I have just been dragging my heels writing this post because it is such a sore point for me: When I look back at stupid ways that we’ve spent our money, this one’s near the top of the list.
We bought a timeshare 10+ years ago. Ages ago, it seems. And we’ve had some great vacations out of it! But we had no business buying a timeshare in the first place.
We didn’t have cash for it, of course. And yes, it’s been paid-off for several years now… But when I think about what we could have done with that money instead? (oh, retirement funding, perhaps?) I just want to go back and shake myself. I mean really, what were we thinking?
The Truth About Timeshares
- You never really stop paying for it, even once it’s paid off. Two words: Maintenance Fees. They go up every year, with seemingly no end in sight: five years ago ours were $462; this year we paid $542.
- Yes, you can exchange your timeshare week for a week at another resort and choose from “thousands of locations worldwide!” But you have to maintain a membership with a timeshare exchange company (we use Interval International) which requires even more fees: $89 for one year’s membership (discounted when you buy more than one year in advance); plus an additional fee when you actually make an exchange. ($129, or more if the exchange is international.)
- The best way to get the most out of your timeshare exchange is to be really flexible. Our lifestyle as a military family has been anything but predictable. At the time we bought the exchange, we actually thought we might be staying where we were for quite a while (the DC area). Aha! But life is what happens when you’re busy making other plans, and all that. We ended up moving again. And again, and again… And along the way I have done my best to try to fit our exchanges into our schedule, but the best way to get the exchange you really want is to request it as far in advance as possible — like, a year. The Hubs’ schedule has never been written out that far ahead for us to plan around.
There Have Been Some Benefits
- We have had some great vacations! Choosing an exchange can be like closing your eyes and pointing your finger at a spinning globe:
It feels adventurous! Since our schedule is not very flexible, I have had to be flexible about where we try to go, usually picking something in the same general area of the world where we are living at the time. We have stayed at a Hot Springs resort in Montana; a resort on Gran Canaria of the Canary Islands; and right on the Riverwalk in San Antonio, to name a few.
- We have always stayed at resorts with full kitchens and at least one bedroom. This is a huge plus when you have small children! Some of the resorts are five-star, too: In the States that means the facilities and the service are excellent; in Europe we discovered that it really doesn’t mean anything at all… (The star system in Europe only indicates what types of facilities it has. If it has a pool; a sauna; a bar; and an exercise room, that will earn it so many stars. It may be a dump, but by golly it will be a full-service dump.)
- It has allowed us to travel when we really could not have afforded a nice vacation otherwise. Yes, this goes back to the whole, “What we could have done with that money instead”, but I’m trying to find another benefit here to round things out. Our oldest son, now 14, has grown up knowing what it’s like to visit new places and experience a vacation in a relaxed, low-key setting. I am quite certain that, had we not had this timeshare, we would not have been able to take vacations for a week at a time, and certainly not in places as nice as some of these resorts have been. Timeshare resorts are like mini apartments. (In fact, one stands out as being larger than a couple different apartments we’ve lived in…) It’s the perfect setting for a family with small children to be able to take breaks during the day; allow the little ones to take naps; and have plenty of space to spread out — not to mention the facilities you need to keep your own groceries on-hand.
Yes, we’ve considered selling it — actually tried to once, in fact. But there’s not exactly a huge market out there for people wanting to buy timeshares, and there’s lots of scam artists to avoid. In short, after the one attempt, I decided I just didn’t have the energy and wherewithal to try it again. We simply continue to try to get the best use out of it that we can: Trying to make lemonade out of the lemons that we planted, so to speak.
To be honest? A part of me thinks about what future vacations we can have, especially when the kids are older and The Hubs is no longer in the military and our time is more flexible. Of course, you can do these things without a timeshare as well, which brings me to another drawback of owning one: The Opportunity Cost. What good deals have we passed by because we had this timeshare we needed to use instead?
I guess we’ll never know.
Anyone else want to fess up to buying a timeshare? (Whether you could afford it or not?)
* Thanks, guys. My groveling for compassion totally paid off. I do admit, the title is a bit over the top. I was having fun with a play on words. (Am I the only one who watches Glen Beck? You know, the “big fat-fat fatty”?)
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{ 8 comments… read them below or add one }
I agree with Carmen’s first post.
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We want to go to Colorado this summer. Could we rent your time-share from you for something there?
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I’ll ‘fess up. My husband and I bought a resort campground membership years ago (it is also paid off). In the 5 years that have passed, we have camped there 3 times. Really sad. For the cost, we could have spent 6 straight months in a state or federal campground. And, each year, we also have to pay maintenance fees. Here is the kicker: until this year, we didn’t even own a camper!
I agree, cut yourself some slack, at least you have had enjoyment out of it!!
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Ah, the stupid things my hubby and I did before we had children… and enlisted. I always think about how I could be driving a new minivan if we didn’t have these stupid timeshare payments. We have a credits based program and have only used it once. We spent 10 days between 2 resorts in Southern California. We love being there, but keep wondering, how much we could have saved if we didn’t have the timeshare. We could have just paid cash for an extended stay hotel with a kitchen. sigh.
I don’t know. Maybe after it’s paid off, I’ll like it again.
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jolyn Reply:
January 29th, 2010 at 7:32 pm
I wish we had the points system instead, if we had to have something. From what I know of it, it’s so much more flexible. I don’t know anything about how the maintenance fees run on those, though…
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Katie Reply:
February 2nd, 2010 at 9:47 am
Our maintenance fees are $900 a year for 15,000 credits (1.5 weeks). Seriously, killing me slowly.
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jolyn Reply:
February 2nd, 2010 at 9:54 am
Wow. Do they go up every year, too?
Jolyn, I can join your group. My now-ex-husband and I bought a timeshare in Orlando one year many moons ago. We were in the area visiting his parents, who were living in a 40-ft travel trailer – AND we were staying there w/them. After a few days, we were sitting through a timeshare presentation in order to get those free tickets to Disney, and we caved. I feel the same way that you do – there are good points & bad points to owning it. We did buy a ‘used’ timeshare so it was lower than a new one, and when we went to FL to visit his parents on subsequent visits, we didn’t have to stay w/them in their RV. That alone was probably worth the cost!
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jolyn Reply:
January 29th, 2010 at 7:30 pm
So, is the timeshare still hanging around? Or did you finally sell/get rid of it?
I w/also say you got your money’s worth not having to stay in an RV!
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I agreed with the others. Cut yourself some slack. I have had ALL of the same experiences with a timeshare that I inherited from my mom and finally sold. You will get nothing back. Resell of timeshares is rockbottom. But I couldn’t justify the continuing costs you mentioned. My mom might have had those in her monthly budget, but I was one year away from putting two consecutive children through college. I didn’t have any budge in my budget. The vacations, when you add up all the timeshare costs plus travel costs to the resort, are usually the same as you could do yourself. Plus our children now have summer jobs, so we have to plan around their work schedules, in addition my husband and my schedules. So we have decided to travel every two years, hence the yearly fees of a timeshare didn’t make any sense any more. Good luck though, and don’t be so hard on yourself!
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jolyn Reply:
January 29th, 2010 at 7:27 pm
I definitely don’t think passing this down to my children w/be a blessing. I can only imagine what the maintenance fees will be by then!
Did you manage to get anything when you got rid of the timeshare? I w/be very interested to know how you went about selling it, if you don’t mind me asking.
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I think you probably have gotten more out of it than if you didn’t have it. Like you said…vacations that you wouldn’t have otherwise been able to have.
I used to sell timeshare (WAAAAY back when, right after college….I wasn’t very good). And yes, they sell you on the ability to travel to all sorts of places, and have a vacation every year. They do forget to mention that long term…you might not want this and won’t be able to off load it.
Cut yourself a break.
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I don’t know the ins and outs of timeshares, but I do think you should cut yourself a break. Vacations are so important and so many childhood memories center around vacations. Nice vacations like yours can cost thousands of dollars for a week, so in order to take them you would have needed to sock away those thousands throughout the year. Just look at your time share as having done this, only gradually, your vacations will cost less as you average the whole thing out. You are right, you never would have taken those trips without it, and Conner isn’t getting any younger! There is always something else we could spend our money on. Shoot, I could buy new furniture for my family room like I so much want if I would skip our Spring Break trip…but it’s not worth it to me. Things vs. experience… Good family memories are very valuable…just make you sure you have lots of pictures to look at so you can avoid looking at the worn out couch!
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jolyn Reply:
January 29th, 2010 at 8:47 am
Thanks, Carmen. I was hoping someone would make me feel better.
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