timeshare http://www.wisebread.com/taxonomy/term/9104/all en-US Save Thousands by Buying a Timeshare on the Secondary Market http://www.wisebread.com/save-thousands-by-buying-a-timeshare-on-the-secondary-market <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/save-thousands-by-buying-a-timeshare-on-the-secondary-market" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/7161389690_318ec231de_z.jpg" alt="timeshare" title="timeshare" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Would you rather a buy the same timeshare for $20,000 or $2,000 &mdash; or maybe even $200?</p> <p>Some people are getting timeshares for cheap by buying them on the secondary market &mdash; from owners instead of directly from the developers. Savings of 50, 75, or even 99% are not uncommon say those involved in the resale market. Yet most timeshare owners or potential buyers don't have any idea they can buy a timeshare, also called &quot;vacation ownership,&quot; used from an individual owner or through a resale broker.</p> <p>&quot;It really is quite an enigma that this information for whatever reason is lost on potential timeshare buyers as learning about the resale market can save you tens of thousands of dollars for the exact same timeshare,&quot; states Brian Rogers on his website, the <a href="http://Tug2.net">Timeshare Users Group</a>, for timeshare owners, buyers, and renters.</p> <p>Buying a timeshare on the secondary market can be a great way to pay for <a href="http://www.wisebread.com/travel-resources">great vacations for a great price</a>. When you buy a timeshare, you own the right to use the condominium or hotel suite for a particular week every year, paying just a maintenance fee. Because the timeshares have kitchens, their owners can avoid costly restaurant meals, and they don't pay taxes and fees associated with hotels.&nbsp;While some people prefer the same week in the same spot every year, others buy a floating or &quot;flex&quot; week that lets them pick a week within a specified timeframe for greater flexibility. Timeshare owners who want to vacation in different places can trade their weeks with others timeshare owners within the resort's network. (See also:&nbsp;<a href="http://www.wisebread.com/how-to-book-an-amazing-cheap-vacation-package">How to Book an Amazing Cheap&nbsp;Vacation&nbsp;Package</a>)</p> <p>People might think there's a difference between new and used timeshares. There's not, Rogers says. Unless you're the first person walking into the room, there's no such thing as new timeshare. Its price may change, but the timeshare itself doesn't change over time.</p> <p>Through the last recession and anemic recovery, people who had bought timeshares during boom times became desperate to unload them. They lost their jobs, had incomes cut back, or perhaps found that the timeshare just wasn't worth the annual maintenance fees.</p> <p>It's likely that more people would be buying timeshares on the secondary market if they only know they could. Developers have large advertising budgets, but timeshare owners must rely on their own ads or websites.</p> <h3>How to Buy a Timeshare on the Secondary Market</h3> <p>The first step is to decide what you want. A particular resort or a site to use for trading for different locations? A fixed week a floating week for flexibility?</p> <p>Make sure you understand the rules for trading. A $1,000 week sounds great, but an off season week in Alabama may not be a good deal for you.</p> <p>Then, to search for timeshares on the secondary market, visit websites such as <a href="http://tug2.net/">The Timeshare Users Group</a> or <a href="http://tstoday.com" target="_blank">TimeSharing Today</a><u>.</u>&nbsp;Those sites, as well as <a href="http://timeshareinsights.com" target="_blank">TimeShare Insights</a> and the <a href="http://www.nationaltimeshareownersassoc.com/">National Timeshare Owners Association</a> offer plenty of resources.</p> <p>As usual, beware of deals priced especially low. Listings on eBay might start at $1. That should make you ask the seller some questions. Like why are you selling? Is it because of a bad location? Does the unit have a pile of unpaid fees?</p> <p>Be careful to perform due diligence. Verify that the timeshare's maintenance fees are current and the title is clear. Ask about the resort's amenities, amenities that are free or cost extra, utilities, cleaning, taxes, or other charges.</p> <p>Many experts recommend working through a broker; others say savvy buyers can handle closings themselves and pay for a title search and title insurance. Buyers, they say, can ask the resort if payments are current and can request the owner for a notarized letter affirming that the title is clear.</p> <p>If you opt for a broker, work through a licensed real estate broker who is a member of the <a href="http://www.arda.org/arda/home.aspx">American Resort and Development Association</a> and who has a good BBB record.</p> <h3>Expert Advice</h3> <p>Some buyers mistakenly become overly focused on a particular resort when they could be missing a deal by buying a timeshare week for trading, advises Larry Hayden, a timeshare broker, in an article for TUG. Instead of concentrating on a certain resort, seek a timeshare for a low price in a popular area in prime season. That will give you the the power to trade that week for any week at any resort in the network.</p> <p>Hayden offers his top tips for timeshare shopping:</p> <ul type="disc" style="margin-top:0in"> <li>Buy a prime season week so you'll be able to exchange the week for any week in the year.<br /> &nbsp;</li> <li>Buy in a high-demand area like Hawaii, coastal California, or the Orlando, FL area.<br /> &nbsp;</li> <li>Seek a low price. Although that seems obvious, some buyers get sidetracked by other less important features.&nbsp;&nbsp;<br /> &nbsp;</li> <li>Buy in a resort with a reasonable maintenance fee.<br /> &nbsp;</li> <li>If possible, buy in a resort that's part of a large management system allowing you to get low bonus-time rates at resorts in the system.<br /> &nbsp;</li> <li>Buy through a licensed real estate broker with a trust account to hold funds until the sale closes.<br /> &nbsp;</li> <li>Be sure you get title insurance.<br /> &nbsp;</li> <li>If you're supposed to get the current year's week or banked weeks, get that in written in your escrow papers to make sure the seller has the same understanding.<br /> &nbsp;</li> <li>Don't get distracted by minor factors. Price, location and season are by far the most important for trading. The exchange company's rating &mdash; Gold Crown or Five Star &mdash; is less important. An in-season week in a high-demand area can be easily exchanged (or even traded) into a five-star resort.</li> </ul> <p>Despite potential bargains that abound, you may prefer to rent a timeshare to avoid an ownership commitment. Rental deals are available, as many owners are eager for income to cover their maintenance costs. They're advertising their <a href="http://www.wisebread.com/7-steps-to-market-your-extra-space-as-a-vacation-rental">vacation rentals</a> on many of the same websites posting timeshare sales.&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/michael-kling">Michael Kling</a> of <a href="http://www.wisebread.com/save-thousands-by-buying-a-timeshare-on-the-secondary-market">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-great-cheap-summer-vacations">8 Great, Cheap Summer Vacations</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-you-should-donate-a-blood-sucking-timeshare">Why You Should Donate a Blood Sucking Timeshare</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/got-extra-space-make-money-and-meet-travelers-with-short-term-rentals">Got Extra Space? Make Money and Meet Travelers With Short-Term Rentals</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/fun-frugal-vacations-what-the-experts-fail-to-mention">Fun, Frugal Vacations: What the Experts Fail to Mention</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/taking-frugal-road-trips-even-when-gas-prices-are-high">Taking Frugal Road Trips (Even When Gas Prices Are High)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing Travel budget vacations renting vs. buying timeshare Fri, 23 Nov 2012 10:48:33 +0000 Michael Kling 955292 at http://www.wisebread.com The Worst Investments You Can Make http://www.wisebread.com/the-worst-investments-you-can-make <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-worst-investments-you-can-make" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/frustrated_guy.jpg" alt="Frustrated man" title="Frustrated man" class="imagecache imagecache-250w" width="250" height="136" /></a> </div> </div> </div> <p>Generally, people love to talk about the best investments they have ever made, but we rarely hear about others talk about the worst investments they made. Good investments are those that maintain your principal and give you a positive return with time. The worst investments are those that burn through your principal and then continually pull money out of you without giving any return. The following are some of what I consider to be the worst investments. (See also: <a href="http://www.wisebread.com/7-common-investing-mistakes">7 Common Investing Mistakes</a>)</p> <h3>Timeshares</h3> <p>Timeshares are set up by developers and hotel conglomerates to sell shared interest in their properties. They usually give great presentations where you can get a free stay at the property, and then they will try to sell you the right to use the property for a portion of the year. There is nothing wrong with this business model, but those who buy a timeshare directly from a developer should know that it is a terrible investment. First of all, the resale value of a timeshare is almost always lower than its original price. It's possible to find secondhand timeshares for 50% of the developer's price or even less on the resale market. Next, timeshares have maintenance fees that could be thousands of dollars every year. So if your intention for buying a timeshare is vacationing, it might be cheaper to just pay for the vacation yourself. If you don't use your timeshare for vacationing every year, then the money will be wasted. It is possible to rent out your deeded timeshares, but usually it is difficult to find a renter just for your time slot, and it's tough to recover all the fees you have to pay.</p> <h3>Penny Stocks</h3> <p>Penny stocks are stocks that are priced under $1 per share. They are usually at that price for a reason. The prices of these stocks are generally easier to manipulate because trade volumes are low. This is why there are many sites and marketers that promote penny stocks. If they get enough of a following, they can change the price of a stock on the open market and make it seem like it is easy money. The truth is that the promoters of the penny stock websites and mailing lists are the ones making the real money. There are legitimate penny stocks out there that appreciate suddenly, but to actually find them consistently can be difficult.</p> <h3>Badly Chosen Higher &quot;Education&quot;</h3> <p>It is often said that higher education is an investment in your future. However, there are many institutions of &quot;education&quot; out there that are nothing more than degree mills. Many of these schools accept nearly everyone who applies and leave the students with a pile of debt and low chances of employment in this competitive world. Recently there were several cases of students suing their alma maters after they graduated and were unable to find employment. I think more people should treat higher education as a financial decision and calculate the potential return before financing it with a huge <a href="http://www.wisebread.com/student-loans-how-to-make-post-college-decisions">student loan</a>. It is fairly easy to look up the reputation of a school and the expected pay for your intended profession. If you do not choose carefully, then education funded by student loans might be the worst investment you could make, because student loans are not dischargeable.</p> <h3>Investments You Don't Understand</h3> <p>Many investments can be the worst investment you ever make if you don't do your research. For example, some investment products have fees and surrender charges that you need to clarify before you buy in. There are also investments such as rental properties or a small businesses that require you to put work into them to keep their existing yields. The bottom line is that you should get as much information as possible before putting any money down.</p> <p><em>What are the worst investments you have ever made? Have you put money into any of the above and regretted it?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/the-worst-investments-you-can-make">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/womanhood-microscopic-and-other-hot-stock-tips">Womanhood microscopic and other hot stock tips</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/to-fafsa-or-not-to-fafsa-a-former-students-view-of-student-loans">To FAFSA or Not to FAFSA: A Former Student&#039;s View of Student Loans</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-investing-lessons-you-must-teach-your-kids">10 Investing Lessons You Must Teach Your Kids</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-one-college-graduate-paid-off-28000-in-three-years-on-a-30k-salary">How One College Graduate Paid Off $28,000 in Three Years on a $30K Salary</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/this-recent-grad-paid-off-34k-in-sudent-loans-and-launched-a-business-in-just-4-years">This Recent Grad Paid Off $34K in Student Loans and Launched a Business (In Just 4 Years)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Investment bad financial products penny stocks student loans timeshare Thu, 01 Sep 2011 10:24:11 +0000 Xin Lu 688492 at http://www.wisebread.com Why You Should Donate a Blood Sucking Timeshare http://www.wisebread.com/why-you-should-donate-a-blood-sucking-timeshare <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/why-you-should-donate-a-blood-sucking-timeshare" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/kauai.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>My parents are people who go to timeshare presentations for the free stuff and never fall for the pitch. They have always told me that buying a timeshare at these sales events is a bad idea because of the inflated upfront cost and perpetual maintenance and exchange fees the timeshare companies pile on. It is also quite difficult to sell a timeshare you no longer want because there is usually a giant supply of timeshares on the market. If you do want to get rid of a money sucking timeshare, donating it may be the most economical option.</p> <p>When you donate your timeshare, you can write off the value of the timeshare on your taxes and get a tax deduction. This <a href="http://donateforacause.org/donate_timeshare_faq/" target="_blank">detailed FAQ at Donate for a Cause</a> describes the process. It is up to you to decide the fair value of your property and you will be free from that unwanted timeshare without too many worries. You do need to be able to itemize to take advantage of donations and you should check the IRS&#39;s rules about non-cash donations. Currently any non-cash donation worth over $5000 need to be verified with a written appraisal.</p> <p>It is not always true that the tax deduction you receive will be greater than the price you can get for a timeshare on the open market. This really depends on your tax rate and the value of your timeshare, but you definitely save quite a bit of time and energy by just giving the property away. The cost of marketing your timeshare can be quite high because there is so much competition on the market. If you hire a company that helps you list your timeshare, you are usually required to pay a upfront fee that could be quite high. Generally the companies that work for a flat fee do not care how much your timeshare sells for and there are many listings on eBay that are put out by these companies that unload timeshares for as low as a dollar.</p> <p>Finally, another bonus to donating your unwanted timeshare is that you will be helping someone in need. It is truly a win win situation for everyone involved. The charity gets cash to help people, the buyer of your timeshare gets a discount, and you will no longer have to deal with maintenance fees. If you are not sure where to start, <a href="http://donateforacause.org/" target="_blank">Donate for a Cause </a> is a charity specializing in timeshares and they contribute to a variety of charities. It is also possible that your favorite charities accept timeshares as donations and you can find out by calling or checking out their websites.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/why-you-should-donate-a-blood-sucking-timeshare">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/could-a-divorce-improve-your-finances">Could a Divorce Improve Your Finances?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chinese-money-habits-how-my-culture-influences-my-attitudes-toward-money">Chinese Money Habits - How My Culture Influences My Attitudes Toward Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/wisdom-from-my-favorite-frugal-tv-character-julius-rock">Wisdom from My Favorite Frugal TV Character - Julius Rock</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/bouncing-back-when-theres-no-bounce-left">Bouncing Back When There&#039;s No &quot;Bounce&quot; Left</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/frugality-makes-the-heart-grow-fonder-5-ways-to-spend-less-and-love-more">Frugality Makes the Heart Grow Fonder: 5 Ways to Spend Less and Love More</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Frugal Living Lifestyle Taxes Travel donation money personal finance taxes timeshare Wed, 16 Apr 2008 00:46:09 +0000 Xin Lu 2010 at http://www.wisebread.com