Timeshare? Need advisement

[PintoBean]

My friends are looking to unload their timeshare - it's a Hilton timeshare, 7,000 points. Maintenance is $1,800 a year, and they are willing to go down to $5,000. No fees for the transaction.

I don't know where to start with analyzing this! It's just DH and I. Maybe we'd share the timeshare with our in-laws. When does a timeshare become more reasonable than just booking a vacay off Travelocity?

Other perks mentioned include free food and cocktails between 5-7 always, even if we're not spending the night there. So if we drop into NYC, we can use the potty at a Hilton club and eat and drink between 5-7 and use the gym and spa. LMAO. Man, if I worked in the city, I'd hit that up every day, but neither of us do anymore.

How is this pricing for the timeshare?

 

[amc80]

Check ebay. People are always selling their points on there. I did a quick search and it looks like there are various levels of points, so that will factor in as well.

 

[lizzyann]

We owned one in Florida but sold it about 10 years ago. I don't remember what our maintenance fee was but it was similar to yours. I just felt like $1800/year could buy you a 6 night stay somewhere so why pay that in maintenance fees each year plus the cost of the time share you know? I also felt like the whole point thing, depositing your weeks, etc was confusing. So we had enough, sold it, and have felt good with that decision. However, I have a friend who loves hers. But she is flexible with traveling. So she doesn't have specific places she wants to go when she books. She just calls, see what's available and books it.

 

[PintoBean]

Thank you amc80. I checked ebay. It seems like timeshares are easy to purchase nowadays, but not so easy to offload. I wouldn't want to be in a situation like my friends who need the money for mounting bills, but are slicing and dicing their timeshare list price just to move it along.

Lizzyann - I read your response to my husband and he was thinking something similar to your experience would apply to us.

 

[smitcompton]

Hi,

Just to let you know that last nite a woman came on Suzy Orman and asked how to get rid of a timeshare that was costing her maintance of about 600.00 each yr. She couldn't sell it. Suzy told her that unfortunately, she's stuck with it forever/ Only a change in owner ship would do it . My brother owns 2 of them and he can't unload them either.(Portugal & the Bahamas).

I was curious so I looked on Ebay as well. You can see people bid 1.00, sellers pay all closing costs to just get rid of the thing.
Doesn't look good to me. $1800 dollars will get you a nice vacation somewhere nice for a week.


Annette

 

[Ximena]

Timeshares have always have been easy to get and nearly impossible to get rid of. Be prepared for extra hidden booking/maintenance fees. IF [most likely] major 'improvements' are scheduled you might be looking at $7k every few years. To keep my friendships healthy, I would try Travelocity when I feel like it for a third of a price.

 

[tyty333]

Clark Howard, a common sense financial guy that I listen to on the radio, says to avoid them. They are very difficult to get rid of.

 

[PintoBean]

Thank you tyty333, ximena, and smitcompton for chiming in. Your posts have confirmed that we are making the right decision passing on the timeshare.

 

[justginger]

My parents have one they bought in Mexico years ago -- I was 16 and remember warning them not to sign up for anything when they went to one of those 'resort lunches' (aka "the hard sell"). They came back with the timeshare. It has been used twice in the last 13 years, and they pay about $600/year for the maintenance.

However, my brother bought into an American-based timeshare and they use it every single year. They have definitely gotten their money's worth out of it. I guess it varies, like people.

 

[amc80]

However, my brother bought into an American-based timeshare and they use it every single year. They have definitely gotten their money's worth out of it. I guess it varies, like people.

I have friends who have one and love it. They have three small kids so they like being able to travel and stay somewhere that has multiple bedrooms as well as a kitchen. I know when they visit me they pay around $29 a night through their time share. I think it does have the potential to save you money IF you really take advantage of it.

 

[packrat]

My parents have one they bought ages ago, like when I was in my early 20's. It was thru RCI and now..I forget, but I think they've gone thru a couple few of them, selling, then buying different ones. I'm positive they sold at a loss each time. The phone calls from people asking if you wanted to sell and buy a different one I swear it was at least one call every single day. It was *supposed* to be a fun vaca thing for the 4 of us, and then when my brother and I were married it would be the 6 of us doing these like Beaver Cleaver vacations every year or even twice a year, taking turns on where we went. Yeaaaah JD and I went once, my brother and his wife have never gone. My parents go twice a year *only* to Vegas.

I'd rather just book my own vacations.

 

[iLander]

However, my brother bought into an American-based timeshare and they use it every single year. They have definitely gotten their money's worth out of it. I guess it varies, like people.

I have friends who have one and love it. They have three small kids so they like being able to travel and stay somewhere that has multiple bedrooms as well as a kitchen. I know when they visit me they pay around $29 a night through their time share. I think it does have the potential to save you money IF you really take advantage of it.

If you want multiple bedrooms and a kitchen, try Residence Inn. They're everywhere in the US now and they have 2 bedroom suites with sleeper sofas that are awesome. Many are being built and they're brand spanking new. They come with dishes, pots, pans, etc. Majority of them take pets.

Also, almost any realtor can find you a short term furnished condo to rent, at a much cheaper nightly rate than a hotel. They seem to be available in most cities, and just call an office you trust (century 21, prudential, remax, whatever).

Just say no to timeshares.

 

[pregcurious]

That sounds like a complete PITA. Vacations should be about enjoying your time and freedom.

 

[PintoBean]

Just say no to timeshares.

Yes ma'am!

We honestly don't have the flexible and predictable work schedule we'd need to have to properly vacation the heck out of a timeshare. Here's to hoping that my new job is more vacation friendly!