Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My brother inherited a timeshare. He has found that he can never get availabilities at the "good" locations. Just because it's listed as a certain point rate, doesn't mean it's available when you want it.
There was a huge class action lawsuit a few years ago w/ RCI (they handle most of the timeshare exchanges etc.. you want to do) because RCI was holding the best rooms to rent at market rates.
The people who wanted to exchange their units were told no units were available when in fact RCI was renting the rooms to make more $$ , especially over the holidays at in-demand places like ski areas.
All in all timeshares are a horrible deal and this was the icing on the cake.
I got a bride in Brooklyn for you, for $5K it's yours.
Does she cook and clean?
As far as timeshares go, I have a friend and his wife who bought into a timeshare group of 15-20 properties. One is in Las Vegas, one is in Missouri, one is in Orlando, one is in Arkansas, etc. None of them are overseas or a tropical location.
They have two kids, so buying plane tickets for the whole family can get very expensive, so they drive to these timeshares once or twice a year. I don't know what they paid to buy into the group originally, but yes, their maintenance fees go up almost every year, whether you use the properties or not. They used to talk about how great timeshares were... after a year or two, that stopped.
They never seem to get to go places during "good" times either. It's always offpeak/bad times.
Location: Stuck on the East Coast, hoping to head West
4,640 posts, read 11,867,325 times
Reputation: 9885
Timeshares have never appealed to me, but apparently they did to many of my friends. I don't know a single person who does NOT regret buying a timeshare. Personally, I've been asked no less than 50 times if I want to buy a timeshare.
Another thing to consider: One of my neighbors sold her house and was planning to buy another. She couldn't get approved for the mortgage. She had a lien. Apparently, she missed a maintenance payment (I think, I'm really not familiar with how timeshares work) on one of her timeshares and they filed a lien. Her timeshare was actually paid off, too. It took forever to get it sorted out and she missed out on that house.
In my experience, the people who buy timeshares are not very financially savvy. It's far more lucrative to buy your own property, and rent it out for the times you would not want to be using it yourself.
I agree with everything above. I know MANY people who own them and maybe one or 2 are OK with the purchase. There are plenty of websites that resell timeshares with most being priced under 1K versus what is commonly sold to you as.
They have 45k points a year with a current Maintenance fee of $7000 a year.
He wants to sell it for $50k.
Wait, what?
Someone wants $50k for an annual $7k obligation?
$7k will cover 10 weeks of hotel/airbnb. So what exactly is being sold for $50k?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
