Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 10-10-2016, 10:19 AM   #81
Full time employment: Posting here.
 
Join Date: Mar 2015
Location: philly
Posts: 543
Quote:
Originally Posted by athena53 View Post
That's one thing I think Disney does right although I'm not fond of Disney: I've read that their timeshares have a limited term, so eventually they belong to Disney again.
Yes you're correct. I own at the Beach Club villas. I think my ownership ends in 2045. I purchased it in 2001. I love it but I'm a Disney phanatic. my goal is to visit ever Disney park around the globe. (LOL, stop laughing)
__________________

__________________
My darling girl, when are you going to realize that being "normal" is not necessarily a virtue? it sometimes rather denotes a lack of courage~Aunt Francis
bclover is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-10-2016, 11:13 AM   #82
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 13,246
Quote:
Originally Posted by Dog View Post
My parents bought several timeshares during their retirement years (Branson, Wapato Point in WA, Cabo, and Puerto Vallarta). Mother bought another in SF after Dad passed. On the up side, there were several family vacations at Wapato and a couple in Cabo over the years. The Branson and PV timeshares were not used, but they traded points for upgrades in Cabo. Mom spent a lot of time and got pretty good at figuring out trades, points, etc., but she paid extra for RCI and Wyndham programs that allowed her to play with week/points. She traveled until the last 18 months of her life and never did use the SF unit. I was the executor for her "very small estate". The timeshares ended up being the hardest part of settling her estate. I was able to turn back the Wapato unit for a small title transfer fee. After much work the same was true for the Mexico timeshares (both Pueblo Bonito). However, I had to go through probate process in both CA and MO to turn back those units paying attorney and title transfer costs. It was a very stressful time for me as no one in family was interested in taking on any of the timeshare units. Also could not close out probate for estate without unloading the timeshares (unless estate wanted to continue to pay maintenance fees).
I tried donating to charity - none were interested. Looked at possibly selling, but there are already a ton for sale on secondary market. I offered them free to friends - none interested. The estate ended up paying maintenance fees for the 18 months it took to unload the MO and CA units.
Upon reflection, my parents could have traveled quite nicely for the amount they ended up paying for the purchase and maintenance fees. I'm totally turned off of timeshares after having to go through the hell of getting rid of them. Even if you buy the timeshare on the secondary market - how will you get rid of it when you are done?
This was very valuable! If I ever think of buying a timeshare, this will stop me. You are buying a lifetime of maintenance fees, and then your heirs or estate are also stuck with the annual fees.

I talked to someone in Hawaii who inherited her mother's timeshare in a great location in Maui. So it can work out. But when she is ready to move on, what happens? Tough job, like above.
__________________

__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 10-10-2016, 11:38 AM   #83
Thinks s/he gets paid by the post
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 4,539
Send a message via Skype™ to kcowan
We had a 30-YEAR TS in PV. We bought fulltime in PV with 5 years to go. We sold the 3-weeks ground floor oceanfront for $4000 just to unload it and avoid its outrageous maintenance fees for another 5 years.

We did enjoy it though (same time next year) and I am sure FIL would have considered it a good lifestyle expense had he lived longer.
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 10-10-2016, 02:59 PM   #84
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 14,361
Quote:
Originally Posted by MooreBonds View Post
Instead, they do not let you out of the contract, even upon your death!
Hmmm. Perhaps I'm mistaken, but in a basic law class many decades ago one of the things taught was that all contracts were void upon the passing of one of the members to the contract.

Why wouldn't that apply to timeshares? Can not the estate executor simply tell the timeshare company that "He's dead, we're not paying" and let them do what they want with the timeshare?
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 10-10-2016, 03:06 PM   #85
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 11,531
I think timeshares are a waste of time and money....


So, to the people who keep saying they are getting a great deal etc. with trading points etc. etc.... that means little to me... back it up with some numbers...

IOW, I have never had a problem booking a vacation in a place that I like for less than what it appears that you are paying for your timeshare... so if it cost more money, it is not a good deal...
__________________
Texas Proud is offline   Reply With Quote
Old 10-10-2016, 03:52 PM   #86
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 1,949
Quote:
Originally Posted by Walt34 View Post
Hmmm. Perhaps I'm mistaken, but in a basic law class many decades ago one of the things taught was that all contracts were void upon the passing of one of the members to the contract.

Why wouldn't that apply to timeshares? Can not the estate executor simply tell the timeshare company that "He's dead, we're not paying" and let them do what they want with the timeshare?
The difference is that a timeshare is fractional OWNERSHIP, while you are talking about a contract. A timeshare is not a contract, but a fractional ownership of the property that I believe you are (?) officially titled to. Therefore, it is an asset (even though you cannot give it away...just like a toxic waste dump is technically an asset, even though its value to anyone is less than zero....or perhaps some sliver of land that you dont' want, but still have to pay property taxes on). As such, you cannot simply walk from it, as the owner is liable for the property taxes, common fees, etc.
__________________
Dryer sheets Schmyer sheets
MooreBonds is online now   Reply With Quote
Old 10-10-2016, 06:15 PM   #87
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 13,246
Quote:
Originally Posted by Walt34 View Post
Hmmm. Perhaps I'm mistaken, but in a basic law class many decades ago one of the things taught was that all contracts were void upon the passing of one of the members to the contract.

Why wouldn't that apply to timeshares? Can not the estate executor simply tell the timeshare company that "He's dead, we're not paying" and let them do what they want with the timeshare?
Because a timeshare is a property and it has a deed.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 10-10-2016, 06:27 PM   #88
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 10,987
Quote:
Originally Posted by Texas Proud View Post
IOW, I have never had a problem booking a vacation in a place that I like for less than what it appears that you are paying for your timeshare... so if it cost more money, it is not a good deal...
Sure, a timeshare owner spends a bit more money, but at least they have less flexibility and more hassles. And something for the kids to remember them by.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 10-11-2016, 03:51 PM   #89
Full time employment: Posting here.
 
Join Date: Mar 2015
Location: philly
Posts: 543
Quote:
Originally Posted by MooreBonds View Post
The difference is that a timeshare is fractional OWNERSHIP, while you are talking about a contract. A timeshare is not a contract, but a fractional ownership of the property that I believe you are (?) officially titled to. Therefore, it is an asset (even though you cannot give it away...just like a toxic waste dump is technically an asset, even though its value to anyone is less than zero....or perhaps some sliver of land that you dont' want, but still have to pay property taxes on). As such, you cannot simply walk from it, as the owner is liable for the property taxes, common fees, etc.
but when the owner dies, the heirs do not have to take the inheritance. guy on my job (and I'm just going by what he told us, so he could have been simplifying it) told us. His mother died leaving a small estate to him and two siblings (estate consisted of her house and her time share with Marriott in Aruba) no one wanted the house nor the timeshare. there estate attorney advised them to elect to not inherit the assets.

house was sold, timeshare went back to the Marriott, life went on. don't know what happens if you have a large estate with assets maybe the timeshare people could come after.

Take this with a grain of salt, this was a workplace story.
__________________
My darling girl, when are you going to realize that being "normal" is not necessarily a virtue? it sometimes rather denotes a lack of courage~Aunt Francis
bclover is offline   Reply With Quote
Old 10-11-2016, 03:55 PM   #90
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 14,361
Quote:
Originally Posted by MooreBonds View Post
The difference is that a timeshare is fractional OWNERSHIP, while you are talking about a contract. A timeshare is not a contract, but a fractional ownership of the property that I believe you are (?) officially titled to. Therefore, it is an asset (even though you cannot give it away...just like a toxic waste dump is technically an asset, even though its value to anyone is less than zero....or perhaps some sliver of land that you dont' want, but still have to pay property taxes on). As such, you cannot simply walk from it, as the owner is liable for the property taxes, common fees, etc.
Ahh, got it. Thanks.

Note to self: Never buy a timeshare.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 10-11-2016, 04:28 PM   #91
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 161
If you want to do it then I would only buy something that can be sold like a DVC or Marriott.

Satisfied Marriott owner for over 15 years. I don't really track it anymore, but when I did, assuming a 5% return on capital invested my net average per night for a 2bd was ~ $145 a night tax included. Much better than renting from Marriott.com but probably more than trying to rent a private residence or from another owner. Anywhoo it seemed like a reasonable deal to me and I have enjoyed great trips to wonderful resorts with great kids programs, etc. I enjoy the space and never wanted to go through the hassle of private rentals.

It is also a psychological trick - I would never pay $500 a night cash to go beachfront on Marco Island, but I would pay $1,500 in maintenance fees for 6 nights plus my initial capital investment. It is a mind game because the sunk cost is gone for me and it seems like a deal. Maybe not smart, but managing yourself to do what you really want is a trick I have learned that is worth more than a few extra $$$ in the bank.

Bottom line to me is that for what I would spend on a decent car I got to travel where I wanted in style. Definitely not the cheapest way to go but a reasonable value that fits my lifestyle. Combined with the business travel I did with Marriott I have gotten far more out of the system than I would have expected. I am sure others would spend the money on something else but it works for me.
__________________
David

I get up at 7 yeah, and I go to work at 9. Got no time for livin yes I'm workin all the time. Seems to me I could live my life a lot better than I think I am. I guess thats why they call me the Working Man.
DJRR is online now   Reply With Quote
Old 10-14-2016, 02:51 PM   #92
Full time employment: Posting here.
 
Join Date: Mar 2008
Posts: 634
Quote:
Originally Posted by bclover View Post
but when the owner dies, the heirs do not have to take the inheritance. guy on my job (and I'm just going by what he told us, so he could have been simplifying it) told us. His mother died leaving a small estate to him and two siblings (estate consisted of her house and her time share with Marriott in Aruba) no one wanted the house nor the timeshare. there estate attorney advised them to elect to not inherit the assets.

house was sold, timeshare went back to the Marriott, life went on. don't know what happens if you have a large estate with assets maybe the timeshare people could come after.

Take this with a grain of salt, this was a workplace story.
+1

I did some research and you can refuse a timeshare inheritance. Of course, the timeshare managers will deny this. One thing to know is that need to not show any interest in it. This means not paying any bills presented or using the timeshare (i.e., bill paid for that year, so you decide to utilize it). Also, there is a time restriction for starting the paperwork to refuse it.
__________________
akck is offline   Reply With Quote
Old 10-14-2016, 03:22 PM   #93
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 21,865
There is much to be said for not owning anything. Everything is pretty much a package of assets and liabilities.

An older man I met in my neighborhood sold his condo and moved to an apartment to have fewer liabilities that might under various circumstances affect his life. Another couple had to have a tree removed from the grassy strip between the sidewalk and street in front of their house, the tree was likely planted by the city 50 years ago, but the homeowners were stuck with a big bill. I remember when I was about 15 my Dad was stressing about being stuck with the same thing years ago.

I now own one condo, 0 cars, 0 bicycles. Nothing titles except this condo. Fora while I was on the board here trying to accomplish some truly meaningful improvements. not likely in my lifetime, so I resigned. We have no big or otherwise hazardous trees, no pool, and even the plantings on the sidewalk/street divider strip are young and reasonably sized.

Regarding a timeshare, no no no never!@!

Ha
__________________
haha is offline   Reply With Quote
Old 10-14-2016, 04:20 PM   #94
Thinks s/he gets paid by the post
zinger1457's Avatar
 
Join Date: Jul 2007
Posts: 1,123
Quote:
Originally Posted by Texas Proud View Post
I think timeshares are a waste of time and money....


So, to the people who keep saying they are getting a great deal etc. with trading points etc. etc.... that means little to me... back it up with some numbers...

IOW, I have never had a problem booking a vacation in a place that I like for less than what it appears that you are paying for your timeshare... so if it cost more money, it is not a good deal...
If you purchase (resale) at the right place and have some flexibility when traveling it can definitely pay off. I purchased a 2BR at the Westin Kierland in Scottsdale resale many years ago, could easily sell it for at least what I paid for it, maintenance fee is ~$1500/year. This year I traded the small 1BR side for a 1BR (1 week) at the Highlands Inn Carmel in August. Used the remaining points for a 1 week stay in November in a 1BR at the Westin Kierland Scottsdale and a 1 week stay in a 1BR at Westin Desert Willow in Palm Springs. So that's roughly $500 for a one week stay in very nice 1BR units with a full kitchen at 4-5 star resorts. The Highlands Inn is a very nice trade, you might pay close to that per night if renting direct. Have had similar trades at the Four Seasons Aviara and Marriott Newport Coast. In addition I purchased several Getaways for ~$300-400 each throughout the year for 1 week stays at similar resorts to the Westin.
__________________

__________________
zinger1457 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Timeshares - Good or Bad? Andy R Travel Information 27 02-10-2010 04:54 PM
Microhoo - Good idea or Bad? chinaco Stock Picking and Market Strategy 9 03-16-2008 05:16 PM
bad idea or good one? ddeennis FIRE and Money 35 12-27-2007 09:55 AM
Hawaii visitors moving from hotels to timeshares Nords Other topics 5 07-23-2007 01:29 PM
AOL's Steve Case: a new job selling timeshares?!? Nords Other topics 3 06-08-2006 09:45 AM

 

 
All times are GMT -6. The time now is 03:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.