Another Fairfield ?. Help convince me a timeshare makes sense?

[HeatherC]

Hi - Just posted some questions about Fairfields Points Program, but thought of another question that I was hoping someone here could help me with?

Here is the scenario I'm questioning:

We just rented a 2 bedroom villa a Bonnet Creek resort for 12 days over President's week for $1050 total.

We have also rented over the years at other timeshares in the area (Marriott, Orange Lake, Hilton, etc.) for around $500 -$700 a week on average. Through SkyAuction we actually have rented a couple for about $250 a week.

My questions then are: Does it really make sense for me to buy a timeshare? Haven't I been renting for less than I would pay in yearly maintenance fees? Is trying to trade very time consuming to get the week you want where you want?

We tend to vacation a few times a year so my problem is not so much that a timeshare would "guarantee" we vacation since we already do. Would it, however, allow us to vacation in places that we normally wouldn't be able to afford....say Aruba in a 2 bedroom in February for a week? Or something like that?

I really would love to do this and know that many people love it and are able to maximize their points/weeks but guess I need to understand it more and be convinced. So....can you convince me?

Thanks so much!!!

Heather C

 

[swilshire]

You got a GREAT deal on the Bonnet Creek, so maybe you're smarter than the average shopper.

We have been timesharing for 11 years. There have been a few times that I have seen rentals for less than our owned/exchanged weeks cost us. Many other times our cost was less than what was available any other way.

If you travel in peak times to expensive locations, timeshares can save you money. If you go to Orlando in September and January, you can find rentals cheaper.

We are hooked on the big units and interesting locations, but the Internet has made rentals easier to find, so each person must think about his travel habits and decide.

Sheila

 

[Janet Hill]

Most who rent FF points do not rent for less than their maintenance fees, and the unit you rented was probably not less than the owners mf either. You probably got lucky by getting a unit from VIP Platinum owner who was able to snag the unit at 50% point value. If this was the case the owner had thier mf covered with at least a couple hundred to spare.

 

[FayeW]

Heather, this is the exact question that we have had as well. The 3 times that we have visited Orlando, we used skyauction and I think the most we paid was $266 for a 2 bdrm. When I look at www.redweek.com, I see that in most cases the yearly maintenance fee is $600+, and the rental cost is only a couple of hundred dollars more. For us, renting makes more sense because even if we end up paying $300 or $400 more than the maintenance fees, we haven't had to put out the initial purchase price, and we don't have the obligation. It would take us a long time to spend the same renting as we would purchasing and paying maintenance fees.

 

[Janet Hill]

It's always easy to get cheap accommodation in an overbuilt area like Orlando. It just depends on what your goal is for a timeshare purchase. Buying to go to Orlando every year is probably not worth it. However, FF points (no matter at which resort purchased) are good at all of the FF resorts and no exchange fee is necessary. To trade outside of FF you do have to pay an exchange fee. There are lots of us that vacation places other than Orlando and where the cheap places aren't as readily available. Depending on which parks we are emphsizng we stay at many different resorts in Orlando (including DVC and Marriot) with our FF points. We've also been to Hawaii with them.

I wouldn't say that it's time consuming to trade, but many (including me) have made it a hobby. Timeshares allow us to stay in larger accomodations than we could otherwise afford and in places that we would otherwise not been able to afford.

Only you can decide if purchasing is right for you.

 

[bearzabout]

I don't own, and after seeing how much maintenance fees go up each year, I'm glad that I don't.

The last unit I rented for $499/week had maintenance fees of $850/year. I think buying into a timeshare is too risky considering you have no control over maintenance fees or even level of maintenance. Even recently built or remodeled units tend to look shabby and worn after a year or two of use. Renting allows me to move around to the most recently renovated or newer resorts.

If you consider a good timeshare may sell a week for around $8,000, the complex would receive $400,000 for the unit (based on a 50 week year) and collect $42,500 in maintenance fees per unit per year. Most timeshares I have been to are not fancy enough to justify these prices. I think they are just money makers for the developer.

 

[HeatherC]

Thanks so much for all your opinions. That was just what I was looking for.

Janet - It sounds like you are very happy with yours. That is terrific. Timeshare would probably become my hobby too since I LOVE to travel and always have one or two vacations in the works. I was also glad to hear that you don't have pay an exchange fee with any of the FF resorts. I think there is still a lot to learn about them before I would be ready to purchase.

What about paying other fees? Are there others that I'm not aware of?

FayeW - Sounds like your thoughts are like mine regarding the financial aspect of it. We have still been able to find affordable accomodations in other places as well ...mostly due to the internet making things so accessible. Without the internet, I think it would be MUCH harder to score a "deal".


The other thing I wanted to mention is that I think timeshares are probably like a lot of other purchases. Someone may spend money on say a boat whereas I would probably buy something else. But if they can afford it and get great joy out of it then its a good purchase. Does that make sense? I think I'm just nervous about hidden fees and having "buyers remorse".

Guess I have more to investigate. Thanks again everyone.

HeatherC

 

[Brian Noble]

You got a tremendously good deal on that rental. Much lower than most that I see.

We bought primarily because I got tired of spending a big chunk of time each year trying to find the best deal. I can always find a good deal, but if you add up all the time I spend looking, it takes a couple of days to mail individual owners, read through a bunch of replies, negotiate a deal, etc. etc. And, all to save $100 compared to the FF points I bought. Objectively, that $100 for two days's work is not a good use of my time.

Before you decide to purchase, though, you really want to understand your options and the financial ramifications behind them. Most Orlando purchases don't make sense financially unless you are buying specifically for location relative to the parks AND get a fantastic deal on a resale.

You've got to be patient to get something where the math works out. In particular, none of the non-Disney timeshare units make sense buying retail, and the Disney ones only make sense if you would otherwise be staying in Disney Deluxe resorts.

 

[Mari annie]

Keep doing the timeshare tours and do not buy, has little re sale value.
Over flow of properties, etc etc........competition keeps the time share touring for low cost vacations and they are building more and more condos...............more condo's for everyone to stay at CHEAP!

We did the timeshare tours for a few years after many many stays on Disney properties, and saved alot of money, now we own a 2nd home in the Orlando area (not a condo).
There are so many condos, you can do a condo tour of the same company every six months, so basically you can do the same condo tour company or companies (depending how many yearly trips you make) every year!
that's what we did!

cheap/clean and lots of great times in FL!

enjoy!

 

[dsanner106]

I have been a timeshare owner for a number of years, and it is just like anything else. If you do your homework, you can do very well with them. When I travel to orlando on sept, I often rent for cheap rather than use my points or trade my good weeks. When I travel in peak seasons, when rentals are unavailable or very expensive I come out way ahead with my points or trade. The big advantage is in other areas really though. I have traded a 2 br unit with Maint. fees of 350 for a 4 Br presidential suite near DC and was able to treat my inlaws to a wonderful trip. The same unit rented for 2000 a week otherwise. I have traded for cabins in maine, and suites in Ireland, and Hawaii to name just a few. Be smart when you buy, look for resales and you can do well.

Drew

 

[littlestar]

You just have to do your homework and buy smart. Most people are too afraid of the commitment to figure it out. That's to your advantage if you decide to put the time into it and figure it out.

We own a couple of every other year lock-off units and the dues run about $275 a year. We stay in name brand places when we trade - Hyatt, Marriott. That's the timeshares you don't see on skyauction. The big boys protect their brands and won't allow RCI to devalue their brands.

Most timeshare owners are NOT going to divulge their secrets (what are great resorts to own with a low purchase cost/dues that trade great). If everybody knew about it (the general public), the opportunities wouldn't be there any more.

On a side note, if your main vacation spot is Orlando and you can go off season - renting might be better. There's usually always cheap rentals available for off season in Orlando. Lots of supply.