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Newbie to timeshare? Start your EXIT PLAN.

jimlocke007

TUG Member
Joined
Oct 16, 2016
Messages
6
Reaction score
5
Location
Darnestown MD
Except for PRIME 5 star property connected to a major corporation in this busines, in a PRIME time slot for that location, you will will be lucky (I've read 1 chance out of 65) to buy your way out of your timeshare. It took us 10 years to self-dispose of 3 properties in FL and Hilton Head Island and it "only" cost us about $5000 in use weeks granted the new owners, closing/transfer fees, prepaid maintenance fees. It was worth every penny to be relieved of a whole lot of worry that these albatross weeks (Christmas, June, and September) at these "highly rated" resorts would haunt us for our remainder and our daughter after our demise. As for the timeshare business, I tell everyone to use the Internet, find a nice property in the timeshare inventory AND THEN RENT ! Don't ever buy !
 

WVBaker

TUG Member
Joined
Mar 19, 2015
Messages
2,487
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Except for PRIME 5 star property connected to a major corporation in this busines, in a PRIME time slot for that location, you will will be lucky (I've read 1 chance out of 65) to buy your way out of your timeshare. It took us 10 years to self-dispose of 3 properties in FL and Hilton Head Island and it "only" cost us about $5000 in use weeks granted the new owners, closing/transfer fees, prepaid maintenance fees. It was worth every penny to be relieved of a whole lot of worry that these albatross weeks (Christmas, June, and September) at these "highly rated" resorts would haunt us for our remainder and our daughter after our demise. As for the timeshare business, I tell everyone to use the Internet, find a nice property in the timeshare inventory AND THEN RENT ! Don't ever buy !

Sorry it didn't work out for you however, there may be a few who dispel your thoughts. ;)
 

Synergy

TUG Member
Joined
Nov 21, 2019
Messages
336
Reaction score
229
Resorts Owned
Grandview, Massanutten
Well, it would hardly have haunted your daughter if you hadn't offloaded them, she was under no obligation to take them on after you passed. You even happened to own in two of the states you can just walk away, if you no longer rely on your credit score. Your exit plan is essentially my exit plan - be offloading theoretically valuable weeks and offer incentives to entice buyers. Right now, I could sell my ownerships at a profit. I'm under no delusions that I can count on that being the case when it's time to let them go.

In general, though, I tend to agree that most people are better off renting. The average person does not reliably do the legwork required to make timeshare ownership a good financial decision. Even people who do the legwork often have to assign value to intangibles to get the numbers to come out black in the wash. I say this as a fairly happy timeshare owner - there are very few ownerships that can rightfully be described as investments.
 

bogey21

TUG Member
Joined
Jun 8, 2005
Messages
9,455
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4,664
Location
Fort Worth, Texas
It is not easy to dispose of lesser Weeks but with a lot of work and persevering I was able to divest myself of 6 Weeks. Financially it was pretty much of a wash after netting the proceeds of the 2 I sold to cost of getting rid of the rest of them...

George
 

T-Dot-Traveller

TUG Member
Joined
Jun 10, 2015
Messages
4,697
Reaction score
3,664
Location
Canada
Resorts Owned
Mayan Palace Regency
Taranova
Strategy & Exit Plan Combined -

Buy $0 / resale RTU / float weeks in Mexico - that have an expire date that meets your timeline .
(ie) 5- 15 years* . Then book President’ Week at the earliest ARP point each year .

This will generally be less costly then renting each year / if you enjoy the location enough to
return multiple times - when it is winter / cold- in your neck of the woods .

* an example - Club Regina ( PV- Cabo- Cancun) The Club Regina contracts ( the ones that predate Raintree)
expire in 2026 .
 
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SteelerGal

TUG Member
Joined
Mar 8, 2019
Messages
1,758
Reaction score
835
Resorts Owned
WKV, SDO, HPP, Bay Club
I agree that most ppl should rent. Owning requires education. We own in the MVC family and 1 Independent. All can easily be divested except 2.
 
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