Eleven of the 19 families purchased a Westgate timeshare. We value your privacy. What a bunch of malarkey financial info. When you experience a foreclosure with your timeshare, it functions as one would on your primary residence if you stopped paying your mortgage. It provides you with a guaranteed vacation destination. I had the WORST experience ever with a hotel, I live almost 4 hours away. You deserve a vacation. 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. They are limited to right to use timeshares. Some of the top destinations in the Westgate portfolio include popular locations like Orlando, Las Vegas, Myrtle Beach, Park City, Branson, and more! If I could go back to that sales rep who promised us a dream of vacation home whenever we needed it, I'd probably sue him separately. Ron Kelemen is the author of The Confident Retirement Journey and a certified financial planner with The H Group in Salem, Ore. His website is TheHGroup-Salem.com. They refuse to refund our stay, bouncing us between Corporate and the Front Desk, both telling us we have to call the other to get a refund. These snake oil salesmen really want your money, and if you have that kind of money to burn then go for it. For information regarding our accessibility policy, please review our Accessibility Policy. I think they turn on the volume so you do not hear them at other tales around you making their pitch. New good deals occur on RedWeek.com all of the time. ** Before inflation. Stay away. When you are purchasing a timeshare, it is not a financial investment because of the way it is structured. You are not able to invest that money in other areas, and you are contractually obligated to pay maintenance fees for as long as you own it, so there is no quick way to get your money if you need it. There are extraordinary values in timeshare resales today due to decades of problems in the ability to market them by the owners. Then you dont have to worry about maintaining it throughout the year. We're going to explain the pros and cons of right of first refusal, as well as what it is, and how it impacts your ability to sell your timeshare on the resale market. So I'm stuck with something different than what I bought that I don't like. This is similar to a condominium board, giving the propertys owners a collective voice and strength in numbers. 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. You are told that what they are offering is only valid for that day. Theres room for everyone! Nolo notes that one of the consequences of this disadvantage is that it can affect your ability to obtain future credit. It feels like a scam with all the sales pressure they put on you. 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. If so, you may wind up not using your timeshare unit or points as much as you expect. Images and descriptions depicted may include features, furnishing, and amenities that are subject to change at any time. Not paying your maintenance fees, which average about $700 per year, can trigger the foreclosure of your timeshare. The lender generally must hire a foreclosure servicer, such as an attorney, and must pay court costs and publication costs. They have timeshare properties located across the United States, including in Myrtle Beach, SC; Orlando, FL; Williamsburg, VA; and Gatlinburg, TN. The most common type of timeshare is called a fixed week option. There is flexibility with the schedule on most properties. Should you need to borrow money to purchase one, then you have no business thinking about this decision in the first place. Depending on locations, youll have access to tropical resort-style pools and hot tubs, on-site water parks, fun-filled miniature golf courses, ski-in/ski-out accommodations and ski valet service, state-of-the-art fitness centers, kayaks and paddle boats, on-site restaurants, Kids Clubs and much more. So ideally, this should be a place you want to go back to every year for the foreseeable future. Your other option is to rent your timeshare on RedWeek and use your cash when you can take your vacation. Some people enjoy letting others use their timeshare in for free for variety of reasons. Not only that, but you deserve to vacationbetter. Their reasons for leaving were very valid. Choose a relaxing beach destination or an outdoor adventure in the scenic mountains. Again a lifestyle decision to build memories with your family and friends. The Internet, and RedWeek in particular, has changed this. 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. Some contracts do not allow any control over the yearly increases that would become your responsibility. 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 . (There is pending legislation in the Mexican Congress that may change that in the near future.) Unfortunately, it is often difficult to factor them in, since they are not a constant. You will need to look carefully at the contract you are offered. Making an informed purchase decision will serve you and your family best. Enjoy the thrills of casino gaming or the history of a colonial era village. According to the reviews, many Westgate timeshare owners have had very negative experiences with the company. They just want your money. By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. By continuing your browsing, you agree to the use of cookies. Here are the top six benefits of renting aWestgate timesharefor your next vacation. Timeshare is a vacation ownership system which allows multiple people to share the same piece of property. Though exchange is an attractive reason for purchasing a timeshare, your "trading power" and the trade opportunities available to you, will depend on what you buy. A timeshare is an arrangement with several joint owners have the right to use a specific property as their vacation home under a contracted agreement. Many timeshare resorts offer features such as swimming pools, activity centers, restaurants, full-service spas, fitness centers, movie theaters, and more. 3. "You booked this through our welcome center. That would have been devastating. Charitable company: Timeshare brands have properties located around the world Youll also enjoy a complete resort experience filled with world class amenities and activities. A timeshare purchase is legally binding, not an arrangement you can opt out of, so consider the pros and cons carefully. Westgate also offers great customer service, so you can rest assured that your vacation will run smoothly. Conversely, couples may like cozying up to a fireplace . With Westgate, you can create lasting memories with your loved ones. 2. If you buy a floating week timeshare, you will have more flexibility in when you use the timeshare, but availability is given on a first-come, first-served basis. 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. Many of our features might not work. For more information about reviews on ConsumerAffairs.com please visit our Before purchasing a timeshare from a developer, be sure to ask about their resale policies. Please download an updated and supported browser , Reputation of unethical players and scams, differences between hotel and timeshare condo accommodations. This option has more freedom than the fixed week version, but getting the exact time you want may be difficult when other shareholders snap up many of the prime periods. 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. You can enjoy all the amenities and services of a five-star resort without having to pay full price. The "owner" doesn't really own the timeshare. When you buy a timeshare, you're making a significant upfront investment and may be more motivated to take valuable time with your family annually. There is a fee for everything. You can learn of the benefits and value of vacation ownership, while making vacations and time with loved ones a priority. Consider the cost, the length of the contract, and the availability of the resorts. 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. Or do you have a mix of activities and destinations, such as camping adventures, cruises, road trips or organized tours? Looking for more Vacation Ownership Information? Our timeshare rep at Westgate Smokey Mountain Resort was great. Timeshares are designed so that each unit has about 52 individual owners, each with access to the unit annually. Timeshare points work like currency. By investing in a timeshare, you can obtain the use of an expensive property at a price that is more fordable for your budget. This means buying the right to spend a set period in a vacation property. The timeshare model can be applied to many different types of properties, such as . PLEASE DON'T STAY HERE! See more differences between hotel and timeshare condo accommodations. Just for giggles went out to EXPEDIA and again FOUND CHEAPER PRICES. Ownership offers plenty. Had an issue at check in which we sorted out but we ended up paying full price for the first night. These are the other three types to consider. . Buying a timeshare in a foreign country presents special challenges. Some contracts will not permit this action, while others may charge a significant fee to locate someone who can take over the space during your absence. When you pay an upfront fee for something that is most valuable in the long-run, your money is tied up. You cannot claim a capital loss if you sell your timeshare at a discount. Founded in 2011, WFG helps people that are experiencing financial stress caused by a timeshare obligation. Well start sending you the news you need delivered straight to you. 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. 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. Trading thru RCI (which is also owned by. Lol, Resort dates are never available when we want to use them, hotels are usually cheaper on Expedia, and HOLY FREAKING COW what a nightmare trying to schedule a cruise. You are getting a piece of a property, but it doesnt come with the investment qualities that you would have with a traditional transaction. Anyone who has been on a vacation with children or groups of friends can tell you that hotel accommodations are not ideal. In Mexico, for example, foreigners are not allowed to hold the direct title to property within 30 miles of the coast and 60 miles of international borders. The most common type of timeshare is called a "fixed week" option. 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. After doing more research, I realized what a huge mistake we'd made. 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. If youre ready to take the plunge and become a Westgate Timeshare owner, you will want to do your research and find the package that best fits your needs. 5 Advantages of Timeshares 1. It meant everything to us. This makes it possible for friends or family members to split a timeshare during the same time period and plan their vacations together. The owner receives a deed for a percentage of the unit, specifying when the owner can use the property. They didn't even allow us to check out late!! We will be starting a legal action against the Westgate Resorts. Lisa Ann Schreier has been involved in the timeshare community since 1998. Have peace of mind knowing your vacations high quality getaways are locked in forever, at todays affordable prices! Whats more, usually in a foreclosure, the outstanding mortgage balance and the unpaid maintenance fees are higher than the timeshares value, which creates what is called a deficiency. Thus, the use of a very expensive property could be more affordable; for one thing you dont need to worry about year-round maintenance. If you end up changing your mind after the purchase, most states have "rescission period" laws that allow you to cancel the sale within two or three days. The people at the check in were really nice, but they were over worked, and both were leaving at the end of the month. Editor's Note: This article has been edited and updated. We listened to everything they said, and decided this is something we just did not care to do. Better yet, you can take friends and family along with you to share in the vacation fun. One of the biggest drawbacks is the cost. They can also be a drain on your finances if you do not make this investment wisely. Be sure to read the contracts thoroughly and ask questions if you have any. Depending on the type of timeshare you purchase, you will get a certain amount of time in a holiday home each year, allowing you to enjoy a luxurious vacation without any of the stress that comes with preparing a holiday. Enjoy all the benefits of an upscale home away from home including private bedrooms, spacious living areas and big screen televisions with DVDs. They also offer a diverse range of landscapes and amenities. RedWeek, Inc. is a Registered Seller of Travel in the following states: Warning: Your web browser is out of date. To join vacation clubs, you pay an initial membership fee. Housing Policy Council - HPC: A subsidiary of the Financial Services Roundtable, formed in 2003, in recognition of the fact that many roundtable members are directly involved in providing mortgage .