quote:

Originally posted by doublesharp:

We own a timeshare. About 30 years ago my dad bought a weeks timeshare on Hilton Head Island on a PBS television fundraiser auction. It was a condo a couple blocks off the beach near Coligny Plaza and it was for the week after Thanksgiving. Seems like dad paid $800 for the week. When he passed in 1997 the hassle of transferring the property was more than it was worth so it's still in dad's name and my wife and sister use it every year. Maintenance fee is now over $1000 but the condo is nice and the beach is cool with the big crowds gone.

Question. You pay $1000 a year maintenance fee plus the cost of the timeshare, $800? How much time does this give you each year? A week?

If they have to bribe you with free stuff just to get you to listen to their sales pitch it can't be that good of a deal!

I would think that the explosion of properties on Air BnB and the like would've pretty much killed the timeshare industry. All the benefits without any of the contracts and fees.

BAD bad bad bad bad bad..
Just go rent a hotel room for four or so days and you are done with it at the end of the trip...the timeshare never ends.....never.

quote:

Run, don't walk from timeshare ownership.

This.
Especially if it's anywhere near a coast.

Elevator dies and has to be replaced - cost is split by assessment to all the owners.
Paint the exterior every 3 years - cost is split by all the owners.
Upgrade the furniture in the common areas - cost is split by all the owners.
Pool leaks - cost is split by all the owners.
Hurricane hits causing damage to the building - the Owners Association insurance deductible (anywhere between 2-5% of the total value of the entire property) is split amongst the owners.

Plus all the yearly dues and fees for maintenance, management, etc.

You literally couldn't give me a condo or timeshare. Absolute money pits.

quote:

Originally posted by gpbst3:

quote:

Originally posted by doublesharp:

We own a timeshare. About 30 years ago my dad bought a weeks timeshare on Hilton Head Island on a PBS television fundraiser auction. It was a condo a couple blocks off the beach near Coligny Plaza and it was for the week after Thanksgiving. Seems like dad paid $800 for the week. When he passed in 1997 the hassle of transferring the property was more than it was worth so it's still in dad's name and my wife and sister use it every year. Maintenance fee is now over $1000 but the condo is nice and the beach is cool with the big crowds gone.

Question. You pay $1000 a year maintenance fee plus the cost of the timeshare, $800? How much time does this give you each year? A week?

My brother has a timeshare in Hawaii, on the Big Island.

Pays something like $250.00/month for the loan, something like $3,000.00/year maintenance and he gets one week a year.

Terrible waste of money. I wouldn't buy one if you put a gun to my head.

$800 was a 1 time cost to purchase the week around 1990. The $1000 is the annual maintenance fee. The annual fee started in the low hundreds as I recall and increases a little every year. Still considerably cheaper than you can rent a well furnished 2 br condo in a desirable location.

I'm sure the previous owner paid more than $800 when they bought originally but auctions are unpredictable.

In theory our week has value and could be sold but the expense of getting title was prohibitive. It was overlooked in dad's estate planning and the attorney doing probate said it could cost a couple thousand to transfer. No big loss to walk away from it when we're no longer interested but I expect we will be able to use it until we no longer want it.

I have no interest personally but my wife and sister love it. They go to the outlet malls and Christmas shop til they drop. I went one year when my sis could not and it was ok for about 3 days and then I was ready to move on.

At least with gas station sushi, you have a chance.

Not a fan of traditional timeshares. Really not a fan of condos period.

I will say the Disney DVC type is a bit different deal if you like going there at least every other year. Most timeshares are not supported by multi-billion dollar theme parks.

DISCLAIMER- I used to work for the large entertainment/resort/theme park company in central Florida that owns a Timeshare division and I worked for that Timeshare division.
I owned my timeshare before moving to Florida.

My wife and I have been Disney Vacation Club members for 24 years. We became members when we lived in New Jersey.
We bought directly from Disney in 1997.

For us it has been a good thing.
For you it all depends on how you and your family vacation.

In the beginning we would visit Disney from New Jersey for ten days a year. The Vacation Club helped save us a bunch of money.
Once we moved to Florida we used our points for six Disney cruises and the savings from that alone paid us back our purchase price.
Point trades for cruises now are not as good as they were back then.

We will use it for short vacations at Disney World and are able to use it for other Disney resorts or non Disney timeshare trades around the world.
We do not have a fixed week.
We have been to Vegas for the Shot Show for a week as one of our trades.

It is the only "Timeshare" that I have ever heard of that is worth more than I paid for it as of right now.
If wanted to sell it I would make more on it than my original purchase price.
This may not always be the case.
The cost has gone up quite a bit since we bought so newer members may not have the same advantages as we do if we want to sell.

Yes there are yearly maintenance fees so it is not just the purchase price. Our maintenance fees have probably doubled since we purchased but for us so far it is still worth it.
Ours does have an end date,ours is 2042. End dates can vary depending location purchased.

We bought ours and paid it off within a year or two of buying it so it has just been the yearly maintenance fees.

I figured at about the 6 year mark we broke even on our purchase price and are now vacationing for less than what it would have costed to do the same not using our Vacation Club.

No other timeshare I have looked at is anything like Disney's Vacation Club.


This kind of goes against most of the advice given so far.
Timeshares are not for everyone. You have to do the research to find out if it is a good deal for you and your family.
I know people who own traditional (non Disney) timeshares and love them.
I know people that own timeshares and hate them and wish they never bought them.
I would never buy a traditional timeshare.

Again it all depends on how you and your family vacation.
This is what has worked for me and my family so far, it does not work for everyone, you have got to do the research.

Just watched a "Judge Judy episode where the Plaintif(female former girlfriend) was sueing former ex-boyfriend defindant for the cost of a time share property that he had supposidly said that he would pay for but after the couple broke up payments stopped. Judge Judy ruled that since it was in "only" the plaintifs name the ex-boyfriend was not responsible for the payments. Claimed she could not sell it till it was payed off and still would lose a lot of money. Judge said too bad that courts are not set up for not legal couples. .............................................drill sgt.

run away.

don't look back.

i wouldn't take one for free.

-------------------------------------

If you decide to buy one especially now, as if they are carrying any foreclosures on the books.

In the old days, like 17 years ago, my wife wanted me to sit through the sales pitch for free Disney tickets.

Back then if someone stopped paying the weeks ended up back on the books. With some sort of obligation of the timeshare company.

I had a short conversation with the "high pressure" salesman. He handed me off to the manager when I blew him off in 30 seconds.

Asking price was 26,000 or 56,000 for red weeks during prime time.

I asked the manager what he was carrying for "foreclosures" on the books.

He opened a binder and said he could offer me a Red Week prime time 7,000 cash.

I almost took it, but did the math, It was still cheaper to rent for the week prime time than get saddled with the time share.

Every time they made a sale they rang a ships bell. It was going off pretty often mostly to foreign buyers. They welcomed new owners by announcing their name and were they were from when they rang the bell.

A lot of foreign money was buying a week near the mouse house.

quote:

Originally posted by sig2392:

We also sat through a timeshare sales pitch for fun and free tickets in Vegas a few years ago. They also rang a bell after each sale. I suspect that those ringing bells were fake sales to hype up the people who were on the fence to reassure them that other people are buying it.

I was also passed on to one of their closers who both walked away upset.

Run. I made the mistake of buying 2. It took quite a bit of $$ to get rid of them. They survive into your estate, so your heirs get to pay maintenance fees.

quote:

Originally posted by Russ59:
Bad thing.

Bad, bad, bad.

There's a reason why there are dozens (hundreds?) for sale for next to nothing. Lots of people willing to dump them just to get out from under the ever-increasing fees.

Been there, done that. My advise is NO!!!!!


Needed to add that I was one of the lucky ones, they are SHARKS!!

This message has been edited. Last edited by: wreckdiver,

Bad. Very bad. Stay far away.

Finally getting out of the thing after like 16 years.

It started out good (Fairfield) but then they got bought out by Cendant (was OK for a couple of years) but then Wyndham bought it and they really fucked it up.

Treated them like hotels and they got really crowded and ghetto. Previously, Fairfield "owners" had respect for the property. Not so under Wyndham.

Also they eliminated the policy of being able to "sell" your unused points to other people to defray your monthly maintenance fees. You could actually break even this way (sell them for what you are paying for them) if you didnt use all your points every year.

Under Wyndham you can now only sell the unused points back to them for about 30-40 cents on the dollar.

If you want to see if it’s for you, I have a week at a resort in VA beach that I’ll sell you for a dollar. I’ll even give you the dollar to buy it from me with.

Seriously. That’s a real offer I’m making right now.

Email is in my profile.

-Rob

quote:

Originally posted by BurtonRW:
If you want to see if it’s for you, I have a week at a resort in VA beach that I’ll sell you for a dollar. I’ll even give you the dollar to buy it from me with.

Seriously. That’s a real offer I’m making right now.

Email is in my profile.

-Rob

Anyone who's seriously thinking of buying a timeshare read this post multiple times, then run, don't walk away.

quote:

Originally posted by BamaJeepster:
There is an entire industry that has developed around helping people get out of timeshare contracts. That is a big clue as to whether they are a good thing or a bad thing.

ding! ding! ding!

(we went to timeshare seminars early in our marriage for the free stuff as we were poor. most of them had a bell that was rung every time someone made a sale.)