Timeshare Albatross Almost Gone

[wesdaniel]

Back in about 2007, I had a chance to "buy" a timeshare in Ormond Beach, FL (where I grew up and where my mom lived) for $1 plus transfer fees.

It's an every-odd-year-use timeshare and the maintenance fees were pretty cheap (~$350 per year).

I would occasionally use it, plus the developer gave us "bonus time" (suites at $25 per night when available), and I would let regularly let my family members use it for trips to Florida.

But, I really mostly stopped using it in around 2017. In 2019, I joined RCI and deposited it which proved to be good timing as, in 2020, I was able to use my deposited points to travel to Sedona for a week and to take friends to Las Vegas for a week while most of the world was shut down.

Mom passed away last year and I haven't used the timeshare or the points now since 2020. Beyond that, my husband works for Hilton, so we get Hilton employee rates around the world and that's definitely preferable in my experience to a timeshare.

So, now it's just an annual expense (nominal as it may be) that, like herpes, seems to be with you forever.

Fortunately, I found someone today who already owns a week at that resort and wants another week and will take the week and pay all transfer fees!

Anyway, I'm glad that I'll be getting rid of this thing.

But, just curious if anybody else owns timeshares? Any regrets?

[Blansky]

They're not really a great investment BUT we started with a week in Maui on Kaanapali beach in 1999. It grew to 5 weeks as the years went by and we wanted more time there. The thing with Kaanapali, which is where we wanted to go every year was that there is no more room for "growth" so what is there, is what is going to be there.

Maintenance fees are a bitch, and ours are almost $10,000 a year but we rent out a couple of our weeks and that covers it so basically we have the other 3 for no exra cost.

I'm sure the financially wise would say they aren't a good "investment" but it worked out the way we wanted. Go to Maui for a month every year and stay on the beach with a kitchen to make all the meals we feel like making. We basically go for the cost of a rental car and a few extras since we travel on air miles.

To some extent and to some people they're much like a boat. The best days are the day you got them and the day you got rid of them.

[wesdaniel]

Originally Posted by Blansky

They're not really a great investment BUT we started with a week in Maui on Kaanapali beach in 1999. It grew to 5 weeks as the years went by and we wanted more time there. The thing with Kaanapali, which is where we wanted to go every year was that there is no more room for "growth" so what is there, is what is going to be there.

Maintenance fees are a bitch, and ours are almost $10,000 a year but we rent out a couple of our weeks and that covers it so basically we have the other 3 for no exra cost.

I'm sure the financially wise would say they aren't a good "investment" but it worked out the way we wanted. Go to Maui for a month every year and stay on the beach with a kitchen to make all the meals we feel like making. We basically go for the cost of a rental car and a few extras since we travel on air miles.

To some extent and to some people they're much like a boat. The best days are the day you got them and the day you got rid of them.

That makes good sense. For mine, since I paid basically nothing for it other than transfer fees, I'm into it for roughly $7K in total (maintenance fees, exchange fees, transfer fees, property taxes) and, for the past 15 years, I'd say it was well worth the ~$500 a year that it cost me. But, the longer I keep it, the less value it has to me.

I have a handful of friends who own at Kaanapali, and love it, so it can definitely make sense. And, if you own at one of the big names (Hilton, Marriott, etc.), I'm pretty sure that they have right of first refusal, so they'll always buy it back; giving you an exit strategy. Mine isn't with a name and they don't do buybacks, so, I have to find someone else to take it from me.

[Krash]

My ex neighbors back in PA bought a timeshare in Ft Lauderdale. They loved it for like 2 or 3 years, but then began to really regret it. They never provided much detail, and I didn’t ask. But timeshares just seem like a huge can of worms to me.


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[singe89]

Yes I took over my dads 2 week in cabo RCI when he passed away. It’s like $4k a year and I’ve never used it. Would much rather just buy a place and rent it out when I’m not using it like I’ve done in mammoth, ca. Would rather have the property appreciation and $50k a year net income than the annoying maintenance fees every year. Also tried to change RCI properties to Hawaii since I have so many built up points and host rooms for my brothers wedding but they are booked 3 years out. It’s been a total waste.

[austinp]

Timeshares are great if you use them. We bought into South Lake Tahoe 30 years ago. Since our family has grown we picked up 2 more weeks. Our group does a family ski week annually.


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[77T]

They work for many who can’t afford ownership.

Mother Nature can wreck your plan though. If yours was on a coast that had hurricane Ian, you know what I mean.


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[Blansky]

The other thing is with the company we have which is Marriott is you swap, can go anywhere in the world and use their timeshare facilities there. Marriott also manages Weston and Sheraton properties.

And since Maui is their number one property if you have a week there, it can convert to more at some of the other properties.

[uscmatt99]

We've been pretty happy with Marriott Vacation Club. My wife and I own points, and my parents have a combo of points and deeded weeks at Kaanapali and Palm Desert.

If you use all the points you pay maintenance fees for, or sell weeks, it's a good deal compared to hotel stays or renting a similarly appointed place for the same amount of time. This is particularly if you travel with kids, or more than two people at a time. But only if you plan to own for many years, at least 10 years by my estimation. Up front the buy-in is pricy, and you have to assume the points are nearly valueless if you want to offload them.

Deeded weeks are fantastic for popular places like Hawaii, not so much for less desirable locations. Points are great if you like to change it up every year as their catalogue is verry broad. If you buy points, you'd want to buy enough to get Chairman level. Otherwise it can be very difficult to get the weeks you want at the places you want.

[TheVTCGuy]

Originally Posted by Blansky

They're not really a great investment BUT we started with a week in Maui on Kaanapali beach in 1999. It grew to 5 weeks as the years went by and we wanted more time there. The thing with Kaanapali, which is where we wanted to go every year was that there is no more room for "growth" so what is there, is what is going to be there.

Maintenance fees are a bitch, and ours are almost $10,000 a year but we rent out a couple of our weeks and that covers it so basically we have the other 3 for no exra cost.

I'm sure the financially wise would say they aren't a good "investment" but it worked out the way we wanted. Go to Maui for a month every year and stay on the beach with a kitchen to make all the meals we feel like making. We basically go for the cost of a rental car and a few extras since we travel on air miles.

To some extent and to some people they're much like a boat. The best days are the day you got them and the day you got rid of them.

Originally Posted by singe89

Yes I took over my dads 2 week in cabo RCI when he passed away. It’s like $4k a year and I’ve never used it. Would much rather just buy a place and rent it out when I’m not using it like I’ve done in mammoth, ca. Would rather have the property appreciation and $50k a year net income than the annoying maintenance fees every year. Also tried to change RCI properties to Hawaii since I have so many built up points and host rooms for my brothers wedding but they are booked 3 years out. It’s been a total waste.

Originally Posted by austinp

Timeshares are great if you use them. We bought into South Lake Tahoe 30 years ago. Since our family has grown we picked up 2 more weeks. Our group does a family ski week annually.


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Originally Posted by uscmatt99

We've been pretty happy with Marriott Vacation Club. My wife and I own points, and my parents have a combo of points and deeded weeks at Kaanapali and Palm Desert.

If you use all the points you pay maintenance fees for, or sell weeks, it's a good deal compared to hotel stays or renting a similarly appointed place for the same amount of time. This is particularly if you travel with kids, or more than two people at a time. But only if you plan to own for many years, at least 10 years by my estimation. Up front the buy-in is pricy, and you have to assume the points are nearly valueless if you want to offload them.

Deeded weeks are fantastic for popular places like Hawaii, not so much for less desirable locations. Points are great if you like to change it up every year as their catalogue is verry broad. If you buy points, you'd want to buy enough to get Chairman level. Otherwise it can be very difficult to get the weeks you want at the places you want.

Is my room ready?

[Blansky]

Originally Posted by TheVTCGuy

Is my room ready?

You've been upgraded to a hammock tied between 2 palm trees.

When can you get here???

[Hollie_Rollie]

Originally Posted by wesdaniel

So, now it's just an annual expense (nominal as it may be) that, like herpes, seems to be with you forever.

Nothing to add beyond this had me cracking up. What a great analogy


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[austinp]

Originally Posted by wesdaniel

Back in about 2007, I had a chance to "buy" a timeshare in Ormond Beach, FL (where I grew up and where my mom lived) for $1 plus transfer fees.

It's an every-odd-year-use timeshare and the maintenance fees were pretty cheap (~$350 per year).

I would occasionally use it, plus the developer gave us "bonus time" (suites at $25 per night when available), and I would let regularly let my family members use it for trips to Florida.

But, I really mostly stopped using it in around 2017. In 2019, I joined RCI and deposited it which proved to be good timing as, in 2020, I was able to use my deposited points to travel to Sedona for a week and to take friends to Las Vegas for a week while most of the world was shut down.

Mom passed away last year and I haven't used the timeshare or the points now since 2020. Beyond that, my husband works for Hilton, so we get Hilton employee rates around the world and that's definitely preferable in my experience to a timeshare.

So, now it's just an annual expense (nominal as it may be) that, like herpes, seems to be with you forever.

Fortunately, I found someone today who already owns a week at that resort and wants another week and will take the week and pay all transfer fees!

Anyway, I'm glad that I'll be getting rid of this thing.

But, just curious if anybody else owns timeshares? Any regrets?

So you don’t want to visit Ormand Beach again? Seems like a pretty inexpensive way to spend time at the beach.


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[wesdaniel]

Originally Posted by austinp

So you don’t want to visit Ormand Beach again? Seems like a pretty inexpensive way to spend time at the beach.


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I live in San Diego, so have the beach within about a 5 mile drive of my house.

Growing up in Ormond Beach, I saw and experienced more of it than I need for a lifetime and, honestly, it doesn't carry many good memories for me. I honestly can't see myself ever going back other than as may be required for work.

[austinp]

Originally Posted by wesdaniel

I live in San Diego, so have the beach within about a 5 mile drive of my house.

Growing up in Ormond Beach, I saw and experienced more of it than I need for a lifetime and, honestly, it doesn't carry many good memories for me. I honestly can't see myself ever going back other than as may be required for work.

Oh that makes sense. I didn’t realize you were in SD. Wonderful beaches there!


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[Moondoggy]

They are a no no.