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Questions about Canal boats in timeshare Florida
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Question: My mother has recently attended a timeshare conference in Florida , and
I'm afraid she is thinking of blowing about £6k on some scheme involving
canal boats involving a £300pa maintiance fee as well. I have heard so many
stories that timeshare is a scam best avoided, but is there anything good to be said
about timeshare as an investment, or is she best not touching it with a
"barge-pole"?
Answer: There are a number of canal boat share schemes and most are "kosher". The
figures quoted appear to be the correct value for some I have seen. The
"maintenence" fee is for annual running costs ie for moorings and licence
fee as well as normal serviceing. The annual cost in fact looks cheap but it
does depend on actual circumstances.
The way most work is to sell a boat in up to 12 shares where users then have
three weeks, allocation is dependant on the exact scheme and aggreement with
the co-owners. Some schemes the management company reserves a share for the
company and others you are actually a shareholder of the company with
preferential hire rates.
To hire a narrow boat on the canals in peak season is about £900.00
therefore £300.00 pa looks cheap. O K There is also 8% of £ 6000 lost from a
potential ISA but I expect you would by a Porche if you had the inclination
and not worry about any lost investment.
A new Narrowboat or Even wide beamed Dutch Barge can cost up to £100,000.00
dependant on the quality of the fit out.
The main thing to think about is will the share be used. If your mother has
not been on boating holidays before it is best to hire to ensure that you
are going to like it. If you know you like it and you want to be " on the
cut " at every possible moment you need to own a boat. A share boat is an
excellent half way house.
That being said there is allways sharks in any business if you wish to email
me direct I will let you know if I recognise the scheme.
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