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Re: Are they worth it? (by Anne M.):

carvana wrote:

jayjay wrote:

rachela19 wrote:

Are timeshares actually worth buying?

As someone else stated, it depends on what you want out of the timesharing experience. If you desire to go to the same resort every year, then you have the choice of either buying there or renting from a current owner. If you decide to buy, make sure you buy on the resale market. There are literally millions of timeshare resales in the marketplace.

If you should decide to buy then be aware that you are responsible for possible rising yearly maintenance fees and possible special assessments forever or until you sell it. Ownership is passed on to heirs upon death who may not be pleased with such an inheritance and it's yearly oblifgations.

Also, ownership and it's yearly obligations, can become an albatross around one's neck depending on life changing circumstances.

If you're buying just to exchange, be aware of the cost of joining a big exchange company such as RCI or II and the fees of membership and exchanges (they seem to rise each year).

However, Redweek has implemented their own exchange company that seems to be a very fair system as they assign points to your timeshare ownership and Redweek membership fees and exchange fees are very reasonable compared to the Big Two (RCI and II).

My suggestion would be to rent a timeshare where you may possibly like to own before committing to timeshare ownership, because ownership is a long time committment (maintenance fees).

JayJay has made some good points and I essentially agree with his posting except the statement that "Ownership is passed on to heirs upon death who may not be pleased with such an inheritance and it's yearly oblifgations" I disagree with that statement. Most states have provisions in their probate codes that allow a prospective heir to decline to accept an inheritance especially one that could be an "an albatross" around their neck. For example, Texas has Section 37A in the probate code that allows a prospective heir to disclaim any inheritance. Most states have something similar. I own a red week that cannot be given away even with an offer to pay the next two years fees and no charity will accept it. You can rest assured that week will not be listed in my will and that my children will be told to specifically disclaim any interest in that particular timeshare at my death.

Carvana

Carvana, I am a probate and estate attorney and I must correct part of your answer. At your death, an individual heir can refuse to accept your timeshare BUT here's the catch - if ALL your heirs refuse the timeshare, the executor/personal representative of your estate must by law do something with that asset. Sometimes I can get the timeshare company or transfer agent to accept the property back (and they'll re-sell it), sometimes I can sell it in the secondary market and sometimes, as a last resort if no one will take title, I'll deed an undivided interest in the timeshare to ALL the heirs and let them fight it out. The truth is that by law that deeded property does not disappear just because no one wants to pay the high annual fees.