So how do timeshares work?

[annerk]

Originally Posted by TimtheGuy

IMO a timeshare is one of the worst things you can put money into period.
They are basically worthless at best and can actually be a liability. Certainly not an asset. There are owners who literally give them away.

Eh, that depends.

We've owned two of them, sold one for a $8K profit after three years of ownership (and using it every year) and gained about $2K on the other which we owned for 12 years and used every year before selling it. Even with the annual dues, we still made out in the deal. That said, we owned Disney's timeshare and bought and sold at just the right times. Most time shares are a good way of gaining a more spacious accommodation for an annual vacation, but not money savers. Some are downright terrible investments.

[Lisa1020]

we just inherited a time share from my husband's parents and they have always used it in Branson, MO or in Hot Springs, AR. My question is if we decide we want to go anywhere else how does this work?

[mawipafl]

Originally Posted by Lisa1020

we just inherited a time share from my husband's parents and they have always used it in Branson, MO or in Hot Springs, AR. My question is if we decide we want to go anywhere else how does this work?

It all depends on what kind of exchange program your timeshare is in such as RCI, Bluegreen, Interval, etc. Sometimes resorts have internal exchanges meaning that whatever entity owns that resort also owns others, and exchanges can be made between them.

There are also different kinds of ownership that can make a difference in how you can exchange. If your husband's parents purchased their timeshare long ago, it was probably in the days when one purchased a specific week and a specific unit for that week. As time has gone on, other kinds of ownership programs have evolved such as flex weeks and points. In the olden days, the size of the unit owned, where it was owned, and the time of year (red, blue, white) all made a big difference in what exchanges could be made.

So, depending on the type of ownership and the timeshare's exchange program, how to vacation elsewhere isn't a question easily answered just yet. But once those things are known, then it's not a complicated matter!

If I was in your shoes, the first thing I'd do is read the deed and any other documents associated with the ownership. I might even call the resort and explain my inheritance and ask questions.

Then I'd go online to the website of whatever exchange program is involved. If RCI, it's rci.com. (Side note: url insertion doesn't seem to be working - it's www dot rci dot com.)

Rather than wander aimless on the website, being new to all this, I would probably then call their help line, talk to a real person, and lay it out (fill in the "?" with your info) ... "I just inherited a timeshare. I own a ?-bedroom unit at ?-resort for week #?. I want to exchange and vacation in ?-city. I'm new at all this, so what do I do?"

I will say that in the majority of cases there are fees involved in making an exchange and being a member of an exchange program. And each program has its own directory of resorts. Essentially you decide where you want to vacation, and then look at the list of resorts in that location. And go forward from there.

Another resource I can recommend is the Timeshare Users Group at tug2.net (www dot tug2 dot net). Members have always been so helpful to me. There's a small membership fee to access everything at TUG, but I think the forums (TUGBBS) are free to join.

As you research what timeshare ownership is all about, you'll probably run into the point system. Many owners have converted to this system and that's how they make exchanges. My cousin travels/vacations extensively all over the USA using his timeshare points rather than exchanging his owned week for another week somewhere. Using points he can take a long weekend at some resort, and later on vacation a few days somewhere else, and then at some time vacation at another location.