Anyone own a timeshare?

ficklefins · Mar 12, 2010

I am interested in a certain timeshare and I was wondering if anyone out there could provide me with some information, tips, tricks, and cautionary knowledge from personal experience. So here are some subject areas I am interested in receiving feedback on:

1- What is the best site to search for timeshares? (Sell timeshare Buy timeshare Timeshare resale - Time share for sale and rent. Timeshares Only or RCI.com any good?)
2- Do I need a Realtor or does a company handle the transaction?
3- What is meant by a float week? Are there any risks associated to buying a float week where I would not have "prime renting" weeks available because the hotel reserves them for rentals?
4- I saw a sale price for $5K, should I expect to pay something else every year like maintenance fees?

Thanks in advance!

CHALICEKEEPER · Mar 12, 2010

Ya dont do it my mom owns like 3 nice ones and wants to sell them. Just take a vacation instead, you have to pay taxes on it and then pay to stay were you are going to stay not worth the money save it for a cruise. :) we take 1 to 3 a year and they are the best thing going, cant wait for the oasis this year .

knucklehead · Mar 12, 2010

float weeks are good, then your not held to one paticular week of the year. you can pick the week you want. i have a timeshare in vegas that just opened. its connected to the planet hollywood. :)

ReeferBen · Mar 13, 2010

Im lucky enough my father owns a house in the British virgin islands. Thing is, it ended up the only place any of us really go on vacation. He's been going there for his whole life and so although its great there he didn't get to see much else. My ex father in law bought a Marriott time share that he really likes. It allows him a certain amount of weeks a year at any Marriott in the world so he ends up being able to choose a vacation pretty much anywhere and doesn't end up locked down to one spot.

ficklefins · Mar 13, 2010

ReeferBen said:
Im lucky enough my father owns a house in the British virgin islands. Thing is, it ended up the only place any of us really go on vacation. He's been going there for his whole life and so although its great there he didn't get to see much else. My ex father in law bought a Marriott time share that he really likes. It allows him a certain amount of weeks a year at any Marriott in the world so he ends up being able to choose a vacation pretty much anywhere and doesn't end up locked down to one spot.

Now that doesn't sad too bad! Marriot in Hawaii is killer!

SaraB · Mar 15, 2010

We HAD a timeshare in Kauai, HI and were happy to unload it last year!

If you are going to purchase one, buy where you plan on vacationing and buy it on the "used" market.

Ours was great when the maintenance fee's were only $600 and it was only $99 to do an exchange to go somewhere else with RCI. Then the fee's climbed over the 12 years we owned it to $1200 for just the maintenance and then another $150 from RCI to exchange to go somewhere else. We did well in the beginning when we were given 2 weeks of exchange to travel elsewhere, but in the final years it was just cheaper to buy a package and go somewhere without owing the timeshare. Lets just say we only got 1/6th of the price price we paid for it.