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Hi there! Newbie here!

Paul-ish

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I have a relative that owns a Westgate timeshare, and he asked if I was interested in buying it?

I don't know much of anything about timeshares so I ended up here...lol

OK , so it's a 2 bedroom unit that the second bedroom can be locked off in Orlando.
He has a deed for it, and has it for the first week of December. (every year for 1 bedroom or every second for the whole suite?)
He pays $1000 every second year in dues/ maintenance or whatever you call them.
He would like to get $10,000 for it.

Is there any value in reselling it in 12 - 16 years?
We would like to buy a place in Florida in the future but cant do it right now.

We have kids and travel every year right now.
We really like Orlando and would go every second year.
 

tschwa2

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A westgate Orlando timeshare has less than a $500 resale value. Some people will give it to you for free and pay and closing costs while others may make you pitch in the $500 for the transfer and closing costs. If you take it, I would expect it to have no resale value when you are finished with it. A fixed first week in December is a low value week.

If that is the week you want to go to every other year, You could probably rent a 2 BR Orlando week for $1000 or less and have zero commitment involved.
 

DaveNV

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We really like Orlando and would go every second year.

Hi Paul. Welcome to Tug. You're in the right place to learn before you invest your money in a timeshare. Do not agree to buy anything until you fully understand what you're doing. It's very easy to fall into owning a timeshare, but can be quite difficult to get out of it.

Simply put, that timeshare you're being offered is not worth the money they're asking. Check eBay to see where Westgate timeshares are regularly given away for pennies (or less) with the seller usually paying all transfer fees to get rid of it. Do not agree to pay $10K for that one. Sorry to the relative who owns it, but there really is no resale value in it. Timeshares are not like real estate - they rarely appreciate in value, and you aren't buying tangible property - you're buying time at a tangible property. Think of it as the cost of vacationing, and little else.

Buying in Orlando can be risky, unless you want to go to your owned resort every year. If going there each year is fine with you, buy the resort you want, with the unit size and timeframe that suits you best. (But only buy it on the resale market - never buy from a Developer - it's a ripoff.) Exchanging out from Orlando to another resort can often be a problem, because Orlando is hugely overbuilt, and most timeshares there have little trading power. There are exceptions, but generally speaking, the only reason to buy an Orlando resort is if you want to vacation there.

Do your research here, where folks are happy to share information, before you commit to buying anything. You may consider renting a timeshare from an owner (often for just the cost of annual maintenance fees, or even less), to try before you buy. It's a great way to learn how different timeshare systems work, and what is best for your family.

My personal comments: A 2 bedroom lockout is fine, if you want to stay every other year in a 2 bedroom unit. Locking off the one side to stay every year means you'd cram your growing family into a one bedroom, or even worse - into the studio side. So the lockout doesn't mean much, if you aren't going to use it as such. With a family, you're better off with the full two bedrooms. As your kids grow, they're going to need more room, and your traveling schedule will be more restrictive. You'll be tied to a school schedule, so traveling to Orlando will mean going either during school holidays (which can be very difficult to book), or during Summer Vacations, when Orlando tends to get very crowded - and hot. I'd suggest you shop for a unit that is the right size, deeded for the right week of the year, so you won't have to worry about booking or exchanging in. Your relatives deeded week in December might be great, weather-wise, but it isn't likely to work well with school-aged kids. Keep reading and researching here, and learn before you buy. You have much to gain by taking your time.

Good luck!

Dave
 

Passepartout

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Not worth anything. Waste gate strips ALL the perks from resales- like internal exchanges and even changing dates. Stay away- FAR AWAY- from anything Waste Gate! They are pure poison!
 

Paul-ish

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Well so glad I came here before even asking anymore about it.

Thanks for all the comments and saving me $10K !!
 

tschwa2

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Well so glad I came here before even asking anymore about it.

Thanks for all the comments and saving me $10K !!
Just so you know, your family member probably isn't trying to cheat you. They likely paid $20,000+ for the timeshare but haven't found out yet that it has no resale value. That is one of the reason that people who are trying to get out are so easily scammed by those claiming to have a buyer for $10,000+ if only the owner pays some kind of bogus fee or another in the range of $2000-$4000 with the promise that it will be reimbursed. They honestly believe there is value in their timeshare like they were promised when they bought.
 

LannyPC

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We really like Orlando and would go every second year.

Another option would be to rent from current owners. Often you can find a rental for less than what the owners are paying in MFs. If you have the flexibility to book your vacation and accommodations within 45 days, you can probably find a rental on TUG's Last Minute Rental board for $800 per week or less. It's free to advertise there that you are looking for a rental.
 
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