Orlando Blog - Orlando Vacation

Information and news updates on Orlando Florida and Central Florida tourism information. This blog will try and cover all thing Orlando - from the nightlife to the Orlando Magic to the theme parks.

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Wednesday, June 13, 2007

Timeshares; Are They Worth It?

Timeshares began in the early 1960's in France. Times where different then but most of the same practices are used today! Once the world saw the great benefits of owning a timeshare they were springing up all over the world. Florida lead the race for quite some time into the 1980's. Then Las Vegas became a high roller in the Timeshare industry. After some time Florida once again had the highest amount of Vacation resorts in the country. The physics of a Timeshare is quite simple, Instead of renting a room at the resort you can buy "time" at the resort. If you buy from a large company that has properties all around the world, you are opened to more choices. This will make the Timeshare worth more. Depending on the timeshare you will get a set amount of points with the type of package you buy. The points will accumulate over time if you don't use them, but you have already paid for them. Along with the initial purchase of the property, you will also have to pay tax and resort fees as well. But the real question is are they worth it? lets say you spend ten thousand dollars on a timeshare and this will allow you to visit there resorts one week every year. If you think about how much you spend on a week at a resort with the same quality and standard, over a period of ten years you would have already spent what you would have on the timeshare. After that ten year period now your basically getting free resort stay. But you really have to use it or it will end up costing you a lot for something you can't use. Its sort of like a gym membership, It's worth it if you use it everyday, but there may be days when you don't want to or maybe a month when you don't use it. If you bought a timeshare and you find out you really can't use it every year you can try to sell it. Generally timeshares are placed in warm vacation spots, but there are lots of resorts popping up in ski resorts and winter mountain resorts. If you do go on vacation a lot and you have some extra money to spend then its a great idea to find a timeshare that has lots of locations in popular destinations. Most Timeshares will offer tours of there property and they will offer free tickets to major attraction that are in the area or they will offer you a free stay at the resort in hopes that you will purchase the timeshare. Timeshare sales agents are very high pressure and will not take no for an answer. But once the 90 minutes are up you can chose to leave if you want. A lot of low income families take these tours because of the free offer. Some of those families get roped into buying them when they really can't afford it. People lose there homes and ruin there credit if they fall behind on there payments. The same applies if you do not pay your mortgage or your car payment. Cheap timeshares may only offer very limited days and may only have one or two properties. If your looking for a timeshare, be sure that you are going to be able to make the payment, and study the property and the fine print. Every resort has different fees and stipulations and some will cause more trouble then they are worth. Be sure to ask if you can see all of the property and take the contract home with you and have your lawyer overlook the contract just to get a legal opinion. Timeshares will be around for a long time and where you find a bustling tourism economy, You will find timeshare properties!