AceX
newbie
- Joined
- Sep 16, 2020
- Messages
- 5
- Reaction score
- 3
- Points
- 13
- Resorts Owned
- Marriott Village d'ile-de-France
Hi all,
First time poster here! I need some help with timeshares. My parents bought a 75 year marriott timeshare for $14,000 approx 10 - 12 years ago. I was a child at the time (currently 23), but they talked about the timeshare as something they would pass on to their kids and grandkids, so it's something I have a slight interest in.
However, for the past few years, they've been struggling to meet the annual payments on their timeshare. They currently owe approx $3.5k of maintenance fees (2018-2019 & late fees), and they received a letter in the mail a couple of weeks ago stating that their timeshare property would be revoked in approx 2 weeks. This is really causing some division in the family as my mother wants to let it go, but my father wants to keep it. So I would please like to get some advice on what to do about it.
They haven't given me the full details of the timeshare, but I believe we have a fixed week around September in Marriott Village d'ile-de-France (I believe it might be silver, but I can ask my parents to confirm this). Strangely, my father says that he looked at selling his timeshare 2 years ago and he said that he was able to sell it for $12k two years ago. To him, there's still a lot of value in keeping it, but my research suggests that our timeshare isn't worth that much.
Before finding this forum, I wasn't hearing great things about timeshares and right now I'm curious if there's any value in keeping the timeshare or not. My questions are:
1. My parents need to pay $3.5k in fees to keep the timeshare, and then pay another $1.2k in December 2020 for this year's maintenance. Is it worth keeping the timeshare and taking out a loan to pay the fees?
2. If I keep the timeshare, what's the best way to maximise our value from the timeshare. Do we try to rent it out or upgrade to a higher week?
3. If it's not worth keeping, then what happens if my parents don't pay the maintenance fees? How can I convince my father that his timeshare is no longer worth $12,000?
Thanks so much for reading this, really desperate to get some advice!
EDIT: Turns out it's a Gold week instead!
First time poster here! I need some help with timeshares. My parents bought a 75 year marriott timeshare for $14,000 approx 10 - 12 years ago. I was a child at the time (currently 23), but they talked about the timeshare as something they would pass on to their kids and grandkids, so it's something I have a slight interest in.
However, for the past few years, they've been struggling to meet the annual payments on their timeshare. They currently owe approx $3.5k of maintenance fees (2018-2019 & late fees), and they received a letter in the mail a couple of weeks ago stating that their timeshare property would be revoked in approx 2 weeks. This is really causing some division in the family as my mother wants to let it go, but my father wants to keep it. So I would please like to get some advice on what to do about it.
They haven't given me the full details of the timeshare, but I believe we have a fixed week around September in Marriott Village d'ile-de-France (I believe it might be silver, but I can ask my parents to confirm this). Strangely, my father says that he looked at selling his timeshare 2 years ago and he said that he was able to sell it for $12k two years ago. To him, there's still a lot of value in keeping it, but my research suggests that our timeshare isn't worth that much.
Before finding this forum, I wasn't hearing great things about timeshares and right now I'm curious if there's any value in keeping the timeshare or not. My questions are:
1. My parents need to pay $3.5k in fees to keep the timeshare, and then pay another $1.2k in December 2020 for this year's maintenance. Is it worth keeping the timeshare and taking out a loan to pay the fees?
2. If I keep the timeshare, what's the best way to maximise our value from the timeshare. Do we try to rent it out or upgrade to a higher week?
3. If it's not worth keeping, then what happens if my parents don't pay the maintenance fees? How can I convince my father that his timeshare is no longer worth $12,000?
Thanks so much for reading this, really desperate to get some advice!
EDIT: Turns out it's a Gold week instead!
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