Sell TM or buy more and rent?

[Jollyhols]

Once you are stuck with a timeshare you would prefer to sell but could only get a low price for, I would be grateful to hear opinions as to whether it would be better to sell for the low price, or buy more weeks to try and rent out,thereby hopefully covering the maintenance & taxes which I believe stay the same whether you own one week or several.

I know this depends a lot on the resort. The one I have in mind is Westgate Lakes. I am just trying to work out the best way to deal with a less than ideal situation.

Thanks

 

[calgal]

Maintenance and fees are charged per week owned, so you would double your annual expenses by buying a second week. I don't think that is what you want to do.

 

[Jollyhols]

Oops - I am obviously under a misapprehension re the annual maintenance

 

[MOXJO7282]

Besides - renting a Westlake is next to impossible. Too much supply, so finding someone to rent your Westgate would be very difficult. I'm sure your salesperson, said, "hey no problem, can't use your week, well you can easily rent it for big money". This is the biggest lie salesman tell.

Regards.
Joe

 

[geekette]

Exchanging or direct trade doesn't enter into your consideration?

I don't know anything about that resort, just making sure you know there are other options if you don't want to stay there.

 

[JillChang]

I don't think buying more to rent is a good solution. Any resort that can fetch a good rental price will cost a bit to buy too even on resale market.

I think banking it with an exchange company is a solution for you. You can pay an exchange fee and vacation where you want. You don't have to go every year, you can take 2 week a year instead. The key is advance planning and finding the right exchange company for Westgate resort.

 

[Jollyhols]

Thanks - your replies have made up my mind.

We do exchange into other resorts - but I do find, for example, that our lock-off unit isn't tradeworthy for, say, a Marriotts lock-off unit, unless we wait until last minute and then they let us exchange. Without repeating my 'Buy in haste' thread moan & groan, I no longer want the TS, but I am just trying to think of ways of lessening the financial loss.

I would consider exchanging for Marriotts points but I doubt whether anyone would want my Westgate!

 

[sfwilshire]

If you are saying you split your lockoff into two weeks and are disappointed with the results, it might be worth leaving it as one unit some years. One week to trade for a more desirable resort might work out better than two that you can't trade for what you want.

Also, if you are trying to exchange with II and your resort is dual-affiliated, you might give RCI a try. I am a member of both exchange companies and have deposited my dual-affiliated resorts into each just to compare the results. Sometimes one is better, sometimes the other.

I agree that you should not buy more weeks at a resort that isn't meeting your needs. Renting can also be a hassle. I don't own anything that I would keep purely for rental purposes, though I do rent some of my weeks when I have more weeks than I can use comfortably.

If you just can't make this resort work for you, dump it and buy something you can enjoy. Vacation time is too short. On the other hand, if you are flexible, almost any trader will get you something you can enjoy.

Good luck.

Sheila

 

[camachinist]

I no longer want the TS, but I am just trying to think of ways of lessening the financial loss.

Sell it on eBay. Nothing worse than a money pit you despise. Sure, you likely won't get much for it, but at least you won't be cussing when writing out the MF check

Pat

 

[Bill4728]

Quote:
I no longer want the TS, but I am just trying to think of ways of lessening the financial loss

.


Sell it on eBay. Nothing worse than a money pit you despise. Sure, you likely won't get much for it, but at least you won't be cussing when writing out the MF check

Pat

I agree with Pat. If you don't want it sell it. If you'd like to continue timesharing, as we do, buy something you'd like and go on from there. Just buy resale this time, so if in the furture, you decide to sell you will not take such a loss.

Good Luck

 

[Jya-Ning]

Since you already own the TS, you can try to see if you can rent it out yourselve, and if you do, if you like it or now. No need to think to buy more at this moment. Then you can see if you want to keep this one or not.
If you don't like your renting experience, or if you can not get your MF worth, then there is no reason to hold on. You can determine if you want continue including TS as part of your travel plan or not after you decide if you want to sell. If you sell one that you purchased from retail and buy another from resell, it is not much difference, you did not really have a loss, you just purchase retail from different developer in a sense.

Good Luck

Jya-Ning