Timeshare ever worth it? Please share details

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CedarWaxWing
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Re: Timeshare ever worth it? Please share details

Post by CedarWaxWing »

The "service fees" and "maintenance fees" are bad enough that I would not take on a time share if it was given to be as a gift. Why be the slave of a recurrent fee schedule, most of which does not benefit you directly, and over which you have no control?

No thanks. I like to pick and chose where I vacation, when I vacation, for how long I vacation. If I own something I wish to own it. If I rent something that is ok also... but the hydrib model has many of the disadvantages of each system, not does not truly have all the advantages of either.

It is also NOT a good investment.
Glockenspiel
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Re: Timeshare ever worth it? Please share details

Post by Glockenspiel »

Stay far away. Usually a colossal waste of money and you'll never be able to sell it. The maintenance fees will increase every year. My in-laws own a 3-bedroom timeshare (so the whole family can go), bought 7 years ago, and they always feel like they "have" to use it, even though we've all been sick of going there every year, for the past 3 years. They're limited by the dates they are allowed to go, and you have to sign up for your week nearly a year in advance of going.

I have zero interest in staying at the same mediocre condo every year. There are so many places in the world to visit. Why would you choose to do that, when you can easily rent a VRBO or AirBnB anywhere in the world?

Once they pass away, we're going to inherit it, and I absolutely do not want to be paying those maintenance fees when the time comes.
goblue100
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Re: Timeshare ever worth it? Please share details

Post by goblue100 »

lazydavid wrote: Thu Jun 14, 2018 9:09 am
goblue100 wrote: Thu Jun 14, 2018 8:50 am I'm glad you have fun with your timeshare, but lets do some math. The OP said it was 44,000 + 1500 yearly. Over 20 years that is $74,000. You get to use the condo one week a year, so that is 140 nights. Actually might only be 120 nights, but lets use the full week of 140. $74,000 / 140 =$528 a night. And that is assuming the dues don't go up.

If you can get it for $18,000 plus the $30000 in dues your nightly average comes down to about $200 a night. That could be a value if you want to go to the same place every year. (I know they say you can do exchanges, but those cost additional fees.)
Hence the reason I said not to buy from the developer. I paid $1500 for one of my resale deeds, and $2200 for the other. Could have gotten equivalent-sized deeds for as little as a buck, but I was specifically looking for resorts that have low MF and was willing to pay a little more to do so.

Depending on where I go and what size/class of unit I book, this gets me anywhere from 3 to 8 weeks (would only be 2 weeks in the 2-story 3-bedroom penthouse in Waikiki with 3 balconies that we stayed in a couple years ago, but that's a crazy outlier), for about $4k/year. I have literally never been to one of the resorts I own, and I've had it for over a decade. I've never once paid an exchange fee, which only comes in to play when you exchange outside the system. I believe it would cost me $79 to trade into a week at any RCI-affiliated resort (plus the associated points, of course), which is not the end of the world if I chose to do that.
Sounds like you have done well with the timeshare system. Maybe I need to educate myself some more. :idea:
I'm curious, it sounds like you bought 2 time share "deeds". My uninformed opinion would have been each deed is a week, is that incorrect? How do you leverage that into 3 to 8 weeks?
"Confusion has its cost" - Crosby, Stills and Nash
international001
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Re: Timeshare ever worth it? Please share details

Post by international001 »

Unwise me.. I got one for 14k
Exchanges with RCI are twice the price that what I pay on maintenance and fees

Trying to sell it now. Best offer I got was by the TS company. 0$ but they pay the charges.
Valuethinker
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Re: Timeshare ever worth it? Please share details

Post by Valuethinker »

8foot7 wrote: Thu Jun 14, 2018 8:23 am
jw50 wrote: Thu Jun 14, 2018 6:42 am Two caution (UK situation):
-you might not be able to sell
-you might be stuck with annual charge forever (death might not be the end, your heir may be settled with the continual liability)
Wow. I would assume in the US an heir could simply disclaim the inheritance of that property. Is that not possible in the UK?
You might be able to refuse to inherit an Estate (I am not sure on that point).

But you cannot refused to inherit a debt in the Estate AND get the assets, as an heir. You are basically stuck with both.

https://tesslimited.co.uk/2016/10/07/wh ... pon-death/

sympathetic to the idea you can refuse to inherit, but confirming you cannot pick-and-choose.

https://forums.moneysavingexpert.com/sh ... ?t=2815132

implication is indeed it attaches to your estate. The inheritor would have to refuse the whole estate. In the same way that they would have to pay Council Tax (property taxes) on a property they inherited and maintenance charges on a leasehold (English property law allows for you to have a long leasehold, say 99 years, the right to inhabit a property; but the Freehold belongs to someone else, and you have to pay them a Ground Rent and charges for maintenance (which can be seriously jacked up e.g. by them using their own management company/ agent; the Leasehold/ Freehold arrangement is quite common especially for flats i.e. apartments).
Last edited by Valuethinker on Thu Jun 14, 2018 12:41 pm, edited 1 time in total.
Valuethinker
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Re: Timeshare ever worth it? Please share details

Post by Valuethinker »

Wannaretireearly wrote: Thu Jun 14, 2018 12:08 am Howdy,

In FL cocoa beach. Offered a timeshare for 44K upfront (payment options etc) plus annual maintainence fees around 1500. Was 'No' from me to quickly collect $250 ish cash bonus.

I cant think of great reasons to ever get a timeshare...my questions:
1. If you like your timeshare, what were you able to negotiate? What personal status made this a good option for you? E.g. retired, like visiting certain spots, etc

2. If your like me, just surfing for timeshare offers to grab a promo...what are the best promos youve encountered? Are they still available?

3. Ever bought timeshare on the secondary market? What was the deal? Worth it? Words of wisdom?

Cheers from FL
Whatever the upside to these things, the downside risk (fees for life) is just huge.

I am guessing you know this, but it's worth stating:

- my own experience (something of a cult weekend, totally different context) is that with sufficient time and isolation from "the real world" it is possible to persuade intelligent middle class people, not obviously distressed, to believe *anything*. Whether it is that the Fuhrer is a great leader and the xxx (insert name of chosen minority) are responsible for all our ills, or whatever ...

It's a myth that we have some deep, innate resistance to this sort of thing. We are all persuadable - or at least if there are people who are not, they are very rare indeed. DO NOT assume you are bulletproof (one reason they like people to come with their spouses is they only have to persuade the weaker link-- most of us are more vulnerable to suasion if our spouses are persuaded).

So I would advise someone not to even go for the "free" food and presentation, because it's anything but free. Could be the most expensive food of your life.

And rereading Robert Cialdini's book on Persuasion before you go is de rigeur.
Valuethinker
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Re: Timeshare ever worth it? Please share details

Post by Valuethinker »

international001 wrote: Thu Jun 14, 2018 12:05 pm Unwise me.. I got one for 14k
Exchanges with RCI are twice the price that what I pay on maintenance and fees

Trying to sell it now. Best offer I got was by the TS company. 0$ but they pay the charges.
Sell. Just close the liability off. Zero is a great price if it frees you from future liability (try to get a legal view whether they *have* actually released you from liability, before you sign).

That's a psychological point not a financial one. The pain will keep coming as long as you own the thing, so if you can close off the wound, do it. The financials may or may not work out, but in terms of maximizing your psychological wellbeing, cutting a loss is the best thing that you can do.
lazydavid
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Re: Timeshare ever worth it? Please share details

Post by lazydavid »

goblue100 wrote: Thu Jun 14, 2018 11:51 am Sounds like you have done well with the timeshare system. Maybe I need to educate myself some more. :idea:
I'm curious, it sounds like you bought 2 time share "deeds". My uninformed opinion would have been each deed is a week, is that incorrect? How do you leverage that into 3 to 8 weeks?
Deeded weeks have been out of vogue for quite some time. My deeds are UDI (Undivided Interest). I have 500k points at a resort in Tenessee (that's the one I've never been to) and 300k in Las Vegas (been there tons of times), both deeded in my name. I just mocked up some reservations in Las Vegas, as that's the one we go to most frequently. a week in a 2 bedroom deluxe in November is 141k, so I can do 5.6 weeks for those 800k points. Looking in August I'm within the discount window (90 days) where any available inventory is half price, and I could get a the same unit for 101.5k (base rate is higher in the summer, 203k to be exact). So there's your 8 weeks. A 1BR suite the same week would be 66k, or 12 weeks' worth.

Realistically, I typically do a 2 bedroom presidential at that resort, which costs 231k per week. I can afford 3.5 weeks of that type of unit with these two deeds. The 3BR presidential we have at Disney next month is 308k, so not quite 3 weeks on that one.
international001
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Re: Timeshare ever worth it? Please share details

Post by international001 »

Valuethinker wrote: Thu Jun 14, 2018 12:44 pm
international001 wrote: Thu Jun 14, 2018 12:05 pm Unwise me.. I got one for 14k
Exchanges with RCI are twice the price that what I pay on maintenance and fees

Trying to sell it now. Best offer I got was by the TS company. 0$ but they pay the charges.
Sell. Just close the liability off. Zero is a great price if it frees you from future liability (try to get a legal view whether they *have* actually released you from liability, before you sign).

That's a psychological point not a financial one. The pain will keep coming as long as you own the thing, so if you can close off the wound, do it. The financials may or may not work out, but in terms of maximizing your psychological wellbeing, cutting a loss is the best thing that you can do.
For sure.. I'm just waiting for a month before the next fees to pay ;-)
international001
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Re: Timeshare ever worth it? Please share details

Post by international001 »

lazydavid wrote: Thu Jun 14, 2018 1:07 pm
goblue100 wrote: Thu Jun 14, 2018 11:51 am Sounds like you have done well with the timeshare system. Maybe I need to educate myself some more. :idea:
I'm curious, it sounds like you bought 2 time share "deeds". My uninformed opinion would have been each deed is a week, is that incorrect? How do you leverage that into 3 to 8 weeks?
Deeded weeks have been out of vogue for quite some time. My deeds are UDI (Undivided Interest). I have 500k points at a resort in Tenessee (that's the one I've never been to) and 300k in Las Vegas (been there tons of times), both deeded in my name. I just mocked up some reservations in Las Vegas, as that's the one we go to most frequently. a week in a 2 bedroom deluxe in November is 141k, so I can do 5.6 weeks for those 800k points. Looking in August I'm within the discount window (90 days) where any available inventory is half price, and I could get a the same unit for 101.5k (base rate is higher in the summer, 203k to be exact). So there's your 8 weeks. A 1BR suite the same week would be 66k, or 12 weeks' worth.

Realistically, I typically do a 2 bedroom presidential at that resort, which costs 231k per week. I can afford 3.5 weeks of that type of unit with these two deeds. The 3BR presidential we have at Disney next month is 308k, so not quite 3 weeks on that one.

Can you calculate the ROI

(Value in the market - Annual fees)/ price paid
lstone19
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Re: Timeshare ever worth it? Please share details

Post by lstone19 »

lazydavid wrote: Thu Jun 14, 2018 1:07 pm Deeded weeks have been out of vogue for quite some time.
Indeed they have been but that doesn't mean they aren't the superior vehicle, at least for what we want. Points lets developers make the sales pitch a lot about the flexibility, which appeals to many, but that flexibility comes at the expense of never having guarantee of being to go where you want to go.

Deeded weeks come in types: fixed and floating. With fixed weeks, you own and have the right to use the same unit in the same week every year. No having to reserve it or anything else. More common are floating weeks where you have the right to one of your unit type each year but need to reserve the specific date and unit. Where we own in Hawaii is floating.

The advantage, at least where we own given how they've implemented it, is that there is no use year flexibility without going through an exchange company. Each week across all owners must be used in the designated year. That's an advantage because it means even if I delay making a reservation, I know so long as I make it before the end of the previous year that somewhere in that coming year there is a week available for me. It may not be the best week or the best unit but there must be something. If, for instance, I had not booked my 2018 weeks, I could have called on 12/31/17 and asked them what was available in 2018 (not asked "is there anything available" but "what is available" because something must be available).

In contrast, the point system we own in allows points from a given year to be used anytime in a three year period (one year before and one year after). While unlikely, this could create a situation where everyone defers using their 2017 points to 2018 and then in 2018, there is insufficient space available to meet all the demand. A point system generally provides no guarantee that you can get the resort you want or even that you can get any resort at all due to all the use flexibility.

Point systems work for many because they know how to work the system (as do I with the one we own in). But lots of owners don't and they're the ones that find themselves shut out of the desirable resorts or dates.
gotester2000
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Re: Timeshare ever worth it? Please share details

Post by gotester2000 »

goblue100 wrote: Thu Jun 14, 2018 8:50 am
lazydavid wrote: Thu Jun 14, 2018 8:37 am
lstone19 wrote: Thu Jun 14, 2018 8:19 am There is a huge quality of life difference between time-share apartments and hotel rooms. Most time-shares are full apartments with a kitchen, living/family/dining room, and one or more bedrooms. We spend three weeks a year in Hawaii at a time-share we own and love it. But I'm usually up an hour or two before my wife and there's a world of difference between sitting in the dark in a hotel room and just heading into the common rooms, make coffee, and do whatever I want without disturbing my wife. I don't even want to think about what comparable space would cost in a hotel. Not to mention that having a full kitchen allows us to prepare a lot of our own meals.
This is me exactly. We just spent Memorial Day weekend in Wisconsin Dells, at a resort with 8 waterparks on site. Most mornings I was up about 90 minutes before anyone else, so I just made a pot of coffee, grabbed my kindle and went out on the balcony to read. Incredibly relaxing. And anybody who's been to the Dells knows that the breakfast/lunch food there sucks. So we brought up food to make in the room for those meals, and just went out to nicer restaurants for dinner. After pooling and go-karting into the early afternoon, grab a couple of beers from the fridge (also brought from home) and relax in the living room or out on the balcony while others are cleaning up for dinner. After dinner or a show, come back and sprawl out across the couches and watch part of a movie as a family before heading to bed. Run a load of laundry while we're at dinner, and we come home with suitcases full of clean clothes. So the relaxing continues when we get home, until we have to go back to work that is. :P

A regular old hotel room at the same place with 2 queen beds, no bathroom, balcony, kitchen, laundry or even sitting area, is almost $300/night. Something about 1/3 the size of what we had but with 2 bedrooms and a kitchen is $400/night.
I'm glad you have fun with your timeshare, but lets do some math. The OP said it was 44,000 + 1500 yearly. Over 20 years that is $74,000. You get to use the condo one week a year, so that is 140 nights. Actually might only be 120 nights, but lets use the full week of 140. $74,000 / 140 =$528 a night. And that is assuming the dues don't go up.


If you can get it for $18,000 plus the $30000 in dues your nightly average comes down to about $200 a night. That could be a value if you want to go to the same place every year. (I know they say you can do exchanges, but those cost additional fees.)
The math is wrong. You havent considered the value of 44k invested over 20 years. Not even talking of 1.5k/yr.
Why to get in a commitment over such a long period which forces you to use it whether you want it or not ? I would rather have my freedom to rent whenever and wherever I want.
boglegirl
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Re: Timeshare ever worth it? Please share details

Post by boglegirl »

Spirit Rider wrote: Thu Jun 14, 2018 10:39 am
8foot7 wrote: Thu Jun 14, 2018 8:23 am Wow. I would assume in the US an heir could simply disclaim the inheritance of that property. Is that not possible in the UK?
An individual heir can disclaim property, an estate can not. Unless the estate is already insolvent. The liabilities of the timeshare will still burden the estate.
Not sure if Spirit Rider's comment was meant to apply to the UK or US. In the US, only the current liabilities are owed by the estate. Once notified of the owner's death, the timeshare company has a certain amount of time to present liabilities to the estate. They can present current, already incurred, maintenance fees, but not future maintenance fees, because these haven't been incurred yet. Because the heirs have all disclaimed the underlying asset, the timeshare company can't bill them for the corresponding future liabilities either.

If you search the web for "disclaim timeshare inheritance" you'll find good information from folks who've actually done this.
capjak
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Re: Timeshare ever worth it? Please share details

Post by capjak »

I have bought several, but never from the developer. After having a timeshare it is really hard for us to downsize to a hotel room on vacation but we do it sometimes and it sucks.... Timeshares are typically 2 to 3 bedroom condos with Kitchens, washer/dryer, family room separate bedroom and resort amenities.....I own this one on Maui and go every year for 3 to 4 weeks (when I do not rent it out) using my ownership (Sheraton Vistana plus WKORV-North) https://www.vistana.com/destinations/th ... h/overview.

I prefer it to a second home, everything kept up no jobs to do etc...but of course it is not an investment like a second home would be, purely for enjoyment.


I own Disney, Marriott, Hilton and Starwood. I rent out Disney for 2x my maintenance fee. I bought Disney for $74 per point, it can be sold for $110+ per point resale and if you buy direct it is $200 per point, which is unusual. When I rent it, it is usually rented with 3 days. Yes that is how easy it is to rent. Now I also rent out my 2 bedroom the studio 1/2 (spilt it into a 1 bedroom and studio sometimes stay 2 weeks sometimes rent out 1 week) Westin Kaanapali Ocean Resort villa North for $2000 and stay in the 1 bedroom half every year (maintenance fee is $2700 annually, minus $2000 from studio rental so $600 for a week and it has maintained the resale value).

Marriott I use every year for Orlando when I do not purchase getaways (getaways are for owners only and usually cost $300 for a week in a studio to $600 in a 3 bedroom Marriott Grande Vista and sometimes when I am luck Marriott Lakeshore Reserve.

There are a few that just use Timeshares to travel 52 weeks of the year (they sold their home and only use last minute/getaways).

"We sold our house in June 2008 and are now timesharing full-time, traveling around the country."

https://ronandjoanjourney.blogspot.com

Here is one similar that budget all expenses at $3,000 per month for retirement year round using timeshares. http://www.fulltimetimeshare.com
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FIREchief
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Re: Timeshare ever worth it? Please share details

Post by FIREchief »

Valuethinker wrote: Thu Jun 14, 2018 12:40 pm We are all persuadable - or at least if there are people who are not, they are very rare indeed. DO NOT assume you are bulletproof (one reason they like people to come with their spouses is they only have to persuade the weaker link-- most of us are more vulnerable to suasion if our spouses are persuaded).

So I would advise someone not to even go for the "free" food and presentation, because it's anything but free. Could be the most expensive food of your life.
That is fantastic advice for likely 99% of the people out there. :sharebeer

That said, I did say that I am bullet proof and I am. I have proved in over and over and over. Car dealers, investment steak dinners, timeshare presentations, you name it. I would likely feel physically ill if I tried to make a long term financial commitment without days or weeks of contemplation. I've never in my life bought anything on an impulse. It simply isn't in my wiring. Sure, people have tried, but either they're smart enough to figure it out or they work themselves into a tizzy. All the more fun for me. 8-)

That said, seriously, I share your recommendation that everybody (else) should just stay clear of this stuff, especially if they would have a spouse accompany them.
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
lazydavid
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Re: Timeshare ever worth it? Please share details

Post by lazydavid »

international001 wrote: Thu Jun 14, 2018 1:30 pm Can you calculate the ROI

(Value in the market - Annual fees)/ price paid
Too much work to do it for all of them, so I'll take the 300k in vegas. A 308k deed at the same resort recently sold for $1,555, and a 333k for $3,850. So let's be conservative and take the lower value. Ironically enough, my maintenance fees are $1,554, so by your calculus:

(1,555-1,554)/1,500 or 1/1,500.

It's not clear to me how this is meaningful, but there you have it.
mainiac
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Re: Timeshare ever worth it? Please share details

Post by mainiac »

I inherited a timeshare. Not a great week, so unlikely to use it at the home resort. Every time I want to do an exchange, there are either no resorts in the area or no availability at the resort. Arrgh!

However, years ago, we exchanged into Old Key West (I think) at Disney (while Disney places were still on the exchange list). That was lovely!!

Anyone want to buy a timeshare?
brajalle
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Re: Timeshare ever worth it? Please share details

Post by brajalle »

I've researched HGV timeshares extensively. My analysis suggests they can be a good deal if you 1) buy intelligently after much research via resale, 2) like to vacation regularly in areas with timeshares, and 3) are comparing the price/experience to hotels.

Basically, for HGV, you look for the properties with the best points/maintenance fee matrix. Then shop resale. It's often better if you do this in places you do intend to go (ie if you like to visit an area with one of their Hawaii resorts or Las Vegas for example), but I can make a pretty good case for buying at a couple of their Scotland resorts right now too for example.

For my scenario, I was looking to travel ~3 weeks a year. We wanted a hotel experience but loved the idea of more - ie such as a kitchen/etc. The value of this varies, but even in Vegas it's probably worth at least $200/night ($250 with taxes/fees/etc) for when we want to travel. After some math, you can figure out your base yearly costs (ie maintenance costs & other HGV fees), and this should let you calculate a pay-off. It varies, but typically it was in the 7-11 year range for most savvy forum posters. Some people rent with excess points and even turn a profit. You can also (there's always a fee btw, but it's often still more cost effective than a similar hotel room) potentially transfer points outside of the HGV network and utilize other timeshares. Lastly, you have to consider selling value. I don't think you should expect to get a profit out of selling necessarily (I don't think you will, especially after inflation), but at the least it could lower your nightly cost over your ownership period a bit more.

I consider retail timeshares to be a horrid value. The only possible exception is if it's located next to something you just HAVE to visit regularly and/or there are other potential perks or there will be no real 2ndary market for awhile. It's possible Disney (for example) may fall into this category for some people, but for the vast majority of people - stay away from retail.

TL:DR - I think of smart timeshare purchases as more of a discounted hotel club with some flexibility limits and a delayed return. This isn't usually a good choice for many people, but can be if it fits a particular family.
goblue100
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Re: Timeshare ever worth it? Please share details

Post by goblue100 »

brajalle wrote: Fri Jun 15, 2018 1:48 am I consider retail timeshares to be a horrid value. The only possible exception is if it's located next to something you just HAVE to visit regularly and/or there are other potential perks or there will be no real 2ndary market for awhile. It's possible Disney (for example) may fall into this category for some people, but for the vast majority of people - stay away from retail.

TL:DR - I think of smart timeshare purchases as more of a discounted hotel club with some flexibility limits and a delayed return. This isn't usually a good choice for many people, but can be if it fits a particular family.
I don't have any timeshares, but this thread has piqued my interest a little. I wasn't aware how cheap they could be on the secondary market. I understand the argument from people who say you are better off just booking a VRBO or AIRBNB, but for me a timeshare might cure a behavioral problem. By essentially buying a week or ten days through the maintenance fees over the course of the year, I would have to spend a week or ten days at a really nice place. For me that would be easier then actually booking a stay for $1500(I would look for something cheaper). While being frugal(cheap!) has been good for me over the years, I'm getting to the point where this sounds like an attractive option.
"Confusion has its cost" - Crosby, Stills and Nash
harrychan
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Re: Timeshare ever worth it? Please share details

Post by harrychan »

Best promo offered to me was $400 cash if I attended the sales pitch.
This is not legal or certified financial advice but you know that already.
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Wannaretireearly
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Re: Timeshare ever worth it? Please share details

Post by Wannaretireearly »

This is the OP. Thanks for the responses and keep em coming!

Interestingly, we are now in clearwater FL in a suite with kitchen at the hyatt (2 bathrooms) - got upgraded at checkin! Beautiful room and location.

Not gonna happen everytime but we seem to get upgraded to suites about 50% of the time....we dont travel with biz, so all our points/status is via credit cards. And it always helps to let check in desk know if there is a birthday/anniversary coming up.

To make the examples super objective, and allow apples to apples compares...would be great to see 'per night' costs of timeshare nights (factoring ALL costs) vs. Same night at hotel (suite).

As others have said, this thread has opened my thoughts about the secondary/resale market....but while im getting upgraded for FREE to a suite, and booking most of the stay on points, i like my approach right now 😉
“At some point you are trading time you will never get back for money you will never spend.“ | “How do you want to spend the best remaining year of your life?“
Gr819406
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Re: Timeshare ever worth it? Please share details

Post by Gr819406 »

LarryAllen wrote: Thu Jun 14, 2018 10:30 am
Gr819406 wrote: Thu Jun 14, 2018 9:36 am I do not see how a timeshare could possibly be worth it in this day and age especially with air bnb. I try to avoid hotels at all costs as I find if I am staying somewhere for a week vacation a house is so much more convenient. If it is a 1 or 2 night stay then a hotel is fine. ....
This is why websites like this are so useful as it's good to be reminded that everybody sees things differently. I see it the exact opposite of you. I love timeshares and hotels and dislike airbnb and the like. Makes the world go round....
Yeah I get why people may like hotels/timeshares. They certainly could like the amenities. I'm sitting in a 3 million dollar house as I type this for a weekend wedding in which we have a few families staying Thurs thru Sunday. We all could have paid the same price for a night in a hotel. I tend to try and stay at nicer air bnbs per reviews as best as I can guess and not share a room with someone who lives in the home. I look up the going rates for hotel prices and try to find a house similar or just under that price. Stayed in 1 in Asheville a few weeks ago in which we had our own pond to swim in. To each their own...I just like all the options we now have.
pspice78
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Re: Timeshare ever worth it? Please share details

Post by pspice78 »

I have a Disney timeshare that I bought when my oldest daughter was a baby when I received a small inheritance when my mom and dad died. I bought it thinking that my mom and dad would be happy to know that they bought their granddaughter, who they never met, Disney vacations for her to enjoy during her childhood. I haven't regretted it at all. We have been able to go to Disney every year even the year after I got divorced or the year I lost my job. We've also done a Disney cruise. My maintenance fees are $1500 a year and we get an annual pass every two years and just time our visits so we get two trips out of one pass (a trip in July 2018 and a trip in August 2017 for example). We get a huge room with a separate bedroom so I don't have to go to sleep when the kids do and a full kitchen at a deluxe resort on Disney property. If I were just going we would be at a Value resort and it just wouldn't be the same experience.

So for us a timeshare has been money well spent. This is something we really enjoy doing so it works for us.
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HomerJ
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Re: Timeshare ever worth it? Please share details

Post by HomerJ »

pspice78 wrote: Fri Jun 15, 2018 9:33 am I have a Disney timeshare that I bought when my oldest daughter was a baby when I received a small inheritance when my mom and dad died. I bought it thinking that my mom and dad would be happy to know that they bought their granddaughter, who they never met, Disney vacations for her to enjoy during her childhood. I haven't regretted it at all. We have been able to go to Disney every year even the year after I got divorced or the year I lost my job. We've also done a Disney cruise. My maintenance fees are $1500 a year and we get an annual pass every two years and just time our visits so we get two trips out of one pass (a trip in July 2018 and a trip in August 2017 for example). We get a huge room with a separate bedroom so I don't have to go to sleep when the kids do and a full kitchen at a deluxe resort on Disney property. If I were just going we would be at a Value resort and it just wouldn't be the same experience.

So for us a timeshare has been money well spent. This is something we really enjoy doing so it works for us.
How much did you spend on the original timeshare?

The $1500/week maintenance fees are comparable to many rentals, but the upfront costs have to be accounted for as well.

If you spent $15,000 to buy a week, that's 15-20 years of $1000 a week you could have spent on vacations. (or 10-12 years of $1500 a week)

So really the comparison should be what one can buy for $2500 or $3000 for a week in the rental market compared to one's timeshare.
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Re: Timeshare ever worth it? Please share details

Post by md&pharmacist »

I own two, purchased a long time ago. At this point, I feels the cons significantly outweigh the pro's. Warning, they apply pressure far worse than a car salesman. They buy you lunch to make you feel obligated. You feel like you are held hostage, they call in the supervisor to double team you. They hold any free-bee's until after they convince you to buy. They are willing to waste one of your entire vacation days. They charge for exchanging weeks or locations. You have to pay property taxes in addition to regular maintenance. You get to stay at second tier hotels. Many preferred vacation dates of the year are blocked. Every time you use your timeshare for a vacation, they do it all over again pushing a whole new timeshare for several thousand dollars, or "upgrade" to points vs. weeks, and back! Shall I keep going, or I think you get the point. Just pay as you go. Don't be enticed by their free-bee's, but if you make that mistake. Just say NO!
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Re: Timeshare ever worth it? Please share details

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Re: Timeshare ever worth it? Please share details

Post by Slapshot »

When we retired, we bought a fractional ownership (one quarter, 13 weeks/year) at a ski resort. We give 2 off weeks to Interval for a free membership, rent out some weeks through the resort which pays over half the maintenance fees, and get to use a unit like ours (1 bedroom lockout) on a space available basis. Since we're retired and go midweek, we can usually get a place anytime we want.

The plusses: We don't have to worry about anything. Just show up and everything is here. We get ski in/out access out the back door. The building, a condo hotel, has an outdoor pool and hot tub, a big fitness center, a great restaurant and bar, includes wifi and cable, gets daily housekeeping, and we have as much fun year round as we do in the winter. Plus we've done many great exchanges all over North America and the Caribbean.

It has not been a great investment since the prices have gone down over the years, but we knew that going in. I'm not sure we would have done this were we not retired. But we've had a great time with it overall and would do it over again in a heartbeat.
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Re: Timeshare ever worth it? Please share details

Post by neilpilot »

md&pharmacist wrote: Fri Jun 15, 2018 11:10 am I own two, purchased a long time ago. At this point, I feels the cons significantly outweigh the pro's. Warning, they apply pressure far worse than a car salesman. They buy you lunch to make you feel obligated. You feel like you are held hostage, they call in the supervisor to double team you. They hold any free-bee's until after they convince you to buy. They are willing to waste one of your entire vacation days. They charge for exchanging weeks or locations. You have to pay property taxes in addition to regular maintenance. You get to stay at second tier hotels. Many preferred vacation dates of the year are blocked. Every time you use your timeshare for a vacation, they do it all over again pushing a whole new timeshare for several thousand dollars, or "upgrade" to points vs. weeks, and back! Shall I keep going, or I think you get the point. Just pay as you go. Don't be enticed by their free-bee's, but if you make that mistake. Just say NO!
We also own two weeks, purchase as resales (1 was a foreclosure) decades ago. We understood going in that the “maintenance fee” was a composite of all annual expenses, including taxes, insurance and capital improvements. Didn’t you? We haven’t experienced many of the cons you describe. Maybe all timeshares aren’t created equal.
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Re: Timeshare ever worth it? Please share details

Post by AerialWombat »

.....
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This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
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Re: Timeshare ever worth it? Please share details

Post by GeraniumLover »

FIREchief wrote: Thu Jun 14, 2018 12:28 am I've read that the only way to get out of a timeshare commitment is to die. Think about that. REALLY think about that.
And even that might not work. My poor late dad put all of his timeshares in a real estate trust, which is now burdened with paying the annual maintenance fees indefinitely. I am looking into having them retitled in my mother's name.
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Re: Timeshare ever worth it? Please share details

Post by pspice78 »

HomerJ wrote: Fri Jun 15, 2018 10:58 am
pspice78 wrote: Fri Jun 15, 2018 9:33 am I have a Disney timeshare that I bought when my oldest daughter was a baby when I received a small inheritance when my mom and dad died. I bought it thinking that my mom and dad would be happy to know that they bought their granddaughter, who they never met, Disney vacations for her to enjoy during her childhood. I haven't regretted it at all. We have been able to go to Disney every year even the year after I got divorced or the year I lost my job. We've also done a Disney cruise. My maintenance fees are $1500 a year and we get an annual pass every two years and just time our visits so we get two trips out of one pass (a trip in July 2018 and a trip in August 2017 for example). We get a huge room with a separate bedroom so I don't have to go to sleep when the kids do and a full kitchen at a deluxe resort on Disney property. If I were just going we would be at a Value resort and it just wouldn't be the same experience.

So for us a timeshare has been money well spent. This is something we really enjoy doing so it works for us.
How much did you spend on the original timeshare?

The $1500/week maintenance fees are comparable to many rentals, but the upfront costs have to be accounted for as well.

If you spent $15,000 to buy a week, that's 15-20 years of $1000 a week you could have spent on vacations. (or 10-12 years of $1500 a week)

So really the comparison should be what one can buy for $2500 or $3000 for a week in the rental market compared to one's timeshare.
Disney's timeshare is by points and not weeks which makes it more flexible. For comparison the room and resort for the week are visiting in July is $3800. I used to keep a spreadsheet that calculated purchase price and maintenance fees against the going rate for rooms for the vacations we took but I gave it up after we came out even which for us took 5 years. I've been a DVC member for 11 years and have 36 years left on my contract. I don't think timeshares work for everyone but I feel in my situation given our travel preferences, I still feel my purchase was worth it - especially since the rental and resale market for Disney is very strong.
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Re: Timeshare ever worth it? Please share details

Post by FIREchief »

md&pharmacist wrote: Fri Jun 15, 2018 11:10 am They buy you lunch to make you feel obligated. You feel like you are held hostage, they call in the supervisor to double team you. They hold any free-bee's until after they convince you to buy.
Why would eating a free lunch make you feel obligted to buy anything? As for the double-teaming, it wouldn't matter if they put ten guys in my face (it might increase the entertainment value and make me say "no" a bit less politely, but they would eventually get the message).

I've never heard a story where the timeshare outfit withheld promised "free-bees" if somebody didn't wind up buying. That would be awful PR and likely the end of the whole scheme.
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Re: Timeshare ever worth it? Please share details

Post by Dandy »

I have no actual experience in buying one but have friends that did an regret it.

Things that didn't make me want to buy
1. the sales pitch - anything that good doesn't need that high pressure sales
2. No matter how much you like the location/deal never wanted to commit to decades of vacationing in one place
3. Never bought that I could trade my week in XXX for a week in Hawaii.
4. Don't like the fact that they are hard/impossible to sell and are stuck with ongoing charges.
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Re: Timeshare ever worth it? Please share details

Post by tech_arch »

Wannaretireearly wrote: Fri Jun 15, 2018 9:13 am To make the examples super objective, and allow apples to apples compares...would be great to see 'per night' costs of timeshare nights (factoring ALL costs) vs. Same night at hotel (suite).
Here are some of mine:
  • Wyndham Oceanwalk (Daytona Beach), 2BR, during July 4th: We're paying $123/night, and I see it available for rent starting at $254/night (this might not include fees and taxes)
  • Wilderness at the Smokies, 2BR, Memorial Day week: We paid ~$130/night for 5 nights. Equivalent booking for a 2BR suite is $460/night after taxes and fees.
  • D.C., 2BR, Spring Break: we're paying $115/night
  • Manhattan, 1BR condo, last June: we paid $259/night
To those saying they'd rather do a VRBO or AirBNB: That isn't a valid comparison to staying at resorts.

We're definitely getting good value out of our maintenance fees. As a reminder, we bought our timeshares on the secondary market for essentially zero, so we don't have anything to amortize.
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Re: Timeshare ever worth it? Please share details

Post by 2015 »

tech_arch wrote: Sat Jun 16, 2018 6:02 pm
Wannaretireearly wrote: Fri Jun 15, 2018 9:13 am To make the examples super objective, and allow apples to apples compares...would be great to see 'per night' costs of timeshare nights (factoring ALL costs) vs. Same night at hotel (suite).
Here are some of mine:
  • Wyndham Oceanwalk (Daytona Beach), 2BR, during July 4th: We're paying $123/night, and I see it available for rent starting at $254/night (this might not include fees and taxes)
  • Wilderness at the Smokies, 2BR, Memorial Day week: We paid ~$130/night for 5 nights. Equivalent booking for a 2BR suite is $460/night after taxes and fees.
  • D.C., 2BR, Spring Break: we're paying $115/night
  • Manhattan, 1BR condo, last June: we paid $259/night
To those saying they'd rather do a VRBO or AirBNB: That isn't a valid comparison to staying at resorts.

We're definitely getting good value out of our maintenance fees. As a reminder, we bought our timeshares on the secondary market for essentially zero, so we don't have anything to amortize.
I agree with a different poster above those who have never actually stayed in a timeshare are speaking from theory (but doesn't that happen often on Bogleheads?) as opposed to actual experience.

I had never stayed in a timeshare before meeting delightful friends of mine who have been quite happy with owning a number of timeshares going back a couple decades, and this is without trading their time with other properties. They have owned lovely timeshares (more than one) right on the lake in Lake Tahoe as well as another bordering a natural habitat elsewhere. Everything about their properties--the location, the views, the beautiful units, the grounds--contributed to an outstanding time.

I agree that a hotel, VRBO, AirBNB, condo, can't come close to comparing in experience.
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Re: Timeshare ever worth it? Please share details

Post by HomerJ »

2015 wrote: Sun Jun 17, 2018 12:27 pmI agree that a hotel, VRBO, AirBNB, condo, can't come close to comparing in experience.
Renting a timeshare condo comes pretty close to comparing in experience to a timeshare condo... :)
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Re: Timeshare ever worth it? Please share details

Post by FIREchief »

HomerJ wrote: Sun Jun 17, 2018 3:10 pm
2015 wrote: Sun Jun 17, 2018 12:27 pmI agree that a hotel, VRBO, AirBNB, condo, can't come close to comparing in experience.
Renting a timeshare condo comes pretty close to comparing in experience to a timeshare condo... :)
Bingo!! I haven't done so, but would imagine that as the years go buy there will be more and more opportunities to do just that. I need nothing other than the countless reports from timeshare "owners" who are burdened with high maintenance fees and unable to take full advantage of their timeshare availability. It may be as simple as finding a friend in such a situation and offering to pay half the maintenance fees next year for one half of the timeshare days/credits/etc. We'll probably see an app for that before long.... 8-)
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Re: Timeshare ever worth it? Please share details

Post by WestUniversity »

I don't see enough of an upside to justify the cost...
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Re: Timeshare ever worth it? Please share details

Post by 2015 »

HomerJ wrote: Sun Jun 17, 2018 3:10 pm
2015 wrote: Sun Jun 17, 2018 12:27 pmI agree that a hotel, VRBO, AirBNB, condo, can't come close to comparing in experience.
Renting a timeshare condo comes pretty close to comparing in experience to a timeshare condo... :)
I can't speak to timeshare condos because I've never been in those and my friends own shares in properties that are actual resorts. While in Cancun, the timeshares in our upscale hotel looked gorgeous as they were separate, were quite large with huge wrap around terraces, and with unobstructed ocean views. I was never pitched the timeshares, but it was obvious they were quite nice. Not at all something I'd be interested in, but if I were, it would be something like that.
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Re: Timeshare ever worth it? Please share details

Post by lstone19 »

2015 wrote: Sun Jun 17, 2018 6:11 pm [I can't speak to timeshare condos because I've never been in those and my friends own shares in properties that are actual resorts.
Most, if not all, timeshares are resorts. I think you're using the term "condos" to mean units that are in a standalone building without any "resort" facilities (keeping in mind that word "resort" really has no official meaning). Condo is short for condominium, a term that technically defines the form of ownership, not a specific building style. While many people use it to mean an apartment owned in condominium form (and for some reason call a townhouse owned in condominium form just a townhouse although there can be rental townhouses), that's not really correct. Timeshares are generally just units in a building owned in condominium form further divided by time.
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Re: Timeshare ever worth it? Please share details

Post by HomerJ »

2015 wrote: Sun Jun 17, 2018 6:11 pm
HomerJ wrote: Sun Jun 17, 2018 3:10 pm
2015 wrote: Sun Jun 17, 2018 12:27 pmI agree that a hotel, VRBO, AirBNB, condo, can't come close to comparing in experience.
Renting a timeshare condo comes pretty close to comparing in experience to a timeshare condo... :)
I can't speak to timeshare condos because I've never been in those and my friends own shares in properties that are actual resorts. While in Cancun, the timeshares in our upscale hotel looked gorgeous as they were separate, were quite large with huge wrap around terraces, and with unobstructed ocean views. I was never pitched the timeshares, but it was obvious they were quite nice. Not at all something I'd be interested in, but if I were, it would be something like that.
Most of the timeshare presentations I have gone to were IN THE SAME RESORT I WAS RENTING AT.

So yeah, you don't need to own a timeshare to enjoy a beautiful resort for a week.
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Re: Timeshare ever worth it? Please share details

Post by 2015 »

lstone19 wrote: Sun Jun 17, 2018 8:41 pm
2015 wrote: Sun Jun 17, 2018 6:11 pm [I can't speak to timeshare condos because I've never been in those and my friends own shares in properties that are actual resorts.
Most, if not all, timeshares are resorts. I think you're using the term "condos" to mean units that are in a standalone building without any "resort" facilities (keeping in mind that word "resort" really has no official meaning). Condo is short for condominium, a term that technically defines the form of ownership, not a specific building style. While many people use it to mean an apartment owned in condominium form (and for some reason call a townhouse owned in condominium form just a townhouse although there can be rental townhouses), that's not really correct. Timeshares are generally just units in a building owned in condominium form further divided by time.
Thank you. I know what a condo is and yes you are correct in how I'm using the term. Let's just say the properties I stayed in were "resort-like"! I'm not going to dance on the head of a pin regarding the definition of a resort as there's enough such dancing in other theoretical financial threads here. I've lived in condos and all of these were anything but. The rural property bordering the protected wetlands was gorgeous, inside and out. With some regret, my elder care obligations preclude me from taking up my friends' invitation to join them there again this year.
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Re: Timeshare ever worth it? Please share details

Post by TallBoy29er »

I did not read other replies, but here is my experience.

Married into a deeded timeshare. Traveled w/out kids a lot. Internationally. The places we booked we're terrible. Once, left one and paid for another place to stay. This was thru one of the reputable firms, so to speak.

Got lucky, and had the right contractually to deed the timeshare back to the seller. For nothing. That was a gift. It was a cash drag.
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Re: Timeshare ever worth it? Please share details

Post by international001 »

lazydavid wrote: Thu Jun 14, 2018 4:13 pm
international001 wrote: Thu Jun 14, 2018 1:30 pm Can you calculate the ROI

(Value in the market - Annual fees)/ price paid
Too much work to do it for all of them, so I'll take the 300k in vegas. A 308k deed at the same resort recently sold for $1,555, and a 333k for $3,850. So let's be conservative and take the lower value. Ironically enough, my maintenance fees are $1,554, so by your calculus:

(1,555-1,554)/1,500 or 1/1,500.

It's not clear to me how this is meaningful, but there you have it.
I meant 'value in the market' as the price you would pay for the same room in the open market (for 1 week, if this is what the timeshare gives you right to)
I meant 'price paid' as the value of the timeshare. It seems it was 308k but in the secondary market it was $1,555. With a price so low, you can't really consider it an investment. So it's basically you have to calculate if the 'value in the market' is lower or higher than $1,554
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Re: Timeshare ever worth it? Please share details

Post by Valuethinker »

FIREchief wrote: Fri Jun 15, 2018 4:21 pm
md&pharmacist wrote: Fri Jun 15, 2018 11:10 am They buy you lunch to make you feel obligated. You feel like you are held hostage, they call in the supervisor to double team you. They hold any free-bee's until after they convince you to buy.
Why would eating a free lunch make you feel obligted to buy anything? As for the double-teaming, it wouldn't matter if they put ten guys in my face (it might increase the entertainment value and make me say "no" a bit less politely, but they would eventually get the message).

I've never heard a story where the timeshare outfit withheld promised "free-bees" if somebody didn't wind up buying. That would be awful PR and likely the end of the whole scheme.
David Cialdini. Influence: the psychology of persuasion. Indispensable reading.
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Post by Valuethinker »

FIREchief wrote: Thu Jun 14, 2018 3:04 pm
Valuethinker wrote: Thu Jun 14, 2018 12:40 pm We are all persuadable - or at least if there are people who are not, they are very rare indeed. DO NOT assume you are bulletproof (one reason they like people to come with their spouses is they only have to persuade the weaker link-- most of us are more vulnerable to suasion if our spouses are persuaded).

So I would advise someone not to even go for the "free" food and presentation, because it's anything but free. Could be the most expensive food of your life.
That is fantastic advice for likely 99% of the people out there. :sharebeer

That said, I did say that I am bullet proof and I am. I have proved in over and over and over. Car dealers, investment steak dinners, timeshare presentations, you name it. I would likely feel physically ill if I tried to make a long term financial commitment without days or weeks of contemplation. I've never in my life bought anything on an impulse. It simply isn't in my wiring. Sure, people have tried, but either they're smart enough to figure it out or they work themselves into a tizzy. All the more fun for me. 8-)

That said, seriously, I share your recommendation that everybody (else) should just stay clear of this stuff, especially if they would have a spouse accompany them.
There will be a set of circumstances where the tactics will work. Not necessarily monetary situations, which are generally relatively low risk to one's ego.

They can break. Anyone. Or almost anyone - I know a few ex army/ intelligence types who are really trained in this stuff in high stress situations. But, even then, there's a limit out there.

(I don't entirely discount the possibility that a sociopath, or someone up there on the Autistic Spectrum Disorder, might be invulnerable. Don't know enough about those states of mind. I do know that there are entire countries hooked on what looks like a collective psychosis, to an outsider. Thus, they find a way to deal with or assimilate the unbrainwashed).
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Re: Timeshare ever worth it? Please share details

Post by blaugranamd »

Don't own any personally but my parents own 5 weeks in Kauai. My mother always talks about wanting to go to Europe but they never do because my dad can't stomach the loss in exchanging. That alone has turned me off
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Re: Timeshare ever worth it? Please share details

Post by neilpilot »

TallBoy29er wrote: Sun Jun 17, 2018 9:51 pm I did not read other replies, but here is my experience.

Married into a deeded timeshare. Traveled w/out kids a lot. Internationally. The places we booked we're terrible. Once, left one and paid for another place to stay. This was thru one of the reputable firms, so to speak.

Got lucky, and had the right contractually to deed the timeshare back to the seller. For nothing. That was a gift. It was a cash drag.
I have no idea where you booked internationally. We have stayed in 3 different locations in Spain (all managed by Marriott), 2 in StMartin, and one each in the UK, Portugal and China. Every international facility we've traded into has been great. Of course we've read reviews and booked these trades selectively. Maybe you just need to be more selective?

Edit: also traded a week in a Paris suburb
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Jags4186
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Re: Timeshare ever worth it? Please share details

Post by Jags4186 »

Time shares make no sense to me:

They require a large up front commitment if bought new.
They always require annual maintenance.
They are inflexible.
They lock you into a certain type of vacation.
They are something else to worry about.
They are hard to get rid of.

Skimming over the thread it looks like about $1500/yr is the going rate for maintenance. $1500/wk for lodging at a resort is about the going rate.

In the end I’d prefer to choose where I want to go, when I want to go, and how I want to go.

My limited experience with time shares relates to a relative who bought into the Westin Cabo San Lucas time share. 5 years into the purchase the complex split from the Westin and went independent. The amenties slowly eroded. My relatives eventually paid someone to take over the time share.
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Re: Timeshare ever worth it? Please share details

Post by capjak »

Renting Timeshares is certainly a more economical way to go if you just travel a few weeks per year.
However if you do not mind some of the more "Overbuilt Locations" you can take longer vacations (several weeks to months to the entire year) via timeshares and only owning 1 resort that you bought for $1 and pay $600 per year maintenance. For example I just looked on interval international in Orlando Marriott Grande Vista. There is 7 night stays from a low of $45 per night. The date range check in is from June 29, 2018 to May 19, 2019. The most expensive is for a 3 bedroom for $164 per night for 7 night interval. There are several gaps in weeks (meaning you have to move to a different resort for Xmas and New Years and part of spring break, or wait for availablilty or use your ownership instead of using getaways, no exchange fee for these but you do have to own a timeshare and you do have to pay a membership fee $99 per year and it is against II rules to rent these out to others).

I did a search from todays date out 1 year and these are the locations available (meaning there is at least 1 resort and 1 date available, may be low/med season but not always and sometimes lower demand resorts but not always). I did not check each location for the resort but there are Marriotts,Westin, available at some locations and I am sure some of the resorts are not the best at some of the locations, however they are rated so you have an idea in advance what you are getting. 100+ resorts, world locations etc.. here are a few locations, I edited it as it was too large so there are a lot of options for someone that likes to travel a lot

Africa Morocco, Central South Africa and Mozambique, BeachesSouth Africa, Cape Town South Africa, Countryside & Safari South Africa, Garden Route The Gambia AsiaBangladesh, Bay of BengalChina, HainanIsland
China, Shanghai Province India, Bangalore Indonesia, Bali Indonesia, Bintan & Batam Islands Malaysia, Beaches
Malaysia, Kuala Lumpur Malaysia, Sarawak Philippines, Batangas Philippines, Cebu & Mactan Island Thailand, Koh Samui, Thailand, Vietnam, Coastal Australia & New Zealand Canada
Caribbean & Atlantic Islands Antigua Aruba Bahamas, Freeport Bahamas, Nassau Barbados Bonaire Cayman Islands, Grand Cayman Curacao Dominican Republic Grenada Jamaica Puerto Rico St. Kitts and Nevis t. Lucia St. Maarten & St. Martin Trinidad & Tobago Turks & Caicos U.S. Virgin Islands, St. Thomas Central America
Europe Mexico Middle East South AmericaSouth Pacific Island USA states several locations too many to list
Last edited by capjak on Mon Jun 18, 2018 8:12 am, edited 1 time in total.
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