Buying Timeshare - How/What/Where

[twiga]

So I'm exploring the option of investing some disposable income into time share.

Biggest reason being that I never go on holiday (work), and don't think that's very healthy (and it's peeving the wife off).

I am a total time-share newb and I don't want to be swindled by some sleazy salesman. So if anyone can answer some of my questions I will be a happy camper.

Q1: Do I need to purchase time share at a resort and then convert that to some form of "points" with one of the timesharing companies?

or

Can I buy the points directly without having to own pseudo property?

Q2: What will be the cheapest, to buy someones timeshare package second hand, or a new "package" from Q1.

Q3: What will the typical cost be for someone wanting to take a week long break (weekend to weekend) atleast once a year in season? Not the timesharing "points" costs, but the typical cost of a package giving points sufficient for such a break.

Q4: How difficult is it to sell a time share package if you don't need it anymore? Are there willing buyers? (except for me offcourse


Thanks for taking the time to read!

- twiga

 

[Raevinn]

how about fractional ownership?

 

[DJ...]

I am not too sure of the ins and outs but I believe that fractional ownership is structured in such a way to be a better investment, although they essentially provide the same benefit.

Personally though, I would prefer to invest my money in a more sound investment and use the proceeds to fund a more flexible holiday for myself and the family.

 

[twiga]

Franctional ownership is a option, but it's more of a true investment than a holiday "plan".

I'm in the market for a holiday plan.

-twiga

 

[DJ...]

Are you sure that you want to be tied into only one specific place at only certain times of the year for a premium?

 

[twiga]

Are you sure that you want to be tied into only one specific place at only certain times of the year for a premium?

This is especially true for fractional ownership as I understand it.

No I don't want to be tied down to one place only a certain time of year. As I understand it most points based timeshare options allow you to exchange and book accomodation based on points. In peak season it will take more points than off season for the same venue etc.

 

[Cyberdude]

Ok, from my personal experience don't buy into any of these points systems. I'm not sure but I suspect that they are all alike. I'm still sitting with 20 points for 2 years now, have not used any of it and I can't get rid of them. I bought them for 16k and people are selling it in the junkmail for about 4k! Don't make the same mistake I made... or at least do a bit of research before buying.

 

[Fiekus]

I bought 2 seperate weeks at Pinelake Marina (more than 5 years ago), both outside of peak times though. I joined RCI and this allows me to bank my weeks when I can't go and this earns me RCI points which I can use to book at any RCI affiliated resort, but outside of peak times though.
I've not used it much because the kids are growing up and keeping them out of school for a week is a problem, so I bank the week and can book weekends away if I feel like it.

 

[blunomore]

I have timeshare (a 3 day weekend in week 9) for sale very close to the Kruger Gate of the Kruger National Park. The resort where the unit is located, is situated next to the Protea Hotel Kruger Gate.

The OP or anyone else interested, PM me.

 

[DJ...]

I have timeshare (a 3 day weekend in week 9) for sale very close to the Kruger Gate of the Kruger National Park. The resort where the unit is located, is situated next to the Protea Hotel Kruger Gate.

The OP or anyone else interested, PM me.

See, everyone is trying to get rid of theirs

 

[twiga]

I bought 2 seperate weeks at Pinelake Marina (more than 5 years ago), both outside of peak times though. I joined RCI and this allows me to bank my weeks when I can't go and this earns me RCI points which I can use to book at any RCI affiliated resort

Ok, so the procedure was:

1. Buy timeshare from some resort.
2. Join RCI which then converts that timeshare to the equivelant points.
3. Use those points at other resorts, ie. you aren't limited to the resort you bought the timeshare from initially.

Are there timesharing companies where you can skip step 1?

-twiga

 

[twiga]

Ok, from my personal experience don't buy into any of these points systems.

The nice thing (as I understand it) about the points system is that you can spend your points at resorts other than the one you purchased the timeshare from initially.

- twiga

 

[blunomore]

See, everyone is trying to get rid of theirs

RCI is not all bad, also if you travel abroad for holidays.

We used them to get a lovely place in the mountains of Munnar, India last year. Surprisingly, this was one of the few 5 star places in India - their star rating system is not comparable to ours.

I must be honest, I have never calculated if you really get value for money via something like RCI, as opposed to booking through an agent or directly at a hotel / resort.

 

[Cyberdude]

True, but some of these point system companies oversell, so they can't actually provide accommodation at a good resort to all of their members. Its first come first serve with "first" being 2 years in advance.

 

[DJ...]

The cheapest way to book an international holiday from my perspective is go visit family in UK, then use a site like lastminute.com or expedia.co.uk

They have massive savings on flights and accommodation and overall it works out being a really good deal if you book a package. Instead of paying a few thousand Euro for 7 nights in Italy, I paid EUR700 for 2 including flights, meals, accommodation etc at a 5 star hotel. We stayed at the Hotel Baglioni in Milan and the Parco Dei Principi in Rome. Amazing hotels and the equivalent to book from SA was going to cost around R70k for 2 people. Including all costs it landed up being a little more expensive, but we travelled the UK for 14 days and saw plenty family along the way and flew first class - was well worth it...

 

[Hoof-Hearted]

Ok, so the procedure was:

1. Buy timeshare from some resort.
2. Join RCI which then converts that timeshare to the equivelant points.
3. Use those points at other resorts, ie. you aren't limited to the resort you bought the timeshare from initially.

Are there timesharing companies where you can skip step 1?

-twiga

Yes. there are companies who sell points which you can use at a whole lot of different resorts. Be careful about what you get though... make sure you can compare the number of points to how much time you'll get at the different spots.
I've had good and bad experiences (got points as a gift and bought my own) but wouldn't ever consider time share to be an investment.
From what I've found, the timeshare is good value if you can go out of season but not so great if you want to use it peak season

 

[blunomore]

The cheapest way to book an international holiday from my perspective is go visit family in UK, then use a site like lastminute.com or expedia.co.uk

They have massive savings on flights and accommodation and overall it works out being a really good deal if you book a package. Instead of paying a few thousand Euro for 7 nights in Italy, I paid EUR700 for 2 including flights, meals, accommodation etc at a 5 star hotel. We stayed at the Hotel Baglioni in Milan and the Parco Dei Principi in Rome. Amazing hotels and the equivalent to book from SA was going to cost around R70k for 2 people. Including all costs it landed up being a little more expensive, but we travelled the UK for 14 days and saw plenty family along the way and flew first class - was well worth it...

Could work, depending on the individual. I personally do not like to see family when I am on holiday - the whole idea is getting away from them But, yes, it works for some.

We spent 6 months in Europe and used Easyjet all the time for their very inexpensive flights and those sites you mentioned, are good ones.

 

[Fiekus]

Ok, so the procedure was:

1. Buy timeshare from some resort.
2. Join RCI which then converts that timeshare to the equivelant points.
3. Use those points at other resorts, ie. you aren't limited to the resort you bought the timeshare from initially.

Are there timesharing companies where you can skip step 1?

-twiga

yes, I didn't buy mine from Pinelake, I bout it from a timeshare re-seller... just searched and found it... http://www.capeescape.co.za/
I bought one of my weeks, wk 32 at Pinelake, 6 sleeper for R1000.00! Ok the levy is R2,2k per year but at least now I'm not tied to Pinelake because of my RCI membership. The other week I bought through them was wk47 (17 - 24 Nov) and that cost me R2,5k to own. It's a 8 sleeper waterfront cabana.

 

[Fiekus]

Sorry, a word of caution, if you do use Capeescape to buy timeshare, don't buy at Pinelake Marina. The resort is closing down in 2010 when it will be sold. We (timeshare owners) will get a % based on our week worth, but I calculated and it's not much more than the equivalent of a year's levy

 

[Fiekus]

Yes. there are companies who sell points which you can use at a whole lot of different resorts. Be careful about what you get though... make sure you can compare the number of points to how much time you'll get at the different spots.
I've had good and bad experiences (got points as a gift and bought my own) but wouldn't ever consider time share to be an investment.
From what I've found, the timeshare is good value if you can go out of season but not so great if you want to use it peak season

Yes be careful when buying points from people. As HH said above, there are too many companies selling points and it is confusing. A colleague of mine has CRI points and he is stuck with it because "CRI" has reduced the number of resorts he can go to, and they won't take it back because they get a yearly levy out of him. I like RCI, you can go overseas with their points as well.