Timeshare gift might not cost less than hotel vacation

Q: I found a local lady on Facebook who owns three timeshares. She is retiring in 2019 and can't sell one of her units. She wants to give it to me. She said I can use a transfer company, pay a fee and then

I'd get to use the timeshare starting sometime next year. I cannot afford to buy a timeshare and I would use it for vacations, so is this worth it? I'm scared but would love to take my grandkids on vacation.

A: Let's start with the old adage, "There's no such thing as a free lunch."

The only reason you have found this timeshare unit for "free" is that the owner has been unable to sell it. And, the only reason she wants to get rid of it is that the fees and expenses outweigh any money she would make by renting it or having a family member use it. If it was a great deal, she'd never give it away.

Most timeshare developers charge an upfront fee to buy the unit. You may also have monthly maintenance expenses, property taxes, association dues and special assessments to keep up the property. Add them up, and you might quickly see that all of the expenses outweigh the benefit you get from receiving the timeshare without having to pay the upfront cost.

Have you seen this unit? Do you know anything about the property? Without seeing it, there's no way to know what the unit looks like, what condition it is in, what the location of the unit is, and whether the amenities will suit you.

And if you don't use it or no longer want it, what happens when you try to sell it?

To make the decision, take a look at the timeshare's annual expenses and compare what it would cost you to simply stay at a hotel or rental for your next vacation.