What do you think of timeshares?

[Dis703]

We just did a timeshare sales pitch for discounted tickets to a show while we were in Myrtle Beach. I had zero intentions of buying anything, although I have been interested in learning more about timeshares. So as I was ready to walk they offered me what is essentially a preview package. 400,000 points to use over the next 2 years and see if we like it or not. It seemed like a good deal so we are giving it a try.

I'm curious to hear from others who have had timeshare experiences and what they liked or disliked about it. I have a few friends who are DVC owners but I don't really know anyone else who has a timeshare. And they really only use it for Disney.

Of course you read reviews online and there are always more bad than good but I take those with a grain of salt as I've had great experiences with some businesses that have very low online ratings.

Would love to hear your thoughts if you have any to share.

TIA!

 

[Squirlz]

I've known very few people who found them to be a good deal in the long run.

 

[Luv Bunnies]

We know of an elderly couple that is basically stuck with a timeshare and the accompanying yearly fees. They are no longer able to travel to any of the locations covered in their agreement. If they simply stop paying, they will be in a default situation. They are allowed to transfer the membership, but they are responsible for finding someone who is qualified (by the timeshare company) to take it over. They have sent out several emails to everyone they know, basically begging someone to take it off their hands. I don't know if all timeshare agreements are like this, or if some allow a way out if you can no longer use the points. It certainly hasn't been a good deal for these people.

 

[sonnyjane]

Seems like you’re asking for advice a bit after the fact. I’ve never known anyone that was happy with their timeshare arrangement.

 

[Cannot_Wait_4Disney]

Why in the world would you pay 5 figures for the chance to rent a room with a minimal amount of square footage for a week a year? But wait. There's more!! You get yearly maintenance fees too so the black hole sucks more of your money in each year at an escalating rate usually. And getting out of the gravity well of a real black hole is probably easier than selling most of em. And whats worse, there are now companies that will pretty much scam those desperate to resell with inflated fees. Very few timeshares appreciate. Most depreciate and many fall like a rock.

 

[dish rag]

Not simething I would have an interest in.

 

[Dis703]

Seems like you’re asking for advice a bit after the fact. I’ve never known anyone that was happy with their timeshare arrangement.

Well we didn't purchase ownership at this point. It's more of a rent to own sort of set up. But that's a bummer to hear.

 

[minniecarousel]

We have both DVC & Hyatt. I was rather surprised that we bought the Hyatt & so far we’ve mostly used our home resort (Carmel Highlands - beautiful Northern California’s coastal property). It’s been a hassle some years finding the time to go. We own a week in June, but we can break it up to 3 - 2 night, one a three night that includes a Sat night. I def would not buy a timeshare from an off-brand. There are different rules with the different TSs. I like that DVC let’s you bank & borrow. With Hyatt, if you don’t use it, you lose it.

I think doing a trial run is advantageous. You’ll know if you want to take the plunge.

My sister took a TS off a friend. The friend just wanted it gone. They use it! Worked out for sis & her husband

 

[low-key]

Nancy Reagan - Just say No

 

[LYSE]

I know some are better than others, my neighbor is happy with his yet admits he wasted it in the early years.

Either way you can buy them resale for way cheaper than direct you know. Just like dvc except even cheaper

 

[Shanti]

We just did a timeshare sales pitch for discounted tickets to a show while we were in Myrtle Beach. I had zero intentions of buying anything, although I have been interested in learning more about timeshares. So as I was ready to walk they offered me what is essentially a preview package. 400,000 points to use over the next 2 years and see if we like it or not. It seemed like a good deal so we are giving it a try.

I'm curious to hear from others who have had timeshare experiences and what they liked or disliked about it. I have a few friends who are DVC owners but I don't really know anyone else who has a timeshare. And they really only use it for Disney.

Of course you read reviews online and there are always more bad than good but I take those with a grain of salt as I've had great experiences with some businesses that have very low online ratings.

Would love to hear your thoughts if you have any to share.

TIA!

I haven't owned a timeshare but I strongly recommend cancelling if you are still able to. I've heard and read almost only bad things about them.

 

[tvguy]

Consumer Reports said DVC is among the best, but also said that none they found made economic sense. But people are other reasons for buying them, so to them, it may be worth it.

 

[tasha99]

Consumer Reports said DVC is among the best, but also said that none they found made economic sense. But people are other reasons for buying them, so to them, it may be worth it.

Consumer reports is wrong for people who bought DVC 2nd hand.

 

[LYSE]

Consumer reports is wrong for people who bought DVC 2nd hand.

Or for people who bought used then sold for more than they originally paid.

But of course that was hard to see coming.

 

[Mrs. Ciz]

I have owned a fixed week Wyndham timeshare in Williamsburg, Va since 1985. I've also had an RCI membership that whole time, which allows me to trade my timeshare for other timeshares around the world. I have to say that it has been a blessing for my family. We've taken incredible vacations and stayed at some really amazing resorts for a fraction of what we'd pay if we didn't have the timeshare. Whenever I book something, I do a cost analysis to see if the portion of my maintenance fee used for the trade plus the RCI trade fee is higher or lower that renting on my own would be. So far, it's always been lower - substantially lower in most cases. And we usually get 2 or 3 week long vacations a year out of our one week maintenance fee because I own a lock-off unit.

I know how to maximize my timeshare and make it work for my family! Over the years we've been to all of these places using our timeshare - most of them multiple times: the Outer Banks, NC; Virginia Beach; mountains/lakes in Va and NC; the Poconos; Florida (Bonita Beach, North Miami Beach, Pompano Beach, Orlando); Hilton Head, Edisto Island and Mrytle Beach, SC; gorgeous resorts in Mexico 3 times; skiing in New Hampshire and Lake Tahoe; Sedona, AZ; New Orleans; and I'm planning a family trip to South Africa to tour Kruger Park as I type this.

The key is to research before you buy. Tugbbs is a great resource with lots of very knowledgeable folks who can help you with questions. If you do buy, buy resale (not from a developer or you'll pay waaaay too much). Purchase a resale property with low maintenance fees but high trading power. Properties like that are out there if you know what you are looking for.

 

[tasha99]

Or for people who bought used then sold for more than they originally paid.

But of course that was hard to see coming.

Yeah, the people who got in at the beginning made out like bandits.

 

[DISNEYSQUIRRELS]

What do you think of timeshares?
Not much.

 

[Mackenzie Click-Mickelson]

In-laws bought a timeshare before I met them. They used it every now and then but I think the last time they used theirs was 2012 when we went to one in Cape Cod--they booked late and the options weren't that great and the place wasn't great (my socks were black from walking on it in a few minutes soooo they didn't clean the carpet much if ever lol). They may have used it since but if they did I don't remember them mentioning it.

Their timeshare is through RCI and is a every other year. They aren't terribly dissatisfied with it but they are also not using it much either and paying the dues on it so every now and then we'll hear "you know we should really use it" except they have a 5th wheel and a boat so I think they've spread themselves too thin until they retire and have more time.

 

[ziravan]

Rescind. The info to do so is in your packet.

Most timeshares aren’t good deals from developers. That said, I bought Poly DVC from developer.

But I also own Wyndham points. 399,000 points that I bought over 3 transactions for $1200. Total. And that included closing and transfer fees.

(I bought from companies being paid by people (who bought from developers) to get out of the trap. Those companies essentially subsidized my closing and transfer fee costs in order to make a profit. And the people who bought from developers completely subsidized my ownership; they paid thousands up front and I get the ongoing benefits.)

DVC has held its value resale very well. That’s an exception and not the rule. Most timeshares are actually worth pennies on the dollars of what developers charge. I’m not opposed to timeshares. I own several and use them well. I am, however, opposed to paying $20,000 for a timeshare with a nominal real value of $500.

You have the right to rescind. Do it. Under SC timeshare law, you have 5 days to rescind without penalty. Check out Timeshare User Group: Tugbbs. In fact, ask the experts at TUG to evaluate your deal.

 

[pxidst119]

We love our timeshare but we only paid $2,000 for it and the maintenance fees are less than $800/year. Over the last 13 years, we have stayed in some really nice resorts (always 2 bedroom units). We are a family of 5 and love the space and having a full kitchen on vacation. Saves us a lot of money on eating out.

I also highly recommend doing your research on the Timeshare Users Group before buying. If you’ve already purchased one, you will still find tons of info on getting the most out of it.

There’s always another deal with these things so don’t ever feel rushed or pressured when making your decision.

Happy Travels!