Newbie Has ??? About Trading for Timeshare

[brmcneely Junior Member Find all posts View Profile Close brmcneely]

I am a terminally ill heart patient and I have a car advertised for sale or trade due to my health and I just can manage the upkeep on the vehicle. I had a gentleman offer me his timeshare that he paid close to $20k a few years ago. It includes a membership to the yacht club. The timeshare is in Orlando Florida. Looking for some education on this stuff. Timeshares are new to me. I just wanted to find out if he can even trade this? are there any closing fees associated with transferring the ownership of the TimeShare.

Thanks For Any Future Help, Y'all.

Brandon

[crwisconsin Senior Member Find all posts View Profile Close crwisconsin]

I had a gentleman offer me his timeshare that he paid close to $20k a few years ago. It includes a membership to the yacht club. The timeshare is in Orlando Florida. Looking for some education on this stuff. Timeshares are new to me. I just wanted to find out if he can even trade this? are there any closing fees associated with transferring the ownership of the timeshare.

Thanks For Any Future Help, Y'all.

Brandon

Yes, he can trade it. Yes, there are closing fees. Around $450. I am assuming you are looking at a Bluegreen Vacation Club points trade for your car. The Yacht Club Membership will not transfer in the resale of his Points unless he gives it to a family member. Right now with the economy down there are people who are essentially giving away their timeshare ownership. Not because they are unsatisfied and not because their timeshare did not provide them with fantastic vacations, but simply because they are on the verge of bankruptcy and can't pay the maintenance fees. I don't know what your car is worth so I can't tell you if it's a good deal for you. I can tell you that timeshares provide many, many people with great vacations. I believe that for the next few years one could rent usage of a timeshare quite cheaply but when the economy turns around significantly and unemployment goes down, I don't know what the rental market will be. It might be good if the professional renters are buying up bargains right now and end up with an oversupply or it might be bad if those who were willing to take a loss on renting have sold out and are now owned by those who are "good" at renting. Continue doing your "due diligence". Search these archives. Join the Bluegreen Yahoo Group and look at their FAQ.
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Go to TUG and look at their free advice articles, etc.
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If you get stuck on a concept or feature, ask a short, focused question here, and elsewhere, and you will get answers (long, multi-question general questions probably won't give you as much success).

Charles

[Hobbitess Senior Member Find all posts View Profile Close Hobbitess]

I have a car advertised for sale or trade due to my health and I just can manage the upkeep on the vehicle.

If you can 'just manage" the upkeep on your car, you need to know what the yearly fees on your points would be (maintenance fees and membership fees), and you need to be aware that these fees go up every year. If you make use of the points I still think BGs a good deal, but if your goal is to get out from under ongoing fees, buying a Timeshare is probably not the way to go.

[JWC Super Moderator Find all posts View Profile Close JWC]

I wouldn't touch the timeshare with a 10' pole. First of all, his timeshare that he paid $20,000 for is virtually worthless. People can't give them away. You will be obligated to paying annual maintenance fees of several hundred dollars. Orlando timeshares are NOT good for exchanging. Orlando is overbuilt with timeshares.

This guy is just trying to unload his timeshare because he can't sell it.

If you want a timeshare vacation, then just rent a week. It is cheaper than buying and you will have no obligation.

[crwisconsin Senior Member Find all posts View Profile Close crwisconsin]

If you want a timeshare vacation, then just rent a week. It is cheaper than buying and you will have no obligation.

I agree, for someone with significant health problems, I would not recommend acquiring a timeshare even as a gift. As pointed out, right now you can often rent cheaper than paying maintenance fees. In several years that will probably change but at that time you might not be able to travel but you would have to pay maintenance fees whether you use it or not.

You sound like you are single right now. If I were in that position (single, health problems, can't drive), I would find a place that I and a favorite nephew or grandchild, or friend, would like to visit, rent a two bedroom, two bath there, and take the vacation with the other person. I would get an oceanfront where I could walk on the beach or sit on my balcony and read and enjoy the sights and sounds when I didn't feel like getting out. All sorts of possibilities. A two bed, two bath would provide space and privacy and not be like a cracker box motel (and probably cheaper).

TUG and the Bluegreen Yahoo group both have pages where you can find people who will rent.

Charles

[JWC Super Moderator Find all posts View Profile Close JWC]

You can find rentals at several different web sites. My favorite is myResortNetwork.com. Just do a search for "Timeshare rentals".

Rent or Buy TimeShare - Search for Time Share from MyResort Network'