She made a terrible decision in buying that stupid thing, but well I can’t change things now.
She paid $20000 for it in 2003, and owes $4000 in fees and upkeep. It costs her $850 a year to have this thing. It’s for two apartments for two weeks at a resort in Florida and there are options (with a fee) to switch the weeks and location (to anywhere in the world). Stupidest purchase ever IMHO, but she hasn’t been able to sell the stupid thing.
Does anyone know of a website, brokerage, etc where she might be able to unload tis thing? Or alternatively can she somehow renounce ownership. She is in. Atight budget and this stupid thing is threatening her with bankruptcy.
I’ll be watching this thread to see if people have suggestions. My grandparents bought a timeshare years ago and now that my grandpa has died, my grandma wants to get rid of it but doesn’t know how.
My parents were in the same boat, and I tried to find a legit company that would allow them to get the damn thing from around their necks—Scams and rip-offs abound, and they finally just decided to sign it over to my sister, who will hopefully be able to use it on occasion.
Timeshares are HUGE money leeches—Avoid them like the plague, or at least be sure you know exactly what you are in for if you go ahead and buy one…
There was a company that advertised heavily on the radio last year called Timeshares Only that catered to people who were desperate to get rid of their timeshares.
I don’t know anything about it, but I just remember a lot of commercials.
This isn’t a recommendation. Just a suggestion that you might want to do some research on this company. They might be able to help you unload it.
There are websites where people try to unload timeshares, and other people go to look for deals. I don’t know how well they sell in this economy, but that’s where I would look.
IANATSO; but I rent timeshares all the time and read the forums at timeshare owners sites.
One of the things you can do is try to sell the time share on e-bay for a minimal amount of money or even $1 if you really want to be rid of it. Be prepared to eat the transfer fee if it’s not a popular timeshare. Do NOT pay anyone to sell it for you.
The other thing you can do is try to rent it out to pay the annual fees from the rental money.
My best advice is to go to the this website, and read what these folks have to say. They are very nice and very informed about the value of timeshares and how to get rid of them or rent them out for profit or at least to break even.
She won’t be able to sell it, stay in it or donate it until she settles up on past due maintenance fees.
If the unit is worth more than what she owes, I’d consider trying to sell it on Redweek. There are a few reputable resale agents on Tug who would let you know what the current market rate for this timeshare is, if anything. PM me if you want their names.
What’s the rental market like? Where do you find them? ISTM that with a bajillion people owning them and half a billion complaining about them, they would make great vacation alternatives to a hotel.
Or are most timeshares rundown hell holes in deepest Newark and no one would want to stay there? Do timeshare rules prohibit renting?
I, too, will be watching this thread and reading the links. My husband owns a timeshare he deeply regrets. Fortunately it’s just a monthly fee and it’s not too bad (he bought the thing outright at the time) but we’d like it to go away.
We’ve tossed around the idea of buying a timeshare at a resort we visit frequently - I think we’ll just stick with renting a motel room based on this thread.
We own Disney’s timeshare and they aren’t all bad - I could actually sell mine now for more than I bought it for. But you want to do your research. Buying resale is often - but not always - a better deal upfront, and you want to make sure you can resell it. If you don’t want to go to the same place every year, you want something that trades well without huge fees.
We have a “vacation ownership” unit in Vegas, and I’m interested in buying more. It’s enabled us to trade for weeks at fantastic resorts all over the place.
If we had taken the money we spent on the timeshare and saved it, we never would have been close to being able to afford staying for a week in the resorts we have - in FL, Vegas, Sedona, Gatlinburg, Virginia, etc. And we always have a unit with a living room, dining area, full kitchen, separate bedrooms - miles above the average Holiday Inn.
I have a Timeshare in Key West. It is at Fantasy Fest time 4 out of 7 tears. I use half and rent half during the Fest and pay all my fees and make money at the same time.I have had it for almost 20 years and have had no trouble renting it. I have had offers to buy it a few times too.
Timeshares aren’t all evil but you really have to know what you are getting into. If you aren’t going to go where you bought once a year 90% of the time, don’t waste your money.
Since we go to Disney World every year (yes, we are freaks, we know) it works for us. Wouldn’t work for 99.999% of the population, though.
Heh, I play what I call time-share chicken. We always travel at the height of the season, Christmas/New Years/Spring Break because I’m a teacher. We make plane reservations months in advance (frequent flyers) and wait, sometimes until the day before we leave, to get a timeshare rental*. Two years ago at Christmas we were on Maui and chatted with an owner who had a mountain view unit on Kaanapali beach. We paid less than their maintenance fee for a Deluxe ocean view unit of the same size for the same time period. We have always been able to find a room at a considerable discount.
We’ve gotten units at the Westin K Beach club, ocean view studio for less than $1000, same resort OV 1 bedroom for $1250, former Embassy suites OV for $550 all for the week that includes Christmas and/or New Years. Same goes for spring break although it is harder. I’ve gotten Disney vacation club reservations cheaper than any regular Disney room but it’s harder.
You should check out the TUG site (Timeshare Users Group) referenced by me and others above. They have a forum for folks basically giving away their weeks at the last minute. You can also post last minute requests and folks who have timeshares available will contact you. Done this several times. Go to Disboards for Disney VC reservations. I have also rented from Redweek.com and some other site I can’t remember anymore.
Good luck.
We haven’t been left out in the cold yet. Our back up plan for Maui is to go to Costco, buy a tent and blow up bed and camp at Wai’anapanapauntil we find a room. It’s a great place to camp, as are the two campgrounds in the Volcano National Park.
