I need some help and am thinking that someone (or two) out of the 175,000 members of Gather.com must have become the proud owner of a timeshare vacation week. I originally purchased a week in Sapphire Valley, North Carolina (1984) and enjoyed going up there every year and paying next to nothing in annual maintenance fees. In 2000, I followed the lemmings and converted my fixed week into "points" and now can use those "points" to vacation anywhere I have the advanced planning skills and Las Vegas style luck to be able to get into. Although my "week" is now merely "points" the deal I signed means that I still pay an annual maintenance fee to my original association.
Well this year the Board of Directors of the Homeowners Association decided that the units had become so run down that they had to have a major overhaul. By major I mean the Board voted to spend between $50,000 and $60,000 per unit for 60 units. When I picked myself up off the floor because they want to have ME PAY a special assessment for 2 years to pay for this (do the math and it is over $1,000 per week) I looked at the annual maintenance fee and they had raised it to $460 for this year.
So for the initial cost of the week (long paid off) amortized over my life and the life of my children (I have a deed and they can inherit the points) the value of getting a vacation every year keeps getting better and better.. or so that is what the salesman said. Anyway I am looking for comparables to know if time has come for me to jump ship or not. The unit I purchased is one of 60 that are pretty much all the same, 2 bedrooms (one with king size bed, the other with two twins), 2 baths, split level with a full kitchen, dining room, living room (with large sofa bed), outdoor decks on two levels, jacuzzi tub big enough for 2 adults and two kids (those were the fun days!!) and lots of bubbles. There is a stone fireplace (it is in the mountains after all) . The resort has indoor and outdoor swimming available to guests, game room, running track, miniture golf, tennis courts, and health club, lots of activities year round. There is a ski slope for winter sports and golf courses for summer.
So despite the HUGE surcharge, what do others pay for their annual maintenance fee and what do you get for that? If you don't have a timeshare, do you think I am still getting a good value for my money?
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Comments: 9
I think $460 isn't too bad for maintenance. How much would a week at a motel end up costing? If you are too busy to take a vacation, and the week isn't getting used, then yeah, you probably should consider selling, but as long as you are able to take advantage of the ownership, good for you.
Go re-read the sustainability discription.
Your "I'm gettin screwed by my AOAO and are maintaince fees to high" concerns ain't in there.
There are plenty of "post whatever you want" groups @ gather you can post stuff like this to.
David, I used to be a member of worldmark which is sold by trendwest, strictly a points timeshare system with resorts throghout the west as far east as Bransom and as far west as Austrailia.
For a half week membership I was paying $320 a year I think a full years was about the same as you are paying.
So on the upgrade let me get this straight they want you to pay an extra $500 per year for two years to pay for upgrading the units? If you like the place pay the money, You'll be vacationing at a upgraded unit it might be worth it.
I personally perfer a strictly points system, greater variety or your favorite resort its up to you.
As I said, I'm not that knowledgeable about timeshares, but just thought I would add that opinion for something to think about. Good luck!
But, I do believe that timeshares are good for "some" people. Especially if you vacation alot.