Buying a timeshare with friends - questions

[mlsmn]

We are thinking of buying a caribbean timeshare with friends to use together or take turns every other year.

Any advice ?
Is a signed agreement needed?
Anyone know where a copy of an agreement might be on the internet to copy?

 

[Kay H]

I would advise against it. Too many possible problems, e.g. change in someone's financial situation, disagreement on when to travel, someone having to change plans at last minute, etc.

 

[lvhmbh]

We have FORMER friends with whom we bought a timeshare. Notice my emphasis on former. JMHO, Linda

 

[copper]

We are thinking of buying a caribbean timeshare with friends to use together or take turns every other year.

Any advice ?
Is a signed agreement needed?
Anyone know where a copy of an agreement might be on the internet to copy?

Don't do it... buy an EOY instead or if you can buy with your friend and then legally split it into an EOY so that you can bail when you want.

 

[helenbarnett1963]

we jointly own a timeshare with friends. It works very well for us.

You need to be very sure about your friends though.
Have you been on vacation with them before? Do all the kids get on together? Can you be sure that your, and their, vacation plans will stay the same in future? How well can you resolve disagreements with them?

We, together with our friends, spent several months on the "decision" process before finally taking the plunge - not least because it was a major financial commitment for both families!

We also drew up an agreement covering all the details we could think of such as: who pays maintenance fees for both the 'fixed' ski weeks and the 'spare float' weeks, what happens if one family doesn't want to ski one year, or one family uses a float week to trade for a summer vacation, how to deal with rental income on unused weeks, what happens if one of us dies/wants to sell etc. Not sure the agreement would stand up in a court of law, and we never got around to formally signing it, but we are all happy with the arrangement.

on a practical level we get together each January and decide what we are going to do with the weeks for that year - at least us wives do - the men just want to know when they're going skiing again!

I think it works for us because we get an affordable ski vacation each year, with company in the evenings when the kids are in bed and a sharing of kiddie care during the day. Each familiy decides how much of the 2 weeks they want to be there and makes their own travel arrangements accordingly. We also make sure each family "does thier own thing" at least some of the time - though we do sometimes find ourselves trading our older daughter for their younger son for a particular activity!

 

[Jaybee]

I vote no, also. We've done that, and probably should have realized our friends were procrastinators, and unable to make decisions. It is not a happy memory.
Jean

 

[Bill4728]

.....or if you can buy with your friend and then legally split it into an EOY so that you can bail when you want.

This sound good but may not be possible. Just because the developer can sell EOY doesn't mean you can buy a EY and split it to an EOY. You likely will not be able to do that.

If you buy resale, the price of a TS should be reasonable enough for you not to buy it with another family, so DO NOT BUY WITH ANOTHER FAMILY.

 

[Phill12]

Buying With Friends

"Not a good one" If you are close friends and want to stay that way don't do it! :whoopie:

Go on the resale market and you buy even and have friends buy odd and your set. This way you each own everyother year. Now you can share every year or trade one year as a group. This way if you really love your timeshare you will be able to use it every other year as a group or family.

Now the down side, when things start downhill you still own your unit and can keep or sell when you want.

Nothing worse when sharing then have your friends want to sell the unit and you don't. Now your forced to buy them out and if your still friends at this point then Its over!

 

[lvhmbh]

Or friends that have financial reverses and fail to pay their share of the maintenance fees!!! And you only find out when you get to the resort!!!! Then you have to pay it or you're standing there with your luggage!!!!

 

[Steamboat Bill]

my advice is to buy two TS weeks at the same property and deed them separately.....I have read WAY TOO many horror stories about this.

 

[JMM]

If friends want to remain on friendly terms they should not share the cost of a single timeshare. I have always wanted a second timeshare, but the cost was too much. One of my friends wanted to go in with me, but she already had one with another friend. They hardly ever used it, but the friend would not sell. They pay maintenance each year and it just sits empty. This did not set well with me.

Solution -- I bought an EOY (odd year). She bought an EOY (even year). She is always welcome to come during my year and I am welcome to come during hers. Each of us will help with the other's maintenance fees ( a minimal sum) if we go, but are not required if we do not go. We invite whomever else we want during our weeks. We agreed to let each other know what our plans are well in advance so that the other can plan on how many others will make up the group.

This should work well. If either of our financial circumstances should change, the other is not responsible for any payments. If one decides not to use her week, the worst is that the other will not get to go that year, but can count on going when her year comes around.

Whatever you decide to do, I hope it works out well for you.

JMM

 

[Steamboat Bill]

If friends want to remain on friendly terms they should not share the cost of a single timeshare. I have always wanted a second timeshare, but the cost was too much. One of my friends wanted to go in with me, but she already had one with another friend. They hardly ever used it, but the friend would not sell. They pay maintenance each year and it just sits empty. This did not set well with me.

Solution -- I bought an EOY (odd year). She bought an EOY (even year). She is always welcome to come during my year and I am welcome to come during hers. Each of us will help with the other's maintenance fees ( a minimal sum) if we go, but are not required if we do not go. We invite whomever else we want during our weeks. We agreed to let each other know what our plans are well in advance so that the other can plan on how many others will make up the group.

This should work well. If either of our financial circumstances should change, the other is not responsible for any payments. If one decides not to use her week, the worst is that the other will not get to go that year, but can count on going when her year comes around.

Whatever you decide to do, I hope it works out well for you.

JMM

This is the most creative solution regarding this problem I have read so far.

 

[gmarine]

There are so many possible problems that can arise from a shared ownership. I wouldnt do it.

 

[Transit]

my advice is to buy two TS weeks at the same property and deed them separately.....I have read WAY TOO many horror stories about this.

I agree with Bill you can try and get the same week/season and travel together .Over the years friends find themselves in different life situations.

 

[jules54]

Don't do it. I have two friends that used to be friends with each other that tried this. Note my sentence "used to be friends" they had a falling out and then it turned into a mess with myself somewhere in the middle. The person who wins is the fast mover that makes the first phone calls and gets all the paperwork in their hands. I refused to become involved, and also have since refused to share ownership of anything with either of these friends upon seeing how they both handled the situation.
I am not talking about deadbeats here either. Both highly educated with very nice salaries. Sometimes people get into it over a little thing and then whoa nelly......

 

[Lydlady]

We bought an EOY with another couple. So far we've been lucky and have not had any problems. It might get interesting and a little complicated though because they used it this year and liked it so much that they bought it for EY.

 

[teachingmyown]

Why do this???? It puts an unimaginable load on a friendship to have something like this hanging between you. Simply put, there just aren't that many people in the world who can handle this well and the odds are against you.

Maybe a solution could be for you each to purchase into a points system so that there would be enough points between you for a yearly vacation to be shared. That way if one wanted out, or made a mistake with fees or something like that the other could continue accumulating points enough for a vacation every other year without having the financial problems intrude on the friendship. If, for example, your friend got into a situation where money was tight and she couldn't pay her mf, wouldn't it be easier for you to give emotional support (and for her to accept it) if it wasn't also creating a financial burden for you by way of a joint ownership in a financial liability?