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Timeshares from Parents

J

JasonE

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Joined
Jul 28, 2008
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Location
Seattle
I'm not new to going to timeshares, but I'm new to the thought of actually owning them, which is kind of an odd situation I find myself in.

My mom and dad own three timeshare weeks at Massanutten, Virginia (two of the 2 bedroom villas in July/Oct and one of the 4 bedroom double-chalet things in February).

Dad's going to sign them over to me (though I'm guessing that means mom will have to, too?) but I don't know if I want them. I live on the west coast now and have no interest in going back there, however beautiful it might be.

It's strange to think of these things finally falling to me, but I'm stressing out over whether I should sell them off, rent them, etc. I see a lot of mixed things on the messageboard, but mostly those involve how much you 'lose' in value when you first buy them. I guess dad originally paid around 30k for these about 15 years ago, but he hasn't used them or rented them in the past 10 years, so he's rather keen to get rid of them.

Do these things actually have value? I see the Massanutten ones renting for about 700 a week, and they appear to sell on here, and the weeks themselves go for about 4000 each. I know it's way less than he paid for them.

Also, does he have to do anything special to transfer them over? Is there any inherent value to pay taxes on? Or should we find some other plan? I don't actually want them or the money from them, as they have no personal value and I kind of, well, don't like the idea of owning them. I'd be more than happy to give the sale moneys back to him again, but the whole transfer thing seems to make the whole situation confusing.

Is it possible to just transfer control over it but leave it in his name? Surely some people here have aging parents with them and have dealt with a similar situation.
 
They can add your name to the deed, but that doesn't really solve the problem of paying the maintenance fees and what to do with the unused time. If control is transferred to you - then what are you going to do with them? If they haven't been used in 10 years, I'd sell them. Good luck!
 
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Most of us have been down the road of aging parents and "control" over their finances and "stuff". And also you have the cross-continental parent issues, perhaps the guilt or loneliness or denial of the downhill slide.

Use this minor issue to truly discuss your parents' elderly and aging condition, finances, health and desires. If you have siblings, start opening up to them (unless there are drugs or impairment issues) and see if they have a fuller read on your parents. Not having used these timeshares for ten years is a telling sign of much bigger problems.
 
Years ago my grandfather offered to my parents to sign over his interest in an RV/Camping "timeshare" (for lack of a better term). I don't recall if it was a KOA or another competitor. None of us had RV's, none of us really were interested in camping and while my household were the most likely of anyone to use such a thing, we were broke and didn't have the $$ to spend for the membership/maintenance fee's ourselves.

Fast forward now 15 years and our cluster of timeshares. We purchased them figuring that our kids and their future extended families will likely want to take advantage of these when they their families are starting out without having the $ for maintenance fees themselves. At some point down the road we'd probably want to provide them with the opportunity to take them over, but realize reading the OP's post that it could create more problems than opportunity.

To answer the first post, unless you don't want to deal with the maintenance fee's, you could likely take the weeks and deposit them with an exchange company to get vacations in places you'd like to go to.

Timesharing isn't for everyone and you certainly have been exposed TS resorts and how they are used. Do what is right for you and your immediate family.
 
Thanks for the responses. Dad's getting older, but it was more that my parents divorced after I moved out (he's a lot older than my mom, which explains a lot). He's got his dreamhouse in the mountains now and there's probably no point in going someplace else. I don't take vacations as I'm too busy trying to develop my career and start up my nest egg (and I live right next to beautiful mountains here in Seattle). Sitting outside on a nice, sunny weekend reading a book is all the vacation I really want. Psychologically speaking, I think my parents wanted an escape from their fundamentally flawed marriage and the engineering job that burned him out on life, so they needed an outlet like this to look forward to. Oh well.

I did enjoy it as a kid, mind you. There are many happy memories of going to Massanutten. But that just made me look for a place where I could have something of that all the time. I learned from dad's mistakes and worked hard so I didn't need to find an escape like he did.

I think I'm going to persuade him to bury the hatchet with mom and take control of the timeshares, sell them, and keep the money for himself as he's been paying the fees all these years. Provided they have any value at all. Otherwise maybe give them away if it comes to that. It might make sense to keep the 4br unit, though. People seem to like that one and it rents well.

There is some kind of logic in wanting your kids to have 'free vacations' but I just don't know. My generation doesn't seem as interested in that sort of thing and, well, the whole point of growing up is to move away and start your own life. Timeshares tie you down to a location and tangible/physical things, in a sense, and I remember there are trading fees and all sorts of things RCI tacks on to bank it and switch around. Maybe I'll think differently on it in 10-20 years, but then I can just pick up one for cheap when I'm ready now that I know the 'secret' about their cost.
 
Jason-
Timesharing and exchanging has come a long way since you were a kid. There are now the independant, upscale exchange companies (SFX for example). SFX seems to have a lot of S.F. City stuff, Mexico, Hawaii ==> free to look. DAE is another independant.

Redweek will take your weeks for a membership fee of $15 per year and give you points. Those two summer weeks could give you XXXXX points, which you can then "spend" on 1, 2, or more weeks vacation for an exchange fee of $125 per week. Redweek points are good for 3 years. Points are combined from different deposits as one set, unlike a week for week exchange which is the older RCI model. The further out you deposit, the more points. Free evaluation (after $15 yearly membership fee) as to what each week would yield if you deposit with them. As Redweek is also aligned with DAE, who seems to shuttle Austrialian and Asian deposits to Redweek- with the same $125 exchange fee for the foreign weeks.

That yearly membership fee also give you access to review ads for other rentals and sales ads. Ads cost more money, but many here on TUGs like the quality of respondant from Redweek. Vacationtimesharerentals.com has free rental and sales ads, plus membership is free. Bidshares.com is another, I believe, freebee site.

As I am not familiar with your Dad's resort, is it part of a mini-system? There would be additional advantages in the exchange world (priority/preferences on exchanges). Do any of the weeks qualify for added "stuff" - Accommodation Certificates, for example - when deposited with either RCI or II).

Also, I don't know how often you visit your Dad - using the neutral (and pleasant childhood memories) location as a yearly family visit/vacation might also be a wise.

So hang around here on TUGs for awhile, read some of the other posts - enlighten your Dad (even getting him to read and post). Make new friends. Inspire you all to travel or vacation (together or separately) - Vegas, Hawaii, Mexico. Look at the Last Minute Rentals.

Options abound - go ahead and explore. We are friendly and helpful bunch.:D You might even want to join Tugs to get access to our member written reviews.;)
 
Good luck to you and your decision. Once you own the timeshare- you have the maintenance fee. It's not easy to sell a "good" timeshare - I know nothing of your family's timeshares. Some people write of how hard they are to give away.

I would hate to see a family problem because a parent thought they were doing something nice for the "child" and it turned into a huge hassle. Look into it. If you don't want it - help your dad sell it rather than transfer it to you.

It doesn't sound as though you need a timeshare now - but I agree with others - spend some time here with us on TUG and read. I would suggest you spend the 15 dollars to join TUG and read the reviews about your dad's timeshare (or PM me - I'll be glad to read the review for you and summarize). but the 15 is probably worth it. You aren't stuck here at TUG having to beg to unsubscribe. :) We're pretty nice.
 
Well, huh. They're in Massanutten, Virginia. I believe that's the Shenandoa area, but I could be mistaken. Supposedly it's an RCI resort, so you can trade anywhere within that system. All three weeks are what they consider 'gold' weeks. There are two townhouse villa weeks and the one four bedroom shack week apparently counts as two weeks for making a trade. Which leads me to believe it's the better one of the bunch.

I'm pretty certain dad will never want to go back there, since they take his money each year though he doesn't use it and he's gotten rather angry about the waste over the years. But, at the same time, he admitted to being too lazy to try and rent them out, so in a way it's his fault for not keeping it up.

I haven't even thought about the place much in the past 10 years except to remember how much fun it is to walk around golf courses. But there's one right next to me here.
 
Jason,

Before I give my opinion I am curious how old are you and do have your own family yet? I think I know the answers, but just wanted to ask.

We are a friendly bunch. I think you are wise to spend some time here on TUG before making a decision.

Janna
 
Oh, that's easy. I'm 34, single, no family within about a thousand miles. Also one of those oddballs that already got rid of the car, so it's just me and a nice, lightweight bike now. :)
 
Well, I suppose to be honest, I was looking around because I was researching how dad was scammed in the past by some of those 'timeshare resellers' that take money up front... That's how I discovered there was a bulletin board.
 
We are actually close in age (I'm 36), except I have two little rugrats running around so we love our spacious timeshare vacations!!!!

After spending some more time here on TUG reading and asking questions, you can then be assured that you are making the best decision for yourself and your dad.

From the sounds of it, it seems likely that you will not want to take over the ownership of these resorts. For someone who is not taking many vacations right now and can't see an interest in doing so in the immediate future, it wouldn't make a lot of sense to start paying MF's on three weeks of T/S.

BUT...what if you could rent out the 4 bedroom unit for way more than the MF's. Would you want that money for something? Or would it not be enough money to bother. I have no idea how much the 4 bedroom units there rent for or how much the MF's are, I'm just asking the question. Then again, maybe renting out a T/S unit is a hassle you just don't want or need.

If you are certain you don't want these units, the best thing would likely be to help your father sell them for prices which are in line with what they are actually worth.

I wish you the best of luck on this endeavor and your career!

Janna
 
Jason, you might want to consider (with your Dad) selling all but one. Keep the one unit that you may want to use at some point, pay the maintenance on it, and mark a calendar exactly one year from move-in time and deposit it with an exchange company. Drop RCI membership to save on their ever increasing fee's. You can then select from some dandy Western TS's you can easily get to.

You won't get anything like what he paid for these weeks, but as you said, there were some great memories. Believe me, those will become priceless to you.

Jim Ricks
 
Sell it as it sounds like traveling isn't something you want to do right now. Its a waste of money to pay MFs and not use it. You can sell it on redweek.com, bidshares.com, TUG, ebay and numorous other places. If you really want to get rid of it then sell it for $1 since you didn't make the initial investment.
 
Jason -
Do you have siblings? Are you still in regular contact with your Mom?

Most of us are only slightly older in age, but all of us are young in spirit. Vacationing on a regular basis, getting away from the comfortable, eating different foods, trying the local stuff, floating in pools, listening to music, sharing it with neices & nephews, etc kepts us much younger than our peers.

In the past year, I took my 18 yo CA neice to watch the conch shell/golden slipper drop at midmight on Duval St in Key West, FL. Took my 13 MD yo nephew to look for wild monkeys on the beach in Ft Lauderdale and dophins in the Everglades National Park. Found myself -surprise- at BikeOctoberFest at Daytona Beach in October. Serious partying with an Ohio family for my birthday party week - just met them day one in the hot tub; will redo for my birthday next year. Past years have hosted a family reunion, taken good friends with me (most offer to pay a share of the maintenance fees or I would perfer, they buy most dinners), met single guys (yes, singles do go to T/S and we go out on dates) (more than I have on the dating sites), met locals, met international travellers, and meet up with fellow Tuggers (the resort WIFI in the common area is a very social location).

I have Mardi Grais in New Orleans booked Feb 2009 - see how many of the relations show up for that one:D . I have NYE booked on the beach in FL. I also am a member of 4 or more FL winter weeks booked in FL thread. I have 2 back to back weeks on the beach, including 4th of July, summer 09. Yes, I work - I own my business and work very hard, when I am there. On vacation, I just have to totally get away from my comfort zone -- not trying to go brain dead, just exercising very different brain area. Thanksgiving 08 is also beach time. BikeOctoberFest08 is calling to me.

Does a week in Napa Valley appeal to you? A week in downtown S.F. or San Antonio or New Orleans or San Diego? You can arrange to check in late or check out early. (Most T/S have a checkin day or 4PM Fri or Sat; a few have 4PM Sun). Best to arrive Fri and leave Mon or Tues evening for that long weekend. Your "fun" meter will only go UP, if you are the MOST interesting guy at the coffee shop.

Remember, timesharing today is NOT your father's version. Read more, learn more - your dad put money into this, have some fun.:banana:
 
Jason, I just wanted to put in a word here. It sounds like you are doing a lot to reduce your carbon footprint--like giving up your car altogether. I am a non-driver, and timeshare vacations that do not require driving are few and far between. From Seattle, you would also be flying to many timeshare vacations.

Can you look at the online RCI directory and see where you could go and where you might want to go? Is there anywhere you'd really like to visit?

Basically, though, if it were me, I would try to sell all the timeshares so your father gets a little money out of the deal and you can all just move on. It doesn't sound like anyone is going to be interested in using them anytime soon. Good luck!
 
Yeah, without a car it's kind of pointless to contemplate taking vacations. But I don't think I'm going to go back anytime soon as I don't miss it much.

I just paid the $15 for a membership and will try to rent them out first off and see where that leads.

Another possibility I discovered is that you can donate them to charities for a tax writeoff of whatever the fair market value is. That sounds like an excellent plan as the savings in taxes would be more than enough, I'd think, to equal what you'd sell it for.
 
Contact a broker that actually sells Massanutten weeks and ask for a written estimation of value. Most can provide you with one if you ask. State your father needs valuations for a divorce or other legal need, otherwise they could give you a lower value to leave room for commission. There are huge variations in resale pricing for that resort family based on the ownership specifics.. Get proper pricing advice before you proceed.

If you can sell them- do so.. You can always buy resale later if you want to take up the resort lifestyle!
 
Jason-
Welcome to TUGs as a member!

I go to my fixed week unit in Ft Lauderdale and never rent a car. The public transportation system and multiple eateries near the resort (and fine drinking and music night spots, also) had my last week long trip there with my 13 yo nephew costing $15 for bus passes and the 10:30PM arrival at airport to resort taxis ride at $22 including tip. There are bike rental shops within a block. We did several tours which had resort pickup (Everglades and snokeling) plus others we didn't take (Miami, Key West).

Plus, friends who live in NYC, rent cars to go to New England for long weekends or Cape Cod.

I wish you good luck with your rentals. Try the other free sites also.:)
 
Yeah, thanks! Really I loved Massanutten, don't get me wrong! I remember as a kid getting dragged to some of those free vacation places and most of them were pretty miserable by comparison.

They were some wonderful memories but I do think they're just that, memories. Can't go turning back the clock, exactly, now.

Anyway, I've gotten a lot more suggestions than I was expecting. All this timeshare stuff just came out of nowhere.
 
JasonE said:
I just paid the $15 for a membership
Click to expand...
Jason, welcome to TUG. There is one more thing you need to do to change your status from "guest" to "TUG Member." See this thread for instructions on how to accomplish this.
 
Don't let not owning a car slow down your vacationing. Most of us have to rent a car when we fly anyway, and you can do that, you just have to pay for the additional car insurance, (still cheaper than actually owning a car full time) and as stated many places you don't need a car at all due to public transportation availability.
Liz
 
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