Free timeshare, would you take it?

[Josi96]

We have been offered a timeshare at Orange lake resort for free. The owner is tired of paying the fees and wants to give it to us. It is a 3 bedroom unit for the 18th week, not sure of the area. We have no experience with timeshares. Obviously, seems like a good deal. We have 3 small kids and usually take a vacation yearly. Does anybody have experience with Holiday Inn Vacation Club, would you take this deal?

 

[bankr63]

Not an easy question. Timeshares are a big responsibility, even when given to you for free. That maintenance fee is due every year, whether you use it or not. Before you say yes or no, spend some time getting educated. Visit www.tug2.net and www.tugbbs.com (The Timeshare User Group); it's like the DISBoard for Timeshare owners and you will get tons of advice (most of it good, all of it will make you think). Are you going to want to visit Orlando regularly, always on week 18 (late April/early May)? If you plan to trade through RCI or II, what is the week worth in trading power? If it is a lockoff 3BR, it may be worth a ton, but I'm not sure what the trading power is for week 18, or even if the HIVC deposits your actual week. Are you even allowed to participate in HIVC on a resale, generally for most "clubs" or "plans" the club membership is not transferrable to a resale owner so you are left with just the underlying week. I'm not sure on the transfer question, but you NEED to be.

I own two Orlando timeshares, and I have no real regrets, I bought both resale for about $12 total, and I love the lifestyle and the resorts and Orlando. BUT if I were to do it all again I would just rent. Same price as my MF's or cheaper and no annual obligation.

As for Orange Lake, it is a nice resort, huge, with lots of amenities. I have never stayed but have a co-worker who owns there (for many many years; his 30something siblings all took the membership over from their parents) and they are happy with their ownership. In reading comments on the resort over time, I think it may be slipping a bit since the Holiday Inn shingle went out front a few years ago (comments seem to be getting more negative).

My best suggestion as it sounds like you haven't been there yet, rent it from them this year for their MF cost. If you really like it, and you have taken some time to understand what you are buying, take it off his/her hands.

 

[Josi96]

Thank you so much for the advice. Will definitely be doing more research.

 

[greenclan67]

We love Orange Lake resort. It is one of our favourites. Not sure if you are on Facebook or not but there is some awesome Holiday Inn Club Vacations boards there that are all owners with HICV with very sound advice. From what I understand it is one of the best as far as ownership goes.

 

[My2CrazyGirls]

It would depend on how much the yearly maintenance fees are. Did they tell you?

 

[cedricandsophie]

is he going to deed the timeshare to you? If so would a gift tax apply? And how much is maintenance every year? Is it trade able to other places? We own DVC and Diamond resorts. Diamond works in points and there are hundreds of places to go to. We enjoy it but also give away time to friends and family. And the maintenance does go up every year. We own at Vegas but haven't been there in years. But have used points in Florida, Arizona, California, Wisconsin, Ohio, Washington and Mexico. So just be sure you know everything about it first

 

[chalee94]

Yeah - there are a lot of "free" timeshares available - but the big question is "what value are you getting for your ongoing maintenance fees/annual dues? "

TUG is a great resource. Take your time.

 

[Josi96]

Thanks eveyone, I know the fees are around $900 per year. We do take a vacation every year, often to Disney World. However that particular week wouldn't work for us so would have to be able to keep the points or it wouldn't be worth it. I will check out the facebook page.

 

[greenclan67]

Thanks eveyone, I know the fees are around $900 per year. We do take a vacation every year, often to Disney World. However that particular week wouldn't work for us so would have to be able to keep the points or it wouldn't be worth it. I will check out the facebook page.

At Orange Lake, if you buy a resell week, it converts to weeks and the points don't transfer. You will get that week. Not the points.

 

[Upatnoon]

We have been offered a timeshare at Orange lake resort for free. The owner is tired of paying the fees and wants to give it to us. It is a 3 bedroom unit for the 18th week, not sure of the area. We have no experience with timeshares. Obviously, seems like a good deal. We have 3 small kids and usually take a vacation yearly. Does anybody have experience with Holiday Inn Vacation Club, would you take this deal?

Here is a great resource to help you decide. http://tugbbs.com/

Do lots of research!

 

[disneysteve]

We have been offered a timeshare at Orange lake resort for free. The owner is tired of paying the fees and wants to give it to us.

From the title, I thought you meant you would have the use of a timeshare for free for your vacation. I'd probably take that deal.

As for actually assuming ownership of the timeshare, no chance in hell. I'd run from that "deal" as fast as I could. Owning a timeshare is, with very, very rare exception, a complete and total rip off. If you want to stay in a timeshare unit when you travel, just rent one online. That way you aren't locked into a particular place and you aren't stuck paying a fee every year for a place you may or may not end up using. You can easily rent a timeshare in the Disney area for under $50/night. We just did that in November and we've done it numerous other times. There is just no reason to ever own one.