In 1996 I bought my first timeshare, at Vistana Orlando, 2BR, week 27 for $5200 resale. Six years later I sold it for $4,000. I would now have to pay closing costs to give it away.
Why?
Getting to the bottom of why would be a good first step.
In 1996 I bought my first timeshare, at Vistana Orlando, 2BR, week 27 for $5200 resale. Six years later I sold it for $4,000. I would now have to pay closing costs to give it away.
Sounds like you found the needles in the haystack!
There is no doubt that by giving up TS’s you save a lot of money. But this only works for folks who stop traveling. Staying at home is always much cheaper for us than traveling with family and friends. But for those of us who travel, TS’s save us a lot of money. We don’t have to rent 2-4 hotel rooms and we can have a lot of family meals in (which saves us a lot of time as well.). But I totally agree, it makes zero sense to keep TS’s and never use them.OK, I sit corrected.
We were way ahead, way, way ahead, paying $4000/year for something that had outlived it's usefulness for us.
I should have kept them, so we could be getting even more way, way ahead. Think how far, far ahead we would be in another, say 30, years.
(20 years ago, when we were in our timeshare-lover denial phase, I used to say, "When we are done, we'll just walk away."
Long, difficult walk.
I am just talking resales here because I bought almost all of my timeshares resale.
I think Hilton and other companies with ROFR maintain their value somewhat, but what about pre-2008 to today? Have they maintained value, when inflation is figured into the equation?
Disney is a phenomenal thing to own. When resales are going for $200, I might sell. I might not. 500 points X $200 is a lot of money. But I rent for about $9-11 over MF's.
There are not many fixed week timeshares on the beach in south Florida.
if you did not overpay for itany resale timeshare that is being used ... is a good investment
how much is spending time with family and friends worth?And yet their intrinsic value is much greater to me than what I paid.
An anomaly in the timeshare world. Sounds like a real gem of a resort.At Pinestead Reef where I own 3 weeks, 2 summer and a flex week. The summer weeks still go for big bucks ($9K to $17K) and the recession did not slow that down. These summer weeks are almost impossible to buy because the original owners pass the unit down to their kids.
I was at the owners update this week and when we did our round robin and introduced ourselves. Everyone but me has been coming here for 30+ years and they got their units from their parents when they died.
I would probably imagine the value would hold
An anomaly in the timeshare world. Sounds like a real gem of a resort.
You would think a resort in Myrtle Beach, Orlando, Hawaii, etc., would keep its value. If I sat in on a timeshare presentation at Westin Nanea today as a timeshare newbie, I would probably imagine the value would hold. I would be impressed with the beautiful resort and think that buying could be worthy of the price tag. But we check in on Friday for our first visit, and I have no desire to go on a presentation.
I think the barrage of commercials on radio and TV about timeshare exit companies are affecting the resale market. More people getting out, convinced that the product is going to put their kids into the poorhouse and realizing they aren't using it much, if at all. Mostly because they never figured out how to use it.
Personally, I believe that this is a big part of the problem. If people could use their timeshares the way that they planned to use them, they would be happy with their purchase. Some don't bother trying to figure it out, some try but can't get the hang of how to use their ownerships, and others can't keep up with the changes that the developers make to usage (and I think this is terrible, but developer/managers and owners are at odds with each other when it comes to timeshare usage) - in the end you wind up with a large number of unhappy owners who think that their timeshare is worthless. And, to them, it is because they can't figure out how to use it.Mostly because they never figured out how to use it.
I bought all mine after the crash so I'm not too concerned about what I'll get when I sell.
There is no doubt that by giving up TS’s you save a lot of money. But this only works for folks who stop traveling. Staying at home is always much cheaper for us than traveling with family and friends. But for those of us who travel, TS’s save us a lot of money. We don’t have to rent 2-4 hotel rooms and we can have a lot of family meals in (which saves us a lot of time as well.). But I totally agree, it makes zero sense to keep TS’s and never use them.
@OldGuy just like an old car or boat, if you have no use nor enjoyment from it, getting rid of it is absolutely the right thing to do. Ever try to sell an old car or RV when you don't want it anymore? Those don't have much value either. And they are hard to sell.