We got the 4 day 3 night stay at the River Terrace Resort in Gatlinburg. Affordability and value are extremely important when it comes to planning your vacation. You can make the purchase through a developer, but it will come at an interest rate that is much higher than what you would pay for a traditional mortgage. Timeshares depreciate in value very quickly, so most banks will not lend you money to buy them. After considering the pros and cons of having a timeshare, my conclusion is that it is not always worth it. We met all their prerequisites for the stay. 8. You will therefore have to ensure that you have the entire amount ready at the time . Floating timeshares make it possible to reserve time outside of a fixed week. The terms of owning a timeshare vary, so always read the fine print before making a decision. If you like predictability, you have a guaranteed vacation destination. Sign up to receive our free weekly newsletter. Photo courtesy morguefile.com. You cannot think of a timeshare as a financial investment. If you buy an annual fixed week, you are guaranteed that same week each year at a resort you are familiar with, and don't have the hassle of vacation planning year after year. Expert insight was provided by Lisa Ann Schreier, author at The Timeshare Crusader. Total cost in today's dollars**, * Assuming $200/night After driving for a long time we stopped for dinner since their confirmation email said check in was at 4:00 PM. How do I know I can trust these reviews about Westgate Resorts? For example, a Westgate Flamingo Bay Las Vegas timeshare gives you prime access to the glitz and glamour of the Strip. 4. However, we are focused on consumer education and we do not want anyone to make a purchase without fully understanding both sides of the story. Thats why you will receive a significant sales pitch if you show any interest in one. If you purchased one and then decided that it wasnt right for you, selling it on the secondary market may require you to take a significant loss. That makes it possible for lenders in some states to go after your other assets to settle the debt. These are the other three types to consider. Youll find them in top cities, near all the best local offerings. Created in 1976, they now have 2 million members with 3,200 affiliated resorts in 80+ countries. It can be challenging to sell a timeshare when youre finished with it. The Internet, and RedWeek in particular, has changed this. We value your privacy. Upfront fees vary, but you can get five-year memberships for as low as $2,000 or lifetime memberships for $3,000. Buying an international timeshare comes with its own unique set of challenges. Plus, you can take advantage of discounts and offers available exclusively to timeshare owners. However, we talked about 7 years versus a lifetime of Bluegreen and thought it was worth the tradeoff. Although you dont need to worry about maintenance costs with your property as a timeshare owner, you do need to worry about the annual fees that you pay. Still interested in buying a timeshare? At RedWeek.com, we are in the timeshare business, so we obviously find value in timeshares. The purchase of a timeshare a way to own a piece of a vacation property that you can use, generally, once a year is often an emotional and impulsive decision. We are asking for the timeshare to be completely terminated from our names. Analyze your vacation patterns over the past few years. Pros Meeting new people (if you're lucky to meet a decent guest), free park tickets, discounted food, hospitality perks. $16,500 Your other option is to rent your timeshare on RedWeek and use your cash when you can take your vacation. As a household name in the vacation industry, they have continuously grown and expanded over the past 40 years. Often, they want the promised free round of golf, spa treatment, or restaurant meal. Enjoy the thrills of casino gaming or the history of a colonial era village. I found out we were having a long weekend because of Presidents' Day and decided to head to Orlando for some Universal Studios fun for the kids and family and booked a three day stay at this hotel. Cons- The first morning we were there the phone rang 3 times and we didn't get to it soon enough so someone came to our door and said we had to go to the front office ASAP fill out a form about any broken items in the resort or we would be liable for them. A typical day at work ever changing and multi-tasking in all areas of the job. There are extraordinary values in timeshare resales today due to decades of problems in the ability to market them by the owners. Purchasing a used timeshare can be significantly cheaper, with prices as low as $1,500. Buying a timeshare can eliminate this hassle with a guaranteed result and a predictable cost. Right-to-use timeshares will lease the property for a specific amount of time each year while the developer maintains the overall ownership of the real estate. Using this calculation, you could pay as much as $25,500 upfront for a timeshare and break even with comparable hotel vacation costs. The points are used like currency and timeslots at the property are reserved on a first-come basis. Wesley Financial Group, LLC (WFG) is a timeshare exit company based in Franklin, Tennessee. All Rights Reserved. But, generally speaking, here are the potential perks and drawbacks of being a timeshare owner. 4. 1. Flexible Usage Options. They gave us no time to review the contract we signed, and no one told us we had a rescission period. kentucky fire commission areas; which country eats the most pizza 1. Advantages of Owning a Westgate Timeshare 1. Destinations like Orlando, Las Vegas, Williamsburg and Park City are sure to build vacation excitement. Some companies that own multiple properties allow you to purchase a share of the organization instead, allowing you to book a room where there is availability using a system that is similar to a hotel reservation system. If you want a holiday week, you may not be able to trade your timeshare for it, because there are many timeshare owners hoping for the same week. Here are the pros and cons to help you make a decision about making a reservation here. After another 20 minutes of nonsense I took my family and left the hotel. A timeshare can be advantageous if you are looking for a place to vacation regularly. ---------- You may be able to rent out your block of time if you cant use it, although some timeshare contracts may not permit this and website exchange services may charge you to play matchmaker. There are some hotel chains that offer suites, but they are often difficult to find, and two or more bedrooms are hard to come-by. New timeshares are being built with increasingly upscale furnishings and amenities. Last Minute Timeshare Rentals TUG Bargain Deals Section The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 27 years! To join vacation clubs, you pay an initial membership fee. As a Westgate Owner, youll enjoy much more than a spacious room and an ideal proximity to the top attractions. Plus youll enjoy flexible exchange privileges with thousands of other resort owners and have an opportunity to explore some of the most upscale villas in some of the most sought-after destinations across the nation and even worldwide! If you buy, you are joining a very happy bunch of vacationers. Please download an updated and supported browser , Reputation of unethical players and scams, differences between hotel and timeshare condo accommodations. There are other niceties they say you can get and they show you other locations you can go to. 3. Have peace of mind knowing your vacations high quality getaways are locked in forever, at todays affordable prices! Be the first one to find this review helpful. When you consider depreciation, travel costs and maintenance fees on top of an uncertainty of use the concept of prepaying for your vacations may not pencil out. Irelands Echlinville Distillery Celebrates Their Fifth Birthday, Yappy Hour at the Westin Mission Hills Golf Resort & Spa, Executive Chef Bryan Dame of the Tides Beach Club. Youll also enjoy a complete resort experience filled with world class amenities and activities. Adjoining hotel rooms are often much more expensive, and usually lack the living, dining, kitchen, and laundry amenities that make your vacation more convenient and affordable. Everything was booked in Orlando. This URL was pasted on the Board-run owners website for Carriage Hills timeshare resorts, where the maintenance fees haven't been $500 for the past 20 years. Timeshare ownership is convenient, since the management company handles the day-to-day operations. 6. 5. Whatever destination you choose, Westgate Resorts puts you in the center of the action. The pros and cons of timeshares are essential to evaluate if your vacation patterns typically take you to a similar location each year. It's ridiculous to watch "The Queen of Versailles" show and hear the owners of the company brag about their million dollar skylight, 10k bird, priceless antiques, etc. Again a lifestyle decision to build memories with your family and friends. In the United States, the Internal Revenue Service does not allow you to claim a capital loss like you can with other investments or real property if you sell a timeshare at a discount. In addition, you could be liable for special assessments. They just want your money. As one of the world's largest and most popular time share companies, Westgate Resorts offers exceptional properties in many of the most prominent vacation destinations in the U.S. There is one brand, however, that truly excelsWestgate. We were asked to upgrade to get free resort and cruise certs and did it. But anyway, he keeps the pressure on until I finally got up like I was leaving and then I sat back down. A resort membership requires a one-time payment for access to a resort. With a Westgate Lakes Resort and Spa timeshare, the number of on-site amenities is certain to wow you. 18 Pros and Cons of Living in Austin, Texas, 23 Trans Pacific Partnership Pros and Cons, 18 Major Advantages and Disadvantages of the Payback Period, 20 Advantages and Disadvantages of Leasing a Car, 19 Advantages and Disadvantages of Debt Financing, 24 Key Advantages and Disadvantages of a C Corporation, 16 Biggest Advantages and Disadvantages of Mediation, 18 Advantages and Disadvantages of a Gated Community, 17 Big Advantages and Disadvantages of Focus Groups, 17 Key Advantages and Disadvantages of Corporate Bonds, 19 Major Advantages and Disadvantages of Annuities, 17 Biggest Advantages and Disadvantages of Advertising. Westgate Resorts is a family of resorts headquartered in Miami Beach, FL. As the world's largest privately-owned timeshare company, Westgate Resorts offers nearly 30 amazing resort properties across the United States. Timeshare ownership may not be best for your lifestyle. If unexpected circumstances arise, or you simply cannot take your vacation one year, timeshares afford other options. Number of years of vacationing We arrived at the hotel about 5:30 to check in there is a huge line of almost 45 minutes to check in, when I get to the front desk my reservation was nowhere to be found, the girls at the front desk kept looking for my reservation for about 20 minutes asking me all kinds of questions, "Your name, your email. You pay that fee whether you use the property or not. Thank you, you have successfully subscribed to our newsletter! Ownership offers plenty. However, timeshare has an unfortunate reputation of being associated with hard sales pitches and sneaky sales techniques similar to the notoriety of used car sales. Some will give you the ability to rent or lease your property during the assigned time you have to prevent a financial loss from the situation. If you're trying to decide between purchasing a vacation home or a timeshare, there are some important characteristics of timesharing that you will want to consider: Most of the major industry players value their brand's reputation more than the sale, and many have committed to standards of ethics in recent years. This disadvantage is what trips up most people. Timeshare: A timeshare is an ownership model in which many customers own allotments of usage in the same property. Are you looking for a way to make your vacation more special and unique? Families may appreciate the kitchens more than couples who want to dine out for every meal. You can bank your timeshare with one of the timeshare exchange companies (each of which require memberships to do so). That would have been devastating. I had signed up and we drove down. Naturally, we could look at other products such as Netflix or Amazon Prime but this would be unrealistic because we are looking at a holiday product. We booked a night at the wrong location by accident while evacuating from Hurricane Ian. We will be starting a legal action against the Westgate Resorts. You can have a complete vacation experience without stepping foot off the property. You deserve a vacation. The developer maintains ownership of the property, however. And if you think you need to buy a timeshare to take advantage of their benefits, you are also wrong! Over the years, we have seen timeshare being hyped up and we have seen it being lambasted by many critics. To be fair, this Pro also made our Cons list below. There is also the potential for being held liable for special assessments. Theres plenty of opportunities for you and your family to play and stay active with an on-site water park, sports courts, fitness centers, shuffleboard courts, miniature golf course, and beach volleyball. It is a fact that timeshare owners are more likely to use their vacations than those who don't own. It is possible for scammers to defraud victims out of several thousand dollars using phantom contracts or selling the same contract to multiple parties. There is no secondary market because these fees are intolerable and who wants to saddle their heirs with this responsibility (yup, when you die, you still can't get out of this annual debt). But it's not to me. Once youve decided on a package, you can move forward with the purchase and start making plans for your vacation getaway. Try these topics 2023 Westgate Resorts. 135.00 is nothing to this company. Most of all, be sure to enjoy your vacation. This makes it possible for friends or family members to split a timeshare during the same time period and plan their vacations together. Opinions expressed by Forbes Contributors are their own. Not only will you have access to all of Westgates resorts, but you will also be able to exchange your timeshare for a stay at other timeshare resorts worldwide. A hotel will usually not grant a family of 6 (two adults and 4 children) a standard room, which means they must upgrade to a suite or pay for two rooms to stay together. I would like to know if anyone has 'REALLY' lost their home or had something negative put on their credit record because they stopped paying for their timeshare? Sometimes due to personal circumstances for owners, resales can be priced for as little as the cost of a one-week rental! Fees are getting OUT OF CONTROL. This price is often times lower per-night than area hotels, with much more value per dollar. In addition, timeshares come stocked with kitchen utensils, dishes, silverware, etc.. You would give up your fractional share at one property to take over another somewhere else. And I can't trade to another Westgate property because they take the good places and keep them to rent for high rates instead of for trading with other Westgate owners. If youre ready to be more spontaneous with your travels, you can always shop last minute rental deals and uncover even more savings. Our content is intended to be used for general information purposes only. I walked out on a timeshare (Bluegreen). Most timeshare units have floor plans that closely resemble two bedroom, two bathroom condos or apartments, usually with an additional sofa bed in the living room. There are obviously some advantages and disadvantages which demand an objective assessment. Find just the right vacation for you and your family every year choose from the beach, ski slopes, theme parks, Las Vegas, Branson, the Smoky Mountains and more. Another tip along these lines: its a good sign if you are offered a grace period allowing you to change your mind and cancel before committing to buying. Westgate Smoky Mountain Resort & Water Park, River Terrace Resort and Convention Center. Convenient online account management: Buying a timeshare in a foreign country presents special challenges. When you experience a foreclosure with your timeshare, it functions as one would on your primary residence if you stopped paying your mortgage. Timeshare Pros: Long-term savings over hotels Home-like accommodations Real property ownership Ability to exchange Guaranteed vacations Flexibility Less maintenance than a vacation home Timeshare Cons: Reputation of unethical players and scams Flexibility Ability to exchange Cash flow Timeshares do not appreciate May be difficult to resell As with anything in life, buying a timeshare has its pros and cons. Unlike a vacation home which may be vacant part of the year, you only pay for what you use. A lot of diversity, Then you dont have to worry about maintaining it throughout the year. Designed and Developed by Ogrelogic. If you sell your timeshare at a loss, the Internal Revenue Service doesnt let you claim a capital loss as you would with other investments and real property. Editor's Note: This article has been edited and updated. Nothing was explained to us, in fact, we were told that there are multiple Westgates in Puerto Rico and the Islands, where we wanted to go on vacation, but it was all a lie. While timeshares typically come with many benefits and can be a great long-term investment, there are also some potential drawbacks that should be weighed . The most common type of timeshare is called a fixed week option. I had the WORST experience ever with a hotel, I live almost 4 hours away. Enter: timeshares, an affordable way to vacation in style. RUN AWAY! x 30 Show me your email, your confirmation #" etc.. She keeps trying all kinds of ways to give me an explanation as to why I wasn't on the system. Timeshare companies. Unsubscribe at any time. Additionally, you may be limited in the amount of time you can spend at a particular resort, as some resorts have specific rules about the length of stays. RedWeek, Inc. is a Registered Seller of Travel in the following states: Warning: Your web browser is out of date. But is Westgate Timeshare right for you? So ideally, this should be a place you want to go back to every year for the foreseeable future. I got a deeded fixed week in '96. But there is a larger supply today making this largely a buyer's market. Company Office Resort locations Number of resorts Number of rooms Number of owners . When you become a timeshare Owner, you gain the right to use your property for a certain amount of time each year, for the entire lifetime of your Club. 2. You are told that what they are offering is only valid for that day. Thus, it might be a better deal to buy a used timeshare on the secondary market. With Westgate, you can create lasting memories with your loved ones. Your equation becomes: $550 However, its important to consider all the pros and cons of Westgate Timeshare and make sure its the right option for you before making your purchase. It specializes in resolving timeshare issues caused by deceitful sales tactics. So, planning farther in advance serves you better. Once you've paid the upfront fee, if you can afford the yearly maintenance and actually use your timeshare, you are better off holding on to it. In addition, some timeshare owners and developers will credit the rental price towards a purchase, if you decide to buy after your stay. By this time is almost 8 pm and we started looking for a hotel even all the way in Tampa and found nothing. You will have more protections if your unit belongs to what is called an owners club or association. RedWeek.com is proud of its high success rates, but we cannot promise that there always will be a buyer wanting to purchase what you have to offer, so selling timeshares on the resale market sometimes can be difficult. Timeshare is a vacation ownership system which allows multiple people to share the same piece of property.