tinfever
newbie
- Joined
- Jul 10, 2019
- Messages
- 1
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- Points
- 11
- Resorts Owned
- HGVC Las Vegas Flamingo
Hello all,
My mother and father purchased a 5000 point HGVC timeshare (January Home Week) from the developer for the Las Vegas Flamingo property around 1997. It's completely paid off by now but the maintenance fees are killing us. It's around $1250 per year + the finance and late fees since we can't always afford to pay it in full at the beginning of each year.
My father actually purchased it so he could guarantee hotel availability for a week in January to attend the COMDEX convention for his business and we used to use it every summer for vacation. However, he passed away nine years ago and now my mom, sister, and I are so busy and doing our own things that we don't have the time to vacation and make use of it like we used to.
This timeshare has a lot of sentimental value to us so we don't really want to sell it but we also know it makes zero financial sense to pay $1250 per year for something we don't use.
We currently still owe $1400 for this year's maintenance fees and need to decide what to do. Here are the options I can see:
1) My mother and I can both contribute to get the maintenance fees paid and then we can try to rent it out to recoup the maintenance fees until we are able to use it again. This might make the most sense if we could find a property manager to handle it since none of us have the time to handle renters, scheduling, paperwork, and everything.
2) We could pay the existing fees and then sell it and maybe get a small amount of money?
3) We could let it foreclose but that would tank my mother and father's (Although he doesn't exactly need it anymore) credit since they are both on the deed.
I think it would still make sense to keep it if we had the money to pay for it and were able to use it but neither of those are the case at the moment. Just typing this up, I'm guessing we should probably pay the fees, sell the property, use the money to help pay for my sister's college, and if the winds change and we have the time and money again we could then repurchase another 5000 point HGVC TS on the used market.
Does anyone have any thoughts or suggestions? Thank you!
My mother and father purchased a 5000 point HGVC timeshare (January Home Week) from the developer for the Las Vegas Flamingo property around 1997. It's completely paid off by now but the maintenance fees are killing us. It's around $1250 per year + the finance and late fees since we can't always afford to pay it in full at the beginning of each year.
My father actually purchased it so he could guarantee hotel availability for a week in January to attend the COMDEX convention for his business and we used to use it every summer for vacation. However, he passed away nine years ago and now my mom, sister, and I are so busy and doing our own things that we don't have the time to vacation and make use of it like we used to.
This timeshare has a lot of sentimental value to us so we don't really want to sell it but we also know it makes zero financial sense to pay $1250 per year for something we don't use.
We currently still owe $1400 for this year's maintenance fees and need to decide what to do. Here are the options I can see:
1) My mother and I can both contribute to get the maintenance fees paid and then we can try to rent it out to recoup the maintenance fees until we are able to use it again. This might make the most sense if we could find a property manager to handle it since none of us have the time to handle renters, scheduling, paperwork, and everything.
2) We could pay the existing fees and then sell it and maybe get a small amount of money?
3) We could let it foreclose but that would tank my mother and father's (Although he doesn't exactly need it anymore) credit since they are both on the deed.
I think it would still make sense to keep it if we had the money to pay for it and were able to use it but neither of those are the case at the moment. Just typing this up, I'm guessing we should probably pay the fees, sell the property, use the money to help pay for my sister's college, and if the winds change and we have the time and money again we could then repurchase another 5000 point HGVC TS on the used market.
Does anyone have any thoughts or suggestions? Thank you!