Father Sez

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What should I do with my Timeshare?

Wednesday April 30th, 2008 by fathersez

During my younger and much more financially and life ignorant days, my wife and I purchased a Timeshare 

Then, the logic sounded good. For this one time payment + another yearly payment, my family had a choice of 7 or 8 properties in Malaysia where we could go for family holidays. As a large family we usually had to take 3 or even 4 hotel rooms. The Timeshare offered facilities like kitchen, a hall and 2 – 3 rooms. Perfect…it seemed.  

Alas! That was then! 

Now I think about the opportunity cost of the capital invested. This plus the yearly maintenance fee could pay for much more than what I was getting. 

Now I think about the resorts being booked solid during the times when my family would want to use it the most, i.e. school holidays, festive seasons and during other National holiday seasons.  

Now I think about how silly I was to have bought the Timeshare in the first place. 

Now I think about it being no wonder why there are so many ads for selling Timeshares at discounted and often deeply discounted prices. 

My wife has started renting out the Timeshare to her friends and other family members who may want to use it. The money received is used to defray the yearly maintenance charges.  Though the whole process is also quite cumbersome, at least part of the yearly outflow is being taken care off. 

We have often thought of selling off the Timeshare. Our local classifieds often have advertisements of these for sale. There are also some international web sites that claim to sell or rent Timeshares.

This situation of having to pay the yearly outflow whether we use the facilities or not is clearly an unnecessary financial pain. Something that is not in line with my present thinking of eliminating outflows that do not add any value. Something that should be taken care off immediately. 

I am going to advertise our Timeshare for sale. After all my investment is already sunk, if I can stop the continual bleeding, it should be enough. 

I have no back up plan.  However there seems to be an option to be able to donate the Timeshare.

My wife and I may donate this and hope that the recipients make more productive use of this Timeshare. 

PS:  

If any of my readers out there have any interest in a discounted and deeply at that,   Timeshare, please get in touch with me.   

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6 Comments for “What should I do with my Timeshare?”

On April 30, 2008
At 10:45 pm

Thanks for sharing your experience. A few years ago, my wife and I went for a timeshare session. They promise to give us a free one-night stay at their hotel, whether we purchase their timeshare or not.

We didn’t purchase it. And we did get the one night stay coupon. But the process is really painful. At the end when we really determined not to participate in their program, they showed us really ugly faces!
And we didn’t spend time to stay at their hotel too, even though it is free. The reason is the hotel is just 30 minutes away from our home. I think my home is more comfortable.

Probably if you advertise your timeshare for auction at your site, there will be bidders awaiting your offer.

On May 1, 2008
At 7:06 am

Sounds like a good idea. My parents found one that allows you to trade your share for various other ones all over the world at any time of the year. Or they love the city it’s in so they could go there if they can’t trade.

They gave us a chance to use it for our anniversary.

That said, most timeshares and particularly those only in one spot for one time aren’t a good idea. Nor are ones with little real flexibility. And if you’re not using it, selling sounds like the best course of action.

On May 1, 2008
At 1:29 pm

@KC,

You are clearly wiser than I and my wife were. The site auction sounds like a good idea. I am advertising in the Star Classifieds and will see the reaction.

@Mr. M,

Thanks for the comment. If by any chance you or your friends want to check out Malaysia, well, you have a timeshare at your disposal.

On May 9, 2008
At 10:43 pm

Sorry your timeshare experience did not go well. My parents have owned timeshare for over 20 years, and it has been a great experience. They purchased a particular week in a particular unit about 4 -5 hours from their home. They go every year and really enjoy it. Both my sister and I have joined them on occassion.

About 5 years ago the purchased another week (every other year) in a different area which is more (grand)children friendly. First time, they went by themselves. Second time, my sister and her family joined them. This summer, I am bringing my wife and kids.

I have attended some very high pressure timeshare presenatations and have said no many times. That experience was not fun.

But for someone who will use and enjoy the resort, it could make sense. As you are learning, the value is in use… not in resale.

by pocahontas
On May 29, 2008
At 1:28 pm

Hi! Has anybody here ever heard about ASIALINX GROUP and/or UNIFIED CONSULTANT PTE LTD? These two companies claim that they can rent out your timeshares. I’d like to hear from you if you have heard abt these companies, or even if you have ever dealt with them.

[…] Thanks to the Alpha Consumer, Kimberly Palmer who hosted the 151st Carnival of Personal Finance. My post about The Importance of Record Keeping was included among many diverse and interesting posts from blogs about personal finance. My personal favorites are from InsureBlog who writes about the perils of buying cheap health insurance and FatherSez who shares his regrets about a timeshare purchase. […]

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