Timeshare Nightmares
 

I was wondering if anyone would be willing to share with me their experiences with Timeshares? Have you had good experiences? I've heard this industry is pretty shady. Has anyone had any bad experiences with them?

Here is a thread on the subject

http://www.fodors.com/community/unit...r-shouldnt.cfm

and a couple more
http://www.fodors.com/community/euro...hare-offer.cfm
http://www.fodors.com/community/unit...-timeshare.cfm

Hopefully you will find it helpful. I would not do it. I have done it and I wish I hadn't

Never attend a "free" pitch for a timeshare on a Dec. 31st; probably not at or near a month end, either, when they're trying to meet quota, or gain a bonus. Couldn't get them to give us the voucher for restaurant or hotel for 2 hours.

No, stay away. Friends did it and do they ever regret it.

My parents spent $11,000 & $12,000 for theirs in the 1980's and finally found someone to take them off their hands for $500 for the two of them.

We have inherited one of my FIL's and can not GIVE IT AWAY! Interested?

Utahtea

Utahtea can you send me the details?

flpap would your friends mind sharing the details of their experience with me?

I had a decent experience - bought one on ebay for $1,500 at a gold crown resort on Singer Island in Palm Beach County, FL. It was a week 9 unit, 1st week of March, so a nice time to go. It turned out to be one of the best units in the building, with a direct ocean front view and a balcony overlooking the adjacent beach park. The annual fees started at around $700, but have increased to about $850 or so over the past 10 years. The fees work out to about $125 a night, which is a good bargain for a 1BR unit on the ocean at that time of year. What makes it worthwhile is that the location and timing are great, and we tend to use it almost every year. Plus the fact that we bought it cheap, as opposed to the developer's prices. One extra benefit, for us, is that because we have it, we go almost every year whereas if we didn't have it, it would be really easy to find an excuse not to go. But we love that trip, and look forward to it each year.

My impression is that if you buy directly from the timeshare company, especially with the idea (which they peddle heavily) that you can trade it and go anywhere you want, timeshare ownership can be a pretty bad deal. Trading is expensive and you rarely get exactly what you want in trade. If you don't use it all the time, it just becomes a financial burden due to the obligation of paying the fees year in year out, more so if you finance the purchase. And as mentioned above it is really hard to sell once you are done with it.

The way to make it work is to buy it secondhand on the cheap, and make it in a place and time that you think you'll use it most years. And, don't buy with the expectation that you'll be able to dispose of it easily in the future.

We had one at the Kauai Marriott, bought it in 1997 and just sold it last year (husband died and airfare was getting too expensive). I did take a loss but get a nice tax writeoff for 3 years. Back then Internet was not as widespread so we did not know about things like buying a resale. We had many happy vacations and could go anytime we wanted, week was not fixed. Only traded 3 times, twice to Hilton Head and once to Puerto Vallarta. Never had any trouble getting the places I wanted as long as you can be flexible on your dates, exchange fee was about $150 thru Interval.

What company did you sell it through if you don't mind my asking? Was it very complicated?

Thanks in advance.

Our is http://mtretreat.com/ silver week.

Utahtea

>>I was wondering if anyone would be willing to share with me their experiences with Timeshares?<<

Sorry - but it sounds like you are researching something article/book/whatever . . . not nice to ask this sort of question and not reveal wy and how you will use the info.

If you were interested for personal reasons (whether you should/shouldn't buy a particular time share) you'd have said so. This is like the lazy college students who register here to get Fodorites to do their work for them

(Why can't grad students create quality surveys anyway??? )

lovesitaly,

I sold it back to the Marriott, it was not too complicated although I did have to get on a waiting list as when I called they had too many units up for resale. Took about a year then one day I got an email from them, called the next day and they sent me the paperwork in about a month. Did have to have one or two papers notarized but my bank offers this service for free to certain customers.
There are a lot of scammers out there trying to buy timeshares, some even want you to pay them money to take it off your hands so if you are looking to sell just be careful.

Thanks. I have been thinking about contacting the company to sell it back to them.

smeltz1 - to trade your unit you just have to belong to one of the trading organizations. I believe RCI handles most companies. However, that entails an annual membership fee and a trading fee. When you trade, you can trade to any of the complexes that they represent and at anytime of the year. You are not locked into week 9.

I have a week 9 unit adjacent to Disney World. I cannot find anyone to rent at that time of year and I have also had a hard time finding a trading unit that I would enjoy. Most are near beaches, ski resort or in the middle of no where.

I think Redweek and Timeshare Users Group has buying/selling ads on their sites.

hi gardendiva, yes, I do understand that, in fact I was a member of RCI for a couple of years when I first bought my unit. But I found that the combination of the membership fees and the trading fees, combined with the fact that it's hard to get what you really want in trade, didn't make it much worth it. So that's why I say it's hard to make a timeshare work out unless it's in a place that you really desire to go every year.

If you can buy one second hand from the "owner" you'd be better off and only if you are paying $5,000 or so. Some of the big timeshare operations (especially in Mexico at top resorts) are charging $60,000 or so.

It depends on what you want. It is not a good real estate investment. If you can afford to lose money each month and still want to guarantee your week you might consider it.

However, for what you will pay for a one week at your favorite resort you can still afford to pay the hotel for that week directly and come out ahead.

They are also difficult to re-sale and most re-sale operations charge a brokers fee of upwards of 40%

Are you looking for others experiences with timeshare presentations or with timeshare ownership?

I don't and have never owned, but I've attended 2 presentations. One was horrible. We were held hostage in some remote resort in St. Maarten, and one in Cabo that was actually quite brief and informative. Do your research on how to say no and hold your ground.

>It is not a good real estate investment.<

It is not a real estate investment, period. My ex and I bought one (I foolishly went along with the purchase), and I ended up with it after the divorce. I do use it, and "sell" some of my weeks to friends at a cost that just covers my maintenance fees and gives them a big savings over booking it online.

The advantages of a timeshare is that I am familiar with the resort, I never end up with a crappy room overlooking the parking lot, I can use any of the sister resorts without additional fees (depending on room availability).

The disadvantages are numerous. The maintenance fees increase every year; the cost of trading can often be prohibitive; the rooms available for members are limited (example~I wanted to book a two bedroom week in Cabo 9 months in advance, but there were none available for members the week I wanted); more fees are implemented as time goes on (I now have to pay $35 if a friend uses one of my weeks if I am not physically staying in the room with them); and several of the perks we were promised when we first bought have now been reneged upon.

I've had some wonderful vacations using the timeshare, and many of my friends have benefited from using the accommodations at a reduced cost to them. I'm not bitterly regretful that we bought it or that I ended up with it in my divorce settlement, but in retrospect, I wish I hadn't...........and I would NEVER advise anyone to buy one.