What are five common misunderstandings about timeshare ownership? I asked someone to read my latest post, “Start the Plane! Roundtrip Flight to Cancun for $72.60.” I was surprised but inspired by her constructive feedback. “I didn’t keep reading because it’s about timeshares, and I don’t want a bill for life.”

When you purchase a timeshare, you will pay a mortgage. You will also pay an annual assessment or maintenance fee along with your dues. A portion of the assessment is required to maintain each timeshare property in the portfolio. If you own a condominium or townhouse, you probably have a basic understanding of assessments. I do not pay for landscaping, snow removal, or roof repairs. My assessment covers the cost of maintaining the property. I will have a bill for life if I remain in my condominium. The misconception occurs because some people do not understand why they pay an annual fee.

You can never reserve the week you want. For 2019, I used points to make a reservation in Cancun during Spring Break. I was in Miami and Honolulu in July. D is usually in Las Vegas for the Pac 12 tournament in March. The one-week option is from decades ago. Depending on how I utilize my points, I can make reservations 3-4 times a year. My son also makes reservations 1-2 times a year, which means we can travel, and make a reservation somewhere in the portfolio at least 5-6 times a year. I will share that I can never find anything in the RCI exchange portfolio.

Why would I leave D with a mortgage? I did not. I paid off my mortgage and added my son as an owner. Of course, I asked him to pay the fee to add his name to the title. Because I was responsible for the mortgage, D can put his children’s name on the deed if he chooses to do so. I do not know that this option is available for all timeshare ownership, but it is available with Hilton Grand Vacations.

It makes no sense to invest in a timeshare if you only vacation once a year. Because I vacation regularly, it is worth it for me. D and I split the assessment, which means I pay $550.00 a year in fees. I can make reservations for the Big Island, Cancun, Carlsbad, Honolulu, Las Vegas, Los Cabos, Miami, Myrtle Beach, Orlando, or Salt Lake City. I cannot wait to retire because I want to travel to other destinations like Barbados. Some properties in the portfolio are harder to reserve than others, but it is all about timing. 

Lies! I tell you lies. More lies. I thought my offer was great because I went with the every other year option, but I upgraded two years later. I could not take out a personal loan at my bank. It was a straight, “NO.” After the wonderful experience at my bank, I went to the credit union, but no one understood what I was trying to do. Finally, I asked for a personal loan. The interest rate on the personal loan from the credit union was twice as high as the rate on the initial loan. Do not believe anyone when they tell you to get a loan with a lower interest rate through your bank. Lies. I maxed out three credit cards to pay off my timeshare, and then I applied for a personal loan to pay off the credit cards.

I explained why I purchased a timeshare in LSKTravelz. My home property is Elara. I own a one-bedroom. However, I will reserve a studio from time to time. When I vacation in Vegas solo, I stay at the Elara and never leave the property. One of my favorite places to eat is Ocean One Bar & Grille, and the Elara has direct access to the Miracle Mile Shops. You can dine for under $10.00 for breakfast and lunch. The portions are large, the food is good, and I am always impressed with the customer service. I have also stayed at other HGV properties around the strip. I hope this post helped you understand five common misunderstandings about timeshare ownership. Below is another testimony from one of my friends about their HGV experience.