only stay 2 Nights and 3 days.. But got it for $97 bucks so I will go have fun. My Christmas Exchange is a week, but again I won't use all week, but will probably give remaining days to kids to use.

If wanting to visit parks I have listed above Flagstaff, AZ (Wyndham) area would be good for Grand Canyon, The rest St. George Utah (WorldMark) is a great base area to see stuff from except Valley of Fire, This about 30 minutes out of Vegas.

If you want to see Arches, or Canyon Lands your best bet is get a hotel room in Moab.

I am a WorldMark fan... You can take 1 day to a month long trip and even do group reservations over many resorts allowing for cool road trips if you have the time. Last minute exchanges to RCI or II are just 4000 credits. About $280 MF for most people, ones booked longer in advance are more 6,000 - 10,000. But you pull almost all inventory with them in exchanges. This gives you access to, Marriotts, Hilton, Hyatt, DVC, Sheraton and many others. You won't get prime holidays, but I can always seem to get something I want out side prime holidays. You can get prime holidays pretty easy in Orlando and Vegas if you put search in early.

 

[Ken555]

I bought my first timeshare when I was not much older than you are now. I wish I had bought it when I was younger.

As others have said, it's wise to pay it outright and not take a loan, though you know your financial position better than any of us. I took a home equity loan out for my first larger timeshare purchase and then paid it back fairly quickly (and in that case, the interest was tax deductible, so not a huge loss). Given that you said you recently came into some money, I'd just suggest being very careful how you spend it.

There are a few really great timeshare companies worthy of consideration, in my opinion they are HGVC, Vistana, and Marriott. Of course there are others, but if you like HGVC it's likely you'll enjoy the others as well. I'd suggest exploring them all and taking your time before buying. As others suggested, rent a week and test them before buying...it's very easy to buy and very hard to sell, so be sure you'll be happy with what you buy.


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[kool_kat]

I bought my first Hilton timeshare in 2008 when I was 27. I don't think you are too young, but my advice would be like everyone else - take your time. Research, research, research and figure out exactly how many points you think you will need. A 7,000 point contract is always a great one if you plan to timeshare every year. But what if you want to cruise? or some other type of vacation? You want to get enough points, but not have too many. Also, are you willing to plan WAAAAYYYY ahead? We already have all of our 2018 trips books and know what we are doing in 2019 and have searches in RCI for that. Finally, always only buy what you can pay outright. Financing a timeshare never makes sense. Luckily, with resale you can get great deals that don't require financing.

I love my timeshares and do not regret them at all. They have afforded me some amazing vacations that I wouldn't have experienced otherwise. I bought when I was single and my family (parents / siblings) used them for years. I got married two years ago and now my husband is loving the vacations timeshares afford us.

 

[MissGyal]

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