Timeshares are they worth it?

[Anonymous]

They’re almost never worth it. You’re essentially paying a high up-front cost, maybe $25k, plus $1-2k in annual maintenance fees, for the privilege of an annual stay at a resort that would otherwise cost around $5k. You need to visit several times for the math to work out. For instance, if you pay $25k + $1k annually for a $5k resort, you won’t be ahead financially until your seventh annual visit ($25k + $7k vs. $5k x 7), not accounting for interest. I’ve stayed at some nice places but there’s nowhere I would visit seven years in a row.

Some timeshare programs let you change resorts but there are always restrictions that usually degrade the value of the program. For instance, your points might be worth less at another resort or you might only be able to book six months in advance, after key dates are unavailable.

You also risk the collapse of the timeshare program, which isn’t uncommon. Timeshares can enter a death cycle when demand declines and maintenance fees go up unexpectedly. Once the maintenance fees approach the price of a non-timeshare booking, the timeshare essentially becomes worthless and you’re stuck with no easy way out, other than abandoning and losing your investment.

If you don’t pay cash for the timeshare then you’re really getting a bad deal. Interest rates typically are 10-15%. So if you finance a timeshare your annual payment—including principal, interest, and maintenance fees—will be about the same as a non-timeshare booking, except you’re locked in and have no flexibility.

The one timeshare program that is worth considering is DVC (Disney), assuming you actually want to visit a luxury Disney World resort at least 8-10 times. Demand for Disney World isn’t going away and Disney won’t degrade the program since they want DVC members to spend at its parks.

[Anonymous]

It's hard to say they're worth it, because of the maintenance fees and the lack of resale. But, I think many families (including mine) get a lot of use out of them, and the experience is IMO better than a VRBO or hotel. You just can't expect it to be an amazing value, financially: it's not an investment, it's an expense. I'd recommend renting a few times to see if you like the experience.

[Anonymous]

Noooooo!

My Dad had one - really difficult to trade and still had to pay maintenance fee after site unusable due to hurricane.

Watch this before you consider (John Oliver episode on timeshares): https://www.youtube.com/watch?v=Bd2bbHoVQSM

[Anonymous]

Anonymous wrote:Ye gods no. We have one in Orlando and it suuuuuuucks. Yes, it's convenient and comfortable, but it's not that cheap, and even after you pay it off, you need to pay maintenance and taxes. Plus you're locked into vacationing at THAT place, or one just like it in another vacation destination. I'd MUCH rather have the cash to spend on different kinds of vacations.

Hint: All of us timeshare owners are desperate to rent ours out, so you should be able to rent one at any time and save yourself the hassle. We have a three bedroom lockout in Orlando and would be thrilled to get $500 for the week.

Yup. We recently returned from a trip to Orlando and rented a really great time share for pennies (compared to what we would pay for a comparable suite elsewhere).

It was really great, as the renter. Especially since we have no plans to return to Orlando any time soon

[Anonymous]

Anonymous wrote:You HAVE to watch the Last Weeks Tonight with John Oliver episode on time shares and you will never entertain the idea

I came here to say that.

[Anonymous]

How do you rent other people's timeshares? Is there a website?

[Anonymous]

Anonymous wrote:How do you rent other people's timeshares? Is there a website?

There are a few. This is probably the biggest one.

https://www.redweek.com/timeshare-rentals

[Anonymous]

Anonymous wrote:Omg no. Please google Dave Ramsey’s advice about timeshares. Even if you don’t like him he’s spot on about them.

https://www.tennessean.com/story/news/local/2023/06/02/dave-ramsey-sued-for-150-million-from-listeners-who-followed-his-advice/70281204007/

"Dave Ramsey sued for $150 million over endorsing deceptive timeshare-exit company"

[Anonymous]

Anonymous wrote:Timeshares can work out for some people, but it doesn't sound like OP has done remotely near enough research on what/where/how to know they are in that category where timeshares make sense.

[Anonymous]

We have Disney (DVC). It’s a point based thing. I think Marriot and Hilton have similar programs. I would check those out. Points gives much more flexibility than weeks.

[Anonymous]

No. Definitely not.

My ILs have a timeshare and they're always trying to get us to go there with them. We don't want to go to the same crappy timeshare in Virginia every year. Maybe if it was in the South of France or somewhere interesting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are a family of 5 and are considering getting a timeshare for either the kids Christmas break or spring break. Is it cheaper than going to expedia or some other search engine to book a room etc? If a timeshare is the way to go where should it be? We also thought about getting a timeshare in a cheesy place and just switch around every year.

Do NOT under any circumstances buy a time share. Never. Ever. You can thank me later.

Thank god you offered that advice 9.5 years after it was asked for.

[Anonymous]

Anonymous wrote:We have Disney (DVC). It’s a point based thing. I think Marriot and Hilton have similar programs. I would check those out. Points gives much more flexibility than weeks.

Nice try

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have Disney (DVC). It’s a point based thing. I think Marriot and Hilton have similar programs. I would check those out. Points gives much more flexibility than weeks.

Nice try

We are happy. I’m sorry others have not been happy. I’m not selling or trying to convince. I just offer my perspective. And DVC has good resale value.

[Anonymous]

Watch the John Oliver episode on time shares.