Anyone own a timeshare?

[colleenjoy]

I'm interested in how much of an initial investment is was, how much upkeep is and if you think it was really worth the money.

we are just starting to think about timeshares, but don't really know much about them. hopefully someone here has some info. i'll take the good with the bad. if you think it was a waste of money please let me know.

Thanks

Colleen

[keska]

My parents timeshare through one or two places. I know one is Worldmark. Their timeshare is a credit type of system where they earn a number of days in any of the units owned by the company, which has places all over the world, instead of time in a specific condo.

My parents love it and use it several times a year. In fact, we're meeting them this weekend at one of their condos in Clear Lake and then they are going down to Southern CA to visit my brother and come back and stay a few days at a condo here in downtown San Francisco near us. Since they are driving from WA, I think they are going to hit 4 of their condos. I've been to a ton of them all over the country and they've been really nice. We have our favorites that we go to every year. For instance, there's one in Leavenworth, WA, which is a Bavarian themed town up in the mountains. We go up there every January when they hold an ice festival. The condos are on a hill we can sled down. It's loads of fun. Although they have lots of choices in tourist areas and cities, I tend to like to use them when I want to get out of town to the beach or the mountains and just relax.

I don't know how much it cost them but I could ask. I think it's good that you are doing research because I have heard of some people getting stuck in timeshare deals and being really unhappy about it.

[ManteoChik]

My aunt and uncle have two timeshares. They've had them for over 17 years so I really don't know how much they paid for them...but I do know the cost has gone up a lot since they bought theirs.

We used it every year since they got it, and I've used it a couple of times on my own. I would suggest buying someplace that you like to visit, because trading it in for somewhere else can be a pain if there isn't a timeshare open where you want to go and at the right time.

[ktsb]

SERIOUSLY agree with some of the points made by Manteochick.

I "married" into a timeshare and from what I can tell....total rip off. My DH and one of his buddies bought it when they were young single guys. Now it's hardly used. I don't want to go to the same place (Cabo) EVERY year.

It was VERY expensive at the time, around $10k I believe, and there is still a $1,000 annual "maintenance fee." So it still costs just to go.

Also be very clear about the trading policies. We were all set to just trade our week and travel to a different place every year until I found out it's virtually impossible to do unless you have a very flexible calendar. Most of the places we wanted to go didn't have availability until 2 weeks before the travel date.

With that being said I can only hope things have changed in recent years although it was only a year ago when I tried to trade in some weeks.

[justHB]

I used to sell timeshare (I was new to the area and needed a job) and it is my experience the only people who really make use of them are families with many kids who can't afford hotel rooms and retired couples who travel frequently.

Because I was young and impressionable when I had that job, I drank the kool-aid and bought a timeshare of my own. The one I purchased was going for $14K for one week with yearly fees of about $700 (I got it at 40% off and yearly fees have gone up steadily every year). Was it worth it? Not at all!

We've used the timeshare within our network for a trip to Oahu this past December/January and then we traded in February 2005 for a condo in Kauai. The condo in Oahu was pretty decent. It was described as accomodating 4 adults and while technically true, it was very close quarters. The condo we traded for in Kauai was HIDEOUS and really contributed to an overall bad trip.

Even though we supposedly own in a "desirable" timeshare location with a "good" company, we've had difficulty exchanging through RCI for some of the vacations we've wanted to take. You can always get the mid and low range condos, but sometimes getting the gold crown resorts in major tourist destinations is difficult.

The next time we use it, we'll probably go to Cabo. I think if you only want to go to the Caribbean, various locations in Mexico, and through the continental US in non-tourist cities, you would be fine ... but if you think about the investment, you could probably get nicer hotels for the same $$$ your'e spending per year. I know we could.

[Adaya]

Even though we supposedly own in a "desirable" timeshare location with a "good" company, we've had difficulty exchanging through RCI for some of the vacations we've wanted to take. You can always get the mid and low range condos, but sometimes getting the gold crown resorts in major tourist destinations is difficult.

The next time we use it, we'll probably go to Cabo. I think if you only want to go to the Caribbean, various locations in Mexico, and through the continental US in non-tourist cities, you would be fine ... but if you think about the investment, you could probably get nicer hotels for the same $$$ your'e spending per year. I know we could.

ITA!! I think it has been a waste of time and a lot of money. I have been trying to figure out every way possible to get rid of it. I have been told that we are stuck with it. It's been this thorn in my side since we got it. Ugghhh.....bad move on our part. At least that's been our experience.....

[colleenjoy]

Thanks for everyone's insight. so far it seems like people don't think it's worth their investment.

Colleen

[armadillo]

My parents have one similar to Keska's parents. The family of 7 spent a week in Maui last year. This year it's a week and a half in Palm Springs (we're allowed two weeks, but our vacation plans don't work if we go that long, so my mom and stepdad can use the other days at hotels affiliated with the time share). There are a TON of places we can go, and a lot of them we can spend two weeks at. Next year might be the Virgin Islands, and we'd get two weeks there. We could also go to various places in Europe. I think they paid $60K for it, but everytime we go on vacation, since we have such a large family, we get two rooms, one of them being a suite. The timeshare my mom got includes two adjoining rooms and one is a suite. The timeshares also have kitchens, so we save on eating out so much. Mom says it'll pay itself off in about 7 years of vacations, and we're planning on going a LOT more than just 7 years! She can also put it in her will and leave it to us as part of an inheritance, so she thought it was a great deal. Also, since the timeshare is for two rooms, if she and my stepdad want to vacation alone, they get double the amount of time at any place because they'd only use one room.

[Sonicstef]

its very easy to figure out of a timeshare is a scam or not.

Take the cost of a one week timeshare and then multiple that by 52. If that total number is a lot more than what it would cost to buy a condo outright, its a scam.

I remember when I first saw timeshares in Orlando, they were selling studio apartments for over a million dollars. In Orlando. In the 90s. (and that didnt include any of the fees, etc) Something was not right and someone was getting rich.

I know people who have them and swear to me they are worth the investment but I think letting some other company get rich with my money isnt something that appeals to me.

[villanelle75]

My parents have one and love it. We all love, it actually, and technically it belongs to mysister and I as well.

While we have a specific week that is technically assigned to us, we have never actually been during that week and have never had any probelms changing for another week. Also, we dont' have a specific room or bungalo assigned to us, we instead have the right to any 3 bedroom suite if it is available, or to get three rooms instead if they are availabel and we accept that option. We've also never had any issue exchanging it for another one of their locations (with that "chain"). We still haev to pay a daily fee, but that covers the all-inclusive fees at the resort. We can also go form more thna our one week a year on "bonus time' where we can go to many locations for $60 per day (some, like Aruba, are more and some, liek Costa Rica and Dominican republic are less). Since our trips are generally family plus and friends and relatives who want to join us, we love having the ability to buy the bonus time so we can accomidate more people.

W use it every year, sometimes twice a year (on the bonus time) and for us, and my parents in particular, it was a fabulous investment.

I think the key is whether you will use it year after year (obviously) and how difficult or easy it is to trade for other dates and locations. The tricky part is getting straight answers as no salesperson is going to tell you that it's next to impossibel to get e place somehwere else. Your best bet is finding someone who has a time share with thtat company or chain and chatting with them about it outside of a sales office. Also, go for one with as much flexibility as possible.

[ManteoChik]

It's not that I think it's a scam (I don't) but I wouldn't buy one myself. :) Like I said, my aunt and uncle bought theirs *at least* 17 years ago.....and we used it as a family at least once-twice a year. One is in Maine (not sure where...never went) and the other is in Gatlenburg(sp?), TN. My grandparents REALLY liked TN and that's why bought there so my grandparents would have someone that they enjoyed a vacation as well as the youngsters...lol. We used it all the time and they also traded it occasionly. My SO and I have used it to go skiing and the only reason we had trouble finding a place was because we waited to long to look. It know about your vacation a good time in advance you should be okay. But don't think that you can decided in September that you'd like to take a vacation in December...you probably wouldn't find anything where you want to be.

[Freckles]

My husband already owned one when we got married, and we purchased another one on ebay for $1,000. Our yearly fees are $500. each property. We have traded weeks through RCI many times and never been disappointed.

I like timeshares, but would never pay upwards of $5000.+ for one, since I like to travel outside of timeshares as well.

Good Luck!

[justHB]

One thing I will say is that if you know you will make use of a timeshare (for instance, you travel with extended groups), I would recommend the ones that are run by the major hotel chains. I know people who own with Marriott, Westin, and Hyatt and actually really love their timeshares. That said, they paid over $25K for each of them.

[Bloomwood]

One thing I will say is that if you know you will make use of a timeshare (for instance, you travel with extended groups), I would recommend the ones that are run by the major hotel chains. I know people who own with Marriott, Westin, and Hyatt and actually really love their timeshares. That said, they paid over $25K for each of them.


Yep. We don't own one, but recently went to presentation at a Westin. We were so impressed that if we hadn't run out of time (we had to catch our plane home) we would own one right now. Definitely investigate the hotel ones, like JustHB said. I think one of the biggest benefits is that the hotel chains have standards of cleanliness, timing of getting things fixed, etc. The one we were being sold on gave you an anchor property and one or two weeks ($$ dependent) per year, but you really were give points to use toward any property within the Westin network or outside the network. You could use the points for a one night stay, a week stay, or a two-week stay. It was really flexible. The yearly fees seemed low and, IIRC, not supposed to go up. Also, with the chain, you could stay in any of their properties world-wide.

I'm pretty certain that within a year or two, we'll be owners. I do agree with the pp that timeshares are good for families. I really like the idea of having a kitchen to make food for the kiddos instead of relying on hotel menus.

[WestieMomma]

My parents own one through the Westin which they bought at the resort in St John, USVI being their anchor property. I think they paid around $17,000 for it but that was about 5 years ago. They have a prime week there as well so that will make a difference on the points system that the westin uses (Starwood Vacation Ownership)as well as the size of the condo, etc. They have a 1 bedroom. I think they pay around $1000 a year for maintenance fees.

I will say this..some of the Westin resorts are hard to get into if you want to trade weeks. My parents are letting DH and me use their week this year but we couldn't go in March when they have their regular week in St John. I tried so hard to get in another week this summer in STJ and they were so booked. I tried the Bahamas and a few other places. We finally got a week in Maui at the end of May and I think we were lucky to get that. They have never traded it for another company or for points to be converted to stay at another Westin hotel (one without timeshares) so I don't know how easy that would be.

[armadillo]

The one my mom has is a Westin. You'll love the one in Maui, WestieMomma!! That's where we went last year (Maui is the anchor property). It's right off the beach and if you go to the gym there, each cardio machine has its own TV that you can plug your headphones into!

[Walton]

When my husband was planning our honeymoon, he ended up buying 2 timeshares. He was on ebay in December 2001 and the timeshares were buy 1, get 1 free. I was so annoyed at the time, but it has worked out really well. The timeshares were sold through Holiday Resales, and I think we got both for less than $2K, including all title fees. One is in Puerto Vallarta and one is in Alcapulco, so that's where we honeymooned in 2002.

We loved the resort in PV, so we were going to go back in 2003. When we called to reserve the week, they had no record of our owning the property (despite that we had stayed there the previous year). Holiday Resales has a policy that you get a full refund if the title doesn't transfer within a year, so we got our money back! We got to keep the timeshare in Acapulco, which is through RCI, and we have traded it every year since.

We have had really positive experiences, and have traded for some great places. Even though we only own a hotel unit, we have traded for 2 bedroom suites in both Las Vegas and Nuevo Vallarta. I would never spend thousands for a timeshare, because I don't think they are worth that much. After all, we still have to pay $330 a year for maintenance, and a couple hundred bucks to be a member of RCI and pay for the trading.

The moral of my story is if you are looking to buy a timeshare, check ebay first. There can be some really good deals there.

[WestieMomma]

The one my mom has is a Westin. You'll love the one in Maui, WestieMomma!! That's where we went last year (Maui is the anchor property). It's right off the beach and if you go to the gym there, each cardio machine has its own TV that you can plug your headphones into!

Sweet! I can't wait to go..only 6 more weeks!

[Bella Mama]

i own 2 and my extended family all own several weeks.

it all depends on how much you can get it for and what the maintainence is. We happen to love to spend one vacation each year in this one location so its great. our maintainence is only 375 a year plus we paid less than 10K for it and we own it. when we die, our kids get it.


My parents also have a time share that they bought 99 weeks to be used in 5 different hotels in 3 countries. eh. I'm glad they did, because I use it, but I wouldnt have done that.