Did you buy more timeshare weeks/points just prior to or early in retirement?

[TTom]

Just adding my $.02, FWIW...

I’d be careful of adding more to a timeshare portfolio, particularly in retirement. We are finding that one of the primary reasons we bought timeshares (we own about 6 weeks) was to use them in retirement and to “force” us to take vacations. While the plan is still to use our weeks in retirement, we are finding that some of where we own is not where we want to vacation regularly, and that we don’t really find trades available when and where we want to go when we are making plans. Now that we are used to traveling, the timeshare “travel incentive” is no longer valid.

The real “nail in the coffin” is that we seem to be able to find available rentals (timeshares, villas, condos) almost any time we want them where we want them.

We’ll see if that changes once we are completely retired but, right now, our portfolio is looking like more trouble and expense than it Is worth. I’m going to be taking a serious look at cutting back, rather than expanding. That’s even more true for “traders.”

As I said, just my $.02.

Tom

 

[SmithOp]

I downsized when I retired. I owned 5 weeks, four of them were eoy. I owned where I wanted to stay based on being locked in to a restricted vacation schedule. I got rid of all of them and purchased a single week with high point value, I now use the points for shorter stays. I also prefer to pay cash for last minute bookings rather than own.


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[Icc5]

We did things a little different. We bought one timeshare and traveled along with some cruises the bought a 2nd and 3rd timeshare along with cruising (timeshares first bought 30 years ago). Cruised about 10 times then stopped and bought another timeshare so have owned 4 between 20-30 years and now the kids are grown, we have retired and my wife wanted to start cruising again. Now it is a combination of a cruis or two each year tied in with 4-6 weeks of timeshares.
We are always home for/with family on Christmas,Thanksgiving, and 4th of July so no travel around those times. Last year we did 2 cruises and tied timeshares to each cruise. This year we are cruising to Alaska (2nd cruise there) because my wife says we didn't go in far enough the first time. No timeshare attached this time but a week before the cruise we will do our every other year drive to Escondido and my favorite relaxation at Lawrence Welk Villas. This will help me relax for the cruise.

 

[theo]

This will help me relax for the cruise.

Good problem to have, no? Spending some time relaxing, in order to help you relax for a cruise.

 

[chapjim]

Can't retire. Gotta keep working to pay maintenance fees.

 

[Panina]

I prefer owning timeshares versus the hassle of a second home. Early retirement with timeshare traveling has been economically better then renting for me with guaranteed places and dates.

My suggestion would be to get what you will actually use at retirement. You can always exchange but you can’t always get what you want. Better to have that great week first. I had to work on changing my portfolio to accommodate my new pattern of traveling in retirement.

If you find what you love and can afford it, go for it. I don’t worry what will be in 20 years, I am enjoying now.

 

[Jayco29D]

What Disney does is make travelling very easy.
First, Disney sends you luggage tickets, you put it on your luggage, check them with your airline, luggage will be in your room the next time you see it. (no cost).
Second, Disney has the Magic Express, just go to their bus location at the airport and they will bring you to your resort. (no cost).
Third, Once you step off the bus, their customer service is outstanding you may have to ask for extra help, but help will always be there.
Fourth, They have a very organized way of getting groceries to you.
Fifth, Disney's resorts are very safe and full of life, if you have a medical condition their are people that can help.
Sixth, if you need scooters, etc... they have them.
Seventh, You don't need a car, travelling around by bus, monorail, boat is very easy. (no cost)
Eighth, There are many options even if you don't go to the theme parks.
Ninth, There are many restaurants to choose from, if you choose to eat out.
Tenth, when it is time to leave, just call bell services they will pick you and your luggage up, your luggage will go straight to the airline checkin desk, then the next time you see your luggage it will be at your home airport.

I can see wife and myself being able to travel to Disney well into our 80's. All the other timeshares that I have used I can not say I would be able to do that.

This is fabulous to see that seniors also like Disney. My husband and I were wondering if we would want to keep DVC after our kids go to college. Maybe we will!

 

[Jayco29D]

I prefer owning timeshares versus the hassle of a second home. Early retirement with timeshare traveling has been economically better then renting for me with guaranteed places and dates.

My suggestion would be to get what you will actually use at retirement. You can always exchange but you can’t always get what you want. Better to have that great week first. I had to work on changing my portfolio to accommodate my new pattern of traveling in retirement.

If you find what you love and can afford it, go for it. I don’t worry what will be in 20 years, I am enjoying now.

Awesome response. I totally agree. I am in my early 50s so retirement is on my mind but not here yet. I do like hearing about how others are using their timeshares in retirement since I hope to be retired by 60 or so.

 

[Lisa P]

We are 58 and 55 year old empty nesters, planning to retire in ~9-12 years. We enjoy exploring new places, mixed with occasional returns to favorite places. Living in the eastern U.S., we've made great use of about 2-3 weeks worth of Wyndham points for ~20 years. Prior to that, we loved our family-sized pop-up camper but sold it after finding little time to use it, along with our timeshare points. Setting up and taking down the pop-up with its slide-outs and bed-making was work, especially in the rain or if either of us didn't feel well.

We expect to visit more Nat'l Parks in the west in coming years, both pre- and post-retirement. So we're debating between buying a "large" teardrop camper (small by trailer standards and minimal set-up) and buying WorldMark points. Either one would be added to our Wyndham travels. Either one would be of interest to all of our adult children, for their families as well, if we prematurely were unable to use them.

Decisions, decisions. We're thankful to be healthy and have these options!!!

 

[CalGalTraveler]

I prefer owning timeshares versus the hassle of a second home. Early retirement with timeshare traveling has been economically better then renting for me with guaranteed places and dates.

...

If you find what you love and can afford it, go for it. I don’t worry what will be in 20 years, I am enjoying now.

Totally agree. We own a second home and visited last weekend. It was stressful because all I could see were maintenance issues to fix. Plus, at the end of the weekend, we had to spend 2 - 3 hours cleaning the home. This is not a vacation.

We had a great time on vacations raising our kids and hosting family at the home for the past 20 years. Now I am tired of the traffic to get there. I am tired of going to the same place. I am tired of the constant maintenance. Plus we pay about $12,000 to 14,000 a year to maintain it. (however after many years of little use, we now AirBnB it to offset cost and cover our timeshare vacations.)

Now I vote for paying timeshare maintenance fees (which are cheap by comparison) and just showing up - and letting someone else clean and maintain it.

 

[Jayco29D]

Totally agree. We own a second home and visited last weekend. It was stressful because all I could see were maintenance issues to fix. Plus, at the end of the weekend, we had to spend 2 - 3 hours cleaning the home. This is not a vacation.

We had a great time on vacations raising our kids and hosting family at the home for the past 20 years. Now I am tired of the traffic to get there. I am tired of going to the same place. I am tired of the constant maintenance. Plus we pay about $12,000 to 14,000 a year to maintain it. (however after many years of little use, we now AirBnB it to offset cost and cover our timeshare vacations.)

Now I vote for paying timeshare maintenance fees (which are cheap by comparison) and just showing up - and letting someone else clean and maintain it.

We have a second home too but we love it. Yes, it is expensive to maintain two homes but our second home is head and shoulders nicer than our primary home. I am trying to convince my spouse to move to our second home and sell our primary home but the answer has been no since the primary home is close to work.

 

[Steve Fatula]

We have a second home too but we love it. Yes, it is expensive to maintain two homes but our second home is head and shoulders nicer than our primary home. I am trying to convince my spouse to move to our second home and sell our primary home but the answer has been no since the primary home is close to work.

Do you think that will change though once you are both retired?

 

[Jayco29D]

Do you think that will change though once you are both retired?

I think this will definitely be our plan when we retire.

 

[forestgump14]

I would think that given how cheap the getaways are with II and 45 day TUGG rentals, you would be better off not paying additional money and maintenance fees that would make your vacations more expensive than they need to be.

 

[Jayco29D]

I would think that given how cheap the getaways are with II and 45 day TUGG rentals, you would be better off not paying additional money and maintenance fees that would make your vacations more expensive than they need to be.

I do not understand your comment.

 

[Panina]

I do not understand your comment.

I think it means do not buy and pay money and high maintenance fees and use getaways and rentals as a less costly way to vacation.

For me that does not work. I have my favorite places to go and want to be guaranteed I get to go to the resorts I want during weeks I want.

 

[vacationhopeful]

My plan for retiring and vacationing in South Florida in the winter is ... own lockoff units. Rent the 1bdr and stay in the Studio. Rent from the 1bdr covers the MFs plus possible a few dollars to cover food while staying in the Studio unit.

 

[mentalbreak]

(no cost)

Agree with the list, but I would argue that these “no cost” items are actually “prepaid costs” included in the total cost of ownership.

I think this is demonstrated in the new change to parking fees for overnight guests that doesn’t apply to DVC reservations.

 

[Jayco29D]

My plan for retiring and vacationing in South Florida in the winter is ... own lockoff units. Rent the 1bdr and stay in the Studio. Rent from the 1bdr covers the MFs plus possible a few dollars to cover food while staying in the Studio unit.

So travelover can pay for your retirement, lol.

 

[kc01075]

When acquiring a timeshare be sure to check to see if they have a deed back or repurchase agreement and what it contains. Also request to review the balance sheet to see what they have in restricted reserves vs. the reserve study. The last item to check is the Better Business Bureau Rating of the company from which you're purchasing. These three items may save you a lot of head aches in the future. Enjoy retirement and don't wait to long to do your traveling.

 

[VacationForever]

When acquiring a timeshare be sure to check to see if they have a deed back or repurchase agreement and what it contains. Also request to review the balance sheet to see what they have in restricted reserves vs. the reserve study. The last item to check is the Better Business Bureau Rating of the company from which you're purchasing. These three items may save you a lot of head aches in the future. Enjoy retirement and don't wait to long to do your traveling.

Do you even own a timeshare?

No timeshare developer or HOA has a clause that indicates deedback or repurchase agreement. They may have a Right of First Refusal but it does NOT mean they will take back a timeshare when you want it sold. If you are thinking about Ovation under Wyndham umbrella, it is a program that they have put in place but there is nothing that prevents them from cancelling the program altogether.

Regarding balance sheet, they all have reserves. But from the numbers one cannot tell if it is sufficiently funded and how much would it constitute as being enough.

BBB is a useless FOR PROFIT bureau. I know because we used to run a business. We were always rated A+ even though we refused to pay them for our listing. There are always complaints against any timeshare companies because people feel cheated when they buy from the developer and then subsequently realized resale value is only about 0 to 10% of what they have paid.

 

[MikePBillington]

We bought two after retirement, we had two before so we now have four. We bought the Hyatt Sunset Harbor in Key West and the Marriott Grand Chateau in Las Vegas. We have owned the Ridge Sierra and the Ridge Tahoe for a long time.
When we go to Key West we combine the timeshare visit with a couple of cruises out of Fort Lauderdale.

 

[JohnPaul]

We are now 63 and 70. The younger of us retired 3 years ago. We started buying timeshares 30 years ago but accelerated the process about 15 years ago and just closed on our latest purchase in January. We own in a several points systems and have bought more points over time. To date, we have never sold a timeshare.

Like anything else part of the trick is to match things to your personality. If everything is dollars and cents for you then a lot of timeshares may not be the best bet. You may be happier seeking out bargains via rentals, etc. If you love going back to the same place and not having to plan it out - buy fixed weeks. If you like flexibility and are willing to plan - try the points systems.

Of course, getting input from people about what worked for them like the OP is doing is always a good idea. Just be sure to find out WHY it works for them and see if that matches you.

I like just planning where I want to go with things "prepaid". We are now spending around 6 months on the road, primarily in timeshares. But...we don't have children or grandchildren to keep us at home.

Timeshares are worked great for us pre-retirement and are working great for us in retirement.

Enjoy your retirement however you end up deciding to go about it.

 

[oldxr]

I own a timeshare in Cabo.The years I don’t use it I rent it out to cover that years maintenance fee.I feel that I could rent from another owner here on Tug and avoid ownership. I can deposit into an exchange company but then I feel like I am paying a service fee to use my week.

 

[tomt73]

At the time we retired, we owned 8 intervals at an independent resort in my home town, Lake Placid, NY. I had earlier decided not to buy the Lake Placid house I grew up in from my parents because I love to travel and see different places. Since retirement (and a relocation to the West), my wife has bought two more winter floating time intervals at an independent resort in Santa Fe, NM, just 50 miles from our new home. All these units were bought for cash, the Lake Placid ones more than 20 years ago through a tax foreclosure sale, and the Santa Fe units from prior owners.

We consistently use two of our Lake Placid weeks to spend part of the Christmas holiday season in Lake Placid, and both of the Santa Fe units, usually in January or February. We have converted most of the rest (sold one to a nephew) to RCI Points and trade them, usually for winter ski weeks. We expect this to go on for at least another decade or so (I'm in my 60s) after which we'll see what happens.

If you have the income to handle the MFs for a decade or so, you shouldn't have a problem, and can get some pretty enjoyable travel destinations .