Current Events > Anyone own a timeshare? Thinking about buying one.

(+) Yeah! (+)

Off a resale website for $1. Deeded, fixed week in the summer (July), 4 bedroom/4 bathroom unit, 2023 maintenance cost $900/yr (prepaid by seller); maintenance cost increases at an average rate of 7% per year, and there were no special assessment fees in the years owned by the current seller.

We go to this vacation area once a year (except 2020/2021 due to Covid), and now that we have a kid and have a desire to travel with our parents (so they can watch our kid while we have fun lol), this is starting to make more sense at ~$130/day (vs what would cost at least $300/day for two rooms at a hotel during peak season).

And once our kid(s) grow up / our parents can no longer travel in 5-10 years time, just re-sell the timeshare for $1+closing+transfer cost (no clue how much this is; thoughts?).

Anyone have experience with timeshare? Anyone see a flaw in this logic?

dont do it

VampireCoyote posted...

dont do it

Why not?

Its not a floating nor points based timeshare, which I read sucks because- a) everyone already gets the best floating weeks before you even have a chance to get one, and b) everyone already gets the best points or start a bidding war where the amount of points you have is now too little for the prime travel times/locations.

There is no good timeshare.

https://www.youtube.com/watch?v=ha5aiirXj5M

Literally the only thing I've heard about timeshares is that you should never own a timeshare lol

NeonTentacles posted...

Literally the only thing I've heard about timeshares is that you should never own a timeshare lol

Me too, and I still believe that for new timeshares where youre going to have to pay like $20k for one. But in this case, where Im essentially getting one for free, and maintenance cost is cheaper vs a hotel? Im not seeing a negative here

Of course, the age old question why is the seller selling it then?. He said he moved and now has to fly out vs a road trip, and its just not worth flying every year for the location, and he doesnt want to keep paying the maintenance fee. This makes sense, though no clue if hes making shit up.

If sitcoms and animated comedies have taught me anything, it's never buy a timeshare or buy into a multilevel marketing scheme

I used to work for a timeshare company. Before you buy it, think about why someone would sell it for $1.

VampireCoyote posted...

dont do it

This. Only do it if you are damn sure you are going to use it and this is what you want. But honestly you'd be better off saving up and buying a second home somewhere for the same money.

No you arent

Smashingpmkns posted...

I used to work for a timeshare company. Before you buy it, think about why someone would sell it for $1.

Agreed, so I asked:

IdiotMachine posted...

Of course, the age old question why is the seller selling it then?. He said he moved and now has to fly out vs a road trip, and its just not worth flying every year for the location, and he doesnt want to keep paying the maintenance fee. This makes sense, though no clue if hes making shit up.

Do you have any insights? What recurring fees are there in a timeshare except for the maintenance fee and special assessment fees that I asked the seller about.

Cocytus posted...

This. Only do it if you are damn sure you are going to use it and this is what you want. But honestly you'd be better off saving up and buying a second home somewhere for the same money.

I cant buy a 2nd home for $1 or $900/yr lol

There are other fees on top of the maintenance fee. Depending on the company it varies. But also, the maintenance fee doesn't just increase at a fixed rate every year. Members 'vote' on increasing the mfs and the percentage varies. I've seen 10%+ increases before.

Fixed week fixed location timeshares are an incredibly dated concept within the industry. Most other companies have moved onto points based destination vacations. They both suck and are incredibly dumb to buy into, but at least the second one gives you some semblance of choice. Even if the dates you want to go to are blacked out lmao

Dont do it. Moving out is a BS excuse. There's tons of websites where people sell their timeshare for $1. There's even lawyers that try to get you out of timeshares (but fail).

If the timeshare was so good as the seller says, they would just use it as a rental, for friends/family or just quit (which you cant because thats the gotcha)

Smashingpmkns posted...
Fixed week fixed location timeshares are an incredibly dated concept within the industry. Most other companies have moved onto points based destination vacations.

Ive read that the points are even more worthless because:

IdiotMachine posted...

Its not a floating nor points based timeshare, which I read sucks because- a) everyone already gets the best floating weeks before you even have a chance to get one, and b) everyone already gets the best points or start a bidding war where the amount of points you have is now too little for the prime travel times/locations.

Only people I know who are happy with a "time share" bought some hotel time share for like $20k where they get like 10 days/ year at any property for life with limited black out dates. They got it like 8 years ago and use it every year at different locations.

How many people have been murdered there?