Out priced with maintenance fee

[Tenanddown1]

Our maintenance fee on one of our timeshares has become more than what most of the timeshares would cost us to rent for a week. It falls under a point system. The only thing we owe is yearly maintenance which is up to date how do we get rid of one of our timeshares. It originally was Diamond now Hilton acquired it.

 

[Luanne]

You can see if the resort will take the timeshare back.

You can try to sell it (if it's fully paid for).

You can give it away for free.

You can default (which I wouldn't personally recommend).

 

[Tenanddown1]

Thank you I think I will read on how to give it away for free, if you know please let me know

 

[Luanne]

Thank you I think I will read on how to give it away for free, if you know please let me know

You can offer it up for free here on the Marketplace. I think you need to be a member to do that.

 

[DeniseM]

You can offer it for free on the Free Timeshares Forum at no cost to you: How can I give my timeshare away on TUG?

 

[LannyPC]

Our maintenance fee on one of our timeshares has become more than what most of the timeshares would cost us to rent for a week.... how do we get rid of one of our timeshares.

Sadly, that describes about 99%,of the timeshare intervals out there, despite what the sales person who sold you this told you.

In addition to the suggestions given above, the one caution we give here on TUG is to not go seeking the services of these companies, law firms, or charities that claim they can cancel or exit you from your TS.

 

[pierrepierre]

Diamond Transitions.....

 

[Carolinian]

Sadly, that describes about 99%,of the timeshare intervals out there, despite what the sales person who sold you this told you.

In addition to the suggestions given above, the one caution we give here on TUG is to not go seeking the services of these companies, law firms, or charities that claim they can cancel or exit you from your TS.

Where you have a member controlled resort with an active hands on board, you are more likely to have reasonable maintenance fees. I would have no trouble in renting out my summer OBX weeks for at least twice the m/f, and in fact have some so on occaision. Also, most of the member-run HOA's in my will take back deedbacks if asked. It is more efficient and cost effective than having to go through foreclosure.

 

[cubigbird]

I think we are seeing this across the board with the major timeshare chains. If this outpricing continues, we are going to see an even bigger tsunami of defaults and resales hit the market. Corporations that influence HOA BODs should be taking notice now that the more they influence massive annual budget increases the closer to systems gets to reaching a breaking point. The next decade will be interesting as more consumers retire and live on a fixed income and may find they become out priced. The younger generation travel habits are different in that they don’t want to be planning 8-13 months in advance, and much more last minute, so there may be less appeal to inherit mom and dad’s ownership or want to buy.

 

[TUGBrian]

agreed.

January is always like a light switch on TUG in terms of activity surrounding selling or otherwise getting rid of a timeshare. This is of course due to the majority of people having their annual maintenance fees due around this time of year (if not specifically January itself). This year is no different.

I will say that this year there is a NOTICABLE increase vs previous years in at least the conversations about maintenance fees simply getting to the point where they are not sustainable or no longer provides the vacation dollar value it once did for the average owner.

Given this trend and the lack of improvement in most cases regarding deedback/surrender programs...this has the genuine possibility to snowball for many resorts as more and more owners choose this year as the year to "stop paying" given no other legitimate options!

I am curious if anyone has access to a few years of historical budget reports showing the line item for bad debt or defaults...I would truly like to see a comparison starting from 2020 now up to 2024 (and REALLY interested in 2025)

 

[kuhnsmith]

I have a will but want to create a trust instead. I'm advised by my lawyer that I should put everything in my trust BUT the time share whereby it will die of "natural causes" (like me hopefully) when there is nothing outside of the trust to pay the HOA dues. I'm also advised by several lawyers that in spite of what people tell you, your children are NOT required to assume ownership of a time share when you die.

I have a real estate agent friend who is trying to sell or give away my timeshare but so far no luck because he says most people seem to want annual stays as opposed to mine which is every other year.

 

[Fredflintstone]

Sigh. Greed. I agree with all of you. HOAs who think they have you by the toenails because you signed a contract are in for a rude awaking. Non judicial, anti deficiency laws in some timeshare heavy states makes them behave if they don’t want a road to destruction.

Each timeshare resort is unique. Those resorts who consider owners first and are reasonable with MF will survive and even thrive. Owners do have a sense of fairness overall and will stick with resorts who are fair to them And make the timeshare system stay as a good option.

 

[TimMikel]

Where you have a member controlled resort with an active hands on board, you are more likely to have reasonable maintenance fees. I would have no trouble in renting out my summer OBX weeks for at least twice the m/f, and in fact have some so on occaision. Also, most of the member-run HOA's in my will take back deedbacks if asked. It is more efficient and cost effective than having to go through foreclosure.

In my experience, this is very true. I have 7 weeks at 4 resorts, all of which can be described as member controlled with active hands on boards. All are well maintained with sufficient reserves. The rental rate on 6 of those 7 weeks averages over 2 times the maintenance fee. I rent 2 of them and use 4 which gives me 4 weeks at an average of about $500 or $600 per in 2 BR beach front accommodations during Feb. The 7th is one of my favorite places to go, though I could rent the same week for about the MF (shoulder season). I'm OK with that, though, as I have my week guaranteed plus the benefit of owner rental rates should I go other times of the year.

 

[LGWhite]

You can see if the resort will take the timeshare back.

You can try to sell it (if it's fully paid for).

You can give it away for free.

You can default (which I wouldn't personally recommend).

From one Luanne to another,lol, with this one being a novice, do you have any other suggestions for me on how else to get out of timesharing? Have owned a long time, paid in full, resort will not take back, have advertised here willing to give away, etc. Our circumstances, life, etc have changed and just don't want to deal with it any longer. I'm seriously considering just walking away but, that option doesn't sit well as we have excellent credit and resent feeling forced to do something that harms us. Any advice for us?

 

[Luanne]

From one Luanne to another,lol, with this one being a novice, do you have any other suggestions for me on how else to get out of timesharing? Have owned a long time, paid in full, resort will not take back, have advertised here willing to give away, etc. Our circumstances, life, etc have changed and just don't want to deal with it any longer. I'm seriously considering just walking away but, that option doesn't sit well as we have excellent credit and resent feeling forced to do something that harms us. Any advice for us?

Nope, I have no other ideas. We still own the two timeshare properties we've had long term. We either use them, or trade them.

 

[aandmrun]

I agree that there are some resorts that have raised their maintenance fees so much that it is more that what someone could rent a nicer place. We had a historical building in a great location in New Orleans that we have visited every year since 2010. However, in 2023 we decided to deed it back because we can get a much nicer and newer condo near the river for less than the annual maintenance fees. Unfortunately, the building does need a lot of maintenance so I can see why the fees are higher, but it is no longer being kept up to standards. We were sad to let this one go, but we will continue to visit New Orleans in the future, just not every year.

 

[Patri]

From one Luanne to another,lol, with this one being a novice, do you have any other suggestions for me on how else to get out of timesharing? Have owned a long time, paid in full, resort will not take back, have advertised here willing to give away, etc. Our circumstances, life, etc have changed and just don't want to deal with it any longer. I'm seriously considering just walking away but, that option doesn't sit well as we have excellent credit and resent feeling forced to do something that harms us. Any advice for us?

If your credit rating doesn’t matter any more, who cares? Most of us are past the age of getting mortgages, financing cars, etc.

 

[tjk144]

Where you have a member controlled resort with an active hands on board, you are more likely to have reasonable maintenance fees. I would have no trouble in renting out my summer OBX weeks for at least twice the m/f, and in fact have some so on occaision. Also, most of the member-run HOA's in my will take back deedbacks if asked. It is more efficient and cost effective than having to go through foreclosure.

I wholeheartedly agree with this. We own 2 timeshares, both with active owners on the board, and both have kept maintenance fees at reasonable increases throughout the years. We would like to buy some additional timeshares. How does a person find out the makeup of the board beforehand? It would be nice if such a database existed.

 

[dioxide45]

I have a will but want to create a trust instead. I'm advised by my lawyer that I should put everything in my trust BUT the time share whereby it will die of "natural causes" (like me hopefully) when there is nothing outside of the trust to pay the HOA dues. I'm also advised by several lawyers that in spite of what people tell you, your children are NOT required to assume ownership of a time share when you die.

I have a real estate agent friend who is trying to sell or give away my timeshare but so far no luck because he says most people seem to want annual stays as opposed to mine which is every other year.

Given that you only have one post, I take it that you haven't tried giving your timeshare away for free here in the Free Timeshares forum?

 

[LGWhite]

If your credit rating doesn’t matter any more, who cares? Most of us are past the age of getting mortgages, financing cars, etc.

I agree however, it bothers me.

 

[onysko]

I successfully gave away my 3 BR annual deeded week at Cypress Pointe Resort in Orlando last month. It took 7 months of ads on TUG, Redweek, Craigslist, and Kijiji. It "sold" via Red Week. I assumed all transfer costs & stated this in my ads. Used LT Transfers to complete the deal.

 

[dioxide45]

If your credit rating doesn’t matter any more, who cares? Most of us are past the age of getting mortgages, financing cars, etc.

Some have reported that moving in to assisted living may require a credit pull. Not sure if this is true, but if it is it needs to be considered.

 

[easyrider]

Some have reported that moving in to assisted living may require a credit pull. Not sure if this is true, but if it is it needs to be considered.

A credit check is often part of the application to move into a good assisted living facility. A financial statement is often required too. I never thought of this even though we went through this with our parents until you brought it up. So defaulting on a timeshare could create a problem regarding living in some good retirement homes. Thanks for bringing this up.

Bill

 

[theo]

Where you have a member controlled resort with an active hands on board, you are more likely to have reasonable maintenance fees.

I certainly agree. However, even the most conscientious Board cannot avoid or control rapidly escalating insurance costs. In coastal SW FL, in the aftermath of Hurricane Ian (September, 2022), I have seen insurance premiums at several independent resorts with very capable and responsible owner Boards literally DOUBLE, virtually overnight — with no end in sight.

 

[Fido Chuckwagon]

I certainly agree. However, even the most conscientious Board cannot avoid or control escalating insurance costs. In coastal SW FL, in the aftermath of Hurricane Ian (September, 2022), I have seen insurance premiums at several independent resorts with very responsible owner Boards literally DOUBLE, virtually overnight — with no end in sight.

Yup, that’s a FL legal/political/scientific problem. Google “Florida Insurance Roofing Scam” for just one example about how bad things are for insurers in FL right now. People should seriously think twice before purchasing any kind of coastal FL property right now, timeshare or otherwise.