Timeshare Mistake

[Greysword]

Oooo, Orange Lake Resorts seems to be a Holiday Inn Clubs Vacation resort! Are you able to turn your timeshare into Priority Club points (the frequent flyer club for Holiday Inn)? If so, this may be a better use of the points, since Priority Club also includes InterContinental hotels.

Plus, you may be able to use the points at other PC hotels globally much easier than RCI. Maybe this is your Disneyland Resort or a great way to tack on an extra night at an airport hotel for those late arrivals/early departures.

Quarterly, PC releases a list of Point Break hotels, which are only 5,000 points per night. While many are on there because they need the business, there are some real gems, especially for a weekend getaway. MommyPoints blog has the current list, here.

PC has a co-branded credit card with Chase that offers Platinum status for guests, although I'm not sure if the benefits work for point use, but still...

In the end, not so bad a decision, especially since you can make lemonade. Our friends have two timeshares with Starwood/SPG (Sheraton/Westin). They've used it for hotel stays all over, from Vegas to Portland to Southern CA to giving us a couple nights at the Swan for our honeymoon as a gift. They love the flexibility, and they paid full price at the presentation with no regrets (we're talking CFO type mixed with Scottish frugality ).

Have fun with them, and enjoy your timeshare!

 

[BBG-BLT]

We own at Paradise Village in Mexico. Bought it from my sister for a "reduced" $4000. Didn't know she couldn't unload it for $1. Anyway - in the long run it's actually kind of worked out for us. Every other year we can get a 2BR (which is what we need) and we trade it into Interval International. We only pay 350/year in maintenance and then the II fee. Overall we get a week somewhere for about 1000. We usually save anywhere from $500-1500 for the week.

Yes you can't get rid of them but if your maintenance isn't too high it's not a bad deal.

I hope you get to enjoy it

 

[aclov]

My moms best friend owns here and she's taken trips with her friends and family to Wisconsin, Vegas and of course stayed there. She doesn't have any complaints at all. Maybe you can rent it out when you don't use it. I would just work with it as it may not be that bad after all!

 

[Dean]

My moms best friend owns here and she's taken trips with her friends and family to Wisconsin, Vegas and of course stayed there. She doesn't have any complaints at all. Maybe you can rent it out when you don't use it. I would just work with it as it may not be that bad after all!

The problem with renting out so so resorts in Orlando is that it's difficult to even get your maint fees back. A 2 BR during the summer might go for $600-800 if you're lucky, a 3 BR a little more.

 

[brucerob62]

good rule of thumb dont buy a timeshare period..i always rent points from others..so maint fees..which keep going up..no being tied down if i dont want to vacation one year.. a little late now but for anyone considering it....dont do it

 

[WolfpackFan]

good rule of thumb dont buy a timeshare period..i always rent points from others..so maint fees..which keep going up..no being tied down if i dont want to vacation one year.. a little late now but for anyone considering it....dont do it

You do realize that the vast majority of the people who frequent this board have bought timeshares - DVC. So are they right or are you right? If not for us, you could not do what you do.

 

[edith76]

I've owned a fixed week at OLCC for more than 22 years. While I much prefer DVC we've had some nice vacations there also. My husband enjoys the golf and my son always found something to do. I've used it for some decent trades with RCI over the years too. I will admit though that every time they sucker me into an "update" I call my DVC guide and add on points at DVC instead of OLCC. Not sure if the points work the same way in RCI as my fixed week, but with the changes RCI has made and the fact that we vacation at less busy times of the year I now can get several weeks in RCI for my OLCC week. Good Luck with it.

 

[Greysword]

good rule of thumb dont buy a timeshare period..i always rent points from others..so maint fees..which keep going up..no being tied down if i dont want to vacation one year.. a little late now but for anyone considering it....dont do it

riiiight....

 

[Dean]

good rule of thumb dont buy a timeshare period..i always rent points from others..so maint fees..which keep going up..no being tied down if i dont want to vacation one year.. a little late now but for anyone considering it....dont do it

It depends. I'd say a good rule of thumb is not to buy a timeshare retail and to do your research. Those who buy the right timeshare(s) at the right price can do very well with them.

 

[Disney On The Bayou]

"Value" is a subjective term... But I purchased VWL in 2001 for $75 pep point in 2 small contracts. I believe today that I could net my capital cost and maybe cover a year or two of dues even. Considering the trips I have made in the past 12 years for what essentially is maintenance fees only, I feel I have gotten a very good value. It wasn't any skill on my part, as I was a very uninformed buyer. It was my good fortune that VWL is what I was offered and it has for the most part retained its original value, though a few years ago it was much cheaper resale then today.

In regards to DVC value, what I have observed is that it is different then regular real estate, in that size matters more than location. As long as you own in WDW at a smaller resort (BWV,BCV or VWL) it tends to retain its value better. I think GFV will be the same... Small resorts mean fewer contracts listed for resale thus bring a higher resale price.