Time share questions

My uncle (the one visiting from NY & is currently staying at my house :)) offered to sell me his time share for $1500. Yearly maintainance fee is $400. It's a guaranteed 7 nights stay/year in a 1-bedroom with kitchenette & totally transferrable. Should I take it?

He bought the time share about 20 years ago for $11,000, and has been going all over the globe using it. He's now getting older, not as healthy as he used to be and doesn't want to travel as much any more.. That's why he wants to sell it.

He's my uncle so I trust what he told me... I just never knew anything about time share.. the pros and cons of having one, how it really works, etc...

Does anyone have any experience about this that you can share?

Thanks :)

Is it 1500 a year plus 400 for maintenance or is it a one time 1500 price and then 400 a year?
If it's the latter, it might be worth it.
Just remember that in addition to regular maintenance fees, every couple of years the complex it's in probably requires extra fees for the upkeep of the surrounding structures if any.

Sometimes with those time shares you have to be able to reserve way ahead, if your able to do that it is probably worth it. It does force you to take a vacation, which is a good thing.

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Originally Posted by beeniesmom

Is it 1500 a year plus 400 for maintenance or is it a one time 1500 price and then 400 a year?
If it's the latter, it might be worth it.
Just remember that in addition to regular maintenance fees, every couple of years the complex it's in probably requires extra fees for the upkeep of the surrounding structures if any.

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It's a one time price of $1500 & $400/year for every year thereafter. I didn't really have time to talk to him in details.. so thanks for the information. I'll be sure to ask him about it.

He's in Vegas using his time share right now :D & will be returning to my house next week before flying back to NY. I'll have more time to talk to him then.

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Originally Posted by M&M's Mommy

My uncle (the one visiting from NY & is currently staying at my house :)) offered to sell me his time share for $1500. Yearly maintainance fee is $400. It's a guaranteed 7 nights stay/year in a 1-bedroom with kitchenette & totally transferrable. Should I take it?...Does anyone have any experience about this that you can share?...Thanks :)

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i've been toying with the idea of getting a timeshare. things i'd like to know...
WHERE exactly are the locations i can use? vegas, orlando,hawaii, any other locations internationally, if i go internationally, are there extra fees? how far in advance do i have to book? what if someone else wants the exact same place and date, whos' request is honored first? how stable is the management company...if it bellies up, am i out my money and fees? how much can the fees go up in a year? realistically can i afford an away vacation,one that i fly to one week a year for the next 5 years? is my career stable enough? how hard is it to sell to someone outside family?
nitpicky stuff i know, but i've heard some horror stories too.

Timeshare complexes were all the rage a few years back and everyone was keen on them ,however they don't seem to be so popular these days, and are selling really cheap down under.

Personally i have toyed with the idea from time to time, but figure with the cost of maintenance i could have a weeks holiday somewhere different every year anyhow, i know with some you can transfer to different timeshares worldwide, but i also had heard it is often hard to get your particular week where you want.

It really is up to you, i am not against them, but just feel i would rather not be tied into something that may be hard to get out of and of course the maintenance fees will go up as time goes on, and you can stay anywhere without any fuss or bother for that fee for a weeks holiday probably if you look around and choose to go in the low seasons, anyhow just my two cents worth.

Good luck with your decision.:)

I'ev had one for 20 years or more, and just reaching the pioint of your uncle, time to move it along.

I lvoed it when I was single and working. Always made sure I had a vacation, didn't just hang around the house.

You pay the $1500 once to buy it.
You pay the annual maintenance fee. Depends on what is happening with the property. We have had a few years with special assessments. And will again this year. Once it was because the city put in sewer and town water, so we had to hook up to that. This year, it is because so many people are defaulting and just not able to pay their annual fees, that we are falling short of funds for upkeep.

THEN you own one week AT THAT RESORT, and can go there at that set time each year.

If you want to travel, you have to join an exchange club. There are 2 major clubs: RCI, and II. RCI - Resort Condominiums International. II = International Intervals

Both are great and have many many resorts to chose from. You trade within the club, for a week similar to yours. The fee for the club is annual, they do offer deals, 3 years for $375 or some such.

This is how trading works:
the year is coded based on where your resort is located. The best times of the year are RED weeks. THE BEST. So so times are white, and er um weeks are BLUE. If you have a RED week, you can trade to another resort, ANY TIME OF THE YEAR. If you have a WHITE week, you can only trade for white or blue weeks at other places. And if you have a BLUE week, then you can only trade for blue weeks at other resorts.

NOTE: Red, White and blue are the RCI codes, I don't remember what the II codes are. Most resorts are ONLY AFFILIATED with one exchange club, so find out which club uncle's resort is with, and does he have a prime week, a middle week or a weak week.

So I have a place in North Conway, NH. SKI haven. SO the winter months are RED. But it just so happens the the Autumn in the White Mountains is also a great time, so a few weeks in Autumn are also RED. Summer months are white. Are you kidding? If you have ever been, you know the place is crazy busy in summer, because the school kids are off and many folks summer up that. But it is not jam packed, bumper to bumper traffic, with all the hotels and inns booked. Spring is BLUE up there, because, well, it rains and rains and rains.

A resort in another location will have a different time of year that is RED. If you plan to travel with this, you will want to know what time of the year his week is, and how is it coded.

Now, time to exchange. You own in X resort, you are all paid up in your maintenance fees (required), and you want to go to Y Resort. You phone and see what is available. Sometimes you can't get Y Resort but there is something close by. You take it. You pay an exchange fee, about $80 in USA, and $150 out side of the country. You pay your flight / travel expenses on your own, although both exchange clubs have discounts available.

I traveled all over USA, Great Britain and Europe using my week and loved each and every minute of it. Would do it again in a heart beat. The exchange clubs have high standards, there wasn't a bad resort in any of my many travels.

Hope this helps!

Thanks everyone, specially Freedom for the information. I learned a great deal about timeshare after reading your posts. I'll be sure to ask him all about all the details when he gets back. He's in Vegas now :).