Does anyone own a timeshare?

[ban26ana]

A friend of mine wants to get rid of his timeshare. He's moving from NJ to SC, and he isn't looking to make a profit. He owns a 3 bedroom at Cypress Pointe, the Emerald level. (Some dates are blocked out but you can upgrade to them for a fee.) He said we could also use a 2 bedroom and then have another week to use a lockoff somewhere.

All he is looking for is the money for the deed transfer (he says about $300), and then we'd obviously be responsible for the annual fees.

We've never really looked into a timeshare before, but this seems like a great deal for us. Can anyone give details as to how it works? Say we pay our maintenance fees for the year and then book a week. When we get there, do we pay anything else? What are the pros and cons of owning a timeshare?

 

[Detailor]

A friend of mine wants to get rid of his timeshare. He's moving from NJ to SC, and he isn't looking to make a profit. He owns a 3 bedroom at Cypress Pointe, the Emerald level. (Some dates are blocked out but you can upgrade to them for a fee.) He said we could also use a 2 bedroom and then have another week to use a lockoff somewhere.

All he is looking for is the money for the deed transfer (he says about $300), and then we'd obviously be responsible for the annual fees.

Assuming that your friend owns his timeshare week or points outright, then that's right - he'd be getting out of having to pay the annual maintenance fees and you'd become the owner of record.

We've never really looked into a timeshare before, but this seems like a great deal for us. Can anyone give details as to how it works? Say we pay our maintenance fees for the year and then book a week. When we get there, do we pay anything else? What are the pros and cons of owning a timeshare?

I think that timesharing can be a very good way to vacation. There are a lot of very nice resorts out there if you decide to join an exchange company and trade for locations other than Cypress Pointe. And if you decide to use your Cypress Pointe week every year you'd be in a nice resort with a great location. You're correct that you'd pay your annual maintenance fees and book your week if its a points-based timeshare. I'm not a Cypress Pointe owner but there wouldn't be any additional costs at the time that you check in. You might pay for incidentals - possibly internet access, charge for mini-golf, and anything that you buy at the resort store or food at the cafe.

Cypress Pointe resort has a nice website at www.cypresspointe.net that should help you with info on the resort. Or go to cypresspointe2.com if it's the sister resort, Cypress Pointe Grande Villas. The other place that I'd suggest that you investigate is the terrific Timeshare Users Group website at tug2.net and click on the Free Timeshare Advice Articles link near the top of the page. TUG has invaluable information on timesharing in general and may help you decide whether you want to get into timesharing.

Dick Taylor

 

[DianeV]

We recently purchased a Diamond week at Cypress Pointe because we really like the resort. There is a home owners assoc. with actual owners who care about the place and making it nicer (which they have been doing)

Great location, nice units and yes you can split the units for 2 weeks of vacation and I think you can even do less than a week but not for sure on that.

FYI maintenance fees are going up a tad for 2011 I heard making them about $880 I think I saw. Still a decent deal for knowing you have a nice place to stay every year

 

[Purseval]

All he is looking for is the money for the deed transfer (he says about $300), and then we'd obviously be responsible for the annual fees.

What are the pros and cons of owning a timeshare?

The pros are you know basically what you'd be paying to vacation each year and if you are on a decent exchange network you can go to other places.

Your friend should be the obvious con...he's taking a unit he probably paid a lot of money for and is giving it away just to get out of the annual fees. That right there should send you a major red flag about the downside of timeshare ownership. That may or may not be another pro for you, all the depreciation has been assumed by someone else. That way if you don't like it you can also give it away for free and not have to take the huge hit your friend took.

A quick search for Cypress Pointe shows that if you change your mind with your friend and decide to buy later you can get a unit for $1 on Ebay, so giving them away to get out of them is pretty common and not just an unusual burst of generousity on your friend's part. Here is a thread on the Timeshare User's Group that has a few hardcore CP owners involved. You can ask any questions you want there about the upside and downside an they will have all the inf you need.

http://www.tugbbs.com/forums/showthread.php?t=120820&highlight=Cypress+Pointe

 

[swilshire]

We have been happy owners since 1996 and have had many wonderful vacations. With a recent multi-week purchase on Nantucket, we're now up to 10 weeks annually (which is about 4 or 5 more than we have time to use). We rent out some of the weeks we own (especially our Orlando week between Christmas and New Years), and exchange most of them for other places. We've been to three islands in Hawaii, England, Scotland, Wales, Nova Scotia, British Columbia, Alberta, Maine, Hilton Head and more times and places in Florida than I could count.

As a rough average, I estimate that my timeshare lodging costs around $100 a night. There are many ways you can do it cheaper than that. For $100, I could rent a mid-grade hotel room (you have to add tax to the hotel) or I can stay in a two to four bedroom condo with mutliple bathrooms and full kitchen. One of my favorites was the Marriott Custom House in Boston. Nightly rates there are MUCH higher than $100.

I've never been to the resort you name, but I've heard good things about it. You can go over to www.tug2.net and learn LOTS about timesharing.

Sheila

 

[Metsoskil]

We own both DVC and a week at Star Island in Kissimmee. We bought our Star Island week for $0.99 on Ebay after much research, and we're happy with both our TS.

The general rule is that you should spend at least 6 months doing research before you buy (or accept in this case) a TS. Timeshares are very easy to buy, and very difficult to get rid of if you don't want them. Make sure you know what you are getting into.

The suggestion of checking out www.tug2.net is an excellent one. As was mentioned before, you can always get the same resort for a buck on E-bay, so there's no rush for you.

 

[chalee94]

We've never really looked into a timeshare before, but this seems like a great deal for us. Can anyone give details as to how it works?

definitely take a few days to search TUG and ask questions there. there are several CP owners who can get you up to speed.

Say we pay our maintenance fees for the year and then book a week. When we get there, do we pay anything else?

not usually.

but timeshares often don't include extra towels, daily housekeeping and daily replacement of shampoo and so forth like hotels - more like a vacation home with less responsibility...but make sure that style of vacationing works for you.

What are the pros and cons of owning a timeshare?

pros:

*more space compared to hotels.
*usually reasonable per night costs.
*opportunity to trade out for other locations using RCI or II (although orlando is overbuilt so your trade power will be limited - and since it is in orlando, you would never be able to trade it for DVC.)

cons:

*as stated, they are more of a liability than an asset - you are taking on annual dues going forward unless you eventually find another buyer (or someone to just take it off your hands). you might even wind up having to pay money to get someone to take it (pay dues for the next year and closing costs to get the deal done.)

but whether you use it or not - due to illness or work or whatever - you still owe the annual dues. every year.

*you often need to book well in advance (often close to a year or so). let's use a simple example where 50 owners buy a timeshare villa - if no one wants the first 2 months of the year and the villa sits vacant, there are only 52-8=44 weeks left in the year (1 or 2 of which may be reserved for maintenance). that means someone who waits too long may wind up paying their annual dues but not being able to find availability for use... don't let that be you... plan ahead.

*more "like home" and less like a hotel stay - which is great for some (like me) but a negative for others.

 

[kathy884]

TUG2,net is a great site. You can join for $15 per year and get great information about timeshares.

I'm someone who loves to stay at timeshares on vacation (have done about a dozen timeshare rentals), but have never bought one. I find that there are many timeshare owners out there with more weeks that they can use, and lots of rentals available for not that much more per week than maintenance fees. We're not too flexibile on when we can travel, don't have that much vacation, and some years only travel to places where timeshares aren't even available. Renting just seems like a better way to go for us. It seems to me that cash is king and works better than points, especially when you don't have a lot of flexibility.

Note: I've rented three bedroom units at Cypress Point three different times. It's a great resort with a super location. Anytime you'd like to go there, though, if you don't buy, check the rental classified ads on TUG2.net and Redweek.com. It's a pretty easy resort to get a rental week for, and usually my top choice when I need three bedrooms for a week in Orlando for price/value.

 

[spiceycat]

orlando has a great deal of timeshares and is very competitive - so the maintence fees are high.

that is true of all of Orlando.

It trades with both II and RCI - so you can decide who you want to join (extra cost) to trade with.

It has one really good thing on its side - it is mostly ruin by its owners. It is one of the few timeshares in Orlando that is ruined by its owners.

most of the others are operated by the developers. Now if the developer is fairly honest - Disney, Hilton or Marriott - then you are fine. but if they don't mind cheating the owner for their own gain or to make more sales - Westgate - then you have problems.

that say definitely don't like the new policy from Marriott - so won't be buying with them.

you are probably better off getting a timeshares fairly close to where you live - some timeshares have a policy that you can give even when not staying there.

so you can do a day trip - use the swimming pool and other activities - and go home afterwards if you want too.

plus with the economy in such bad times if you get one far away will you be able to go every time. if you can't - then look at others.

 

[Detailor]

orlando has a great deal of timeshares and is very competitive - so the maintence fees are high.

that is true of all of Orlando.

Meaning, I think, that because Orlando timeshare resorts are all competing for the same pool of potential customers or are having to keep current owners happy as there are a lot of really nice alternatives if they aren't happy. Consequently, maintenance fees may be fairly high compared with some timeshare resorts in other parts of the country where the timeshare market isn't quite so competitive.

It trades with both II and RCI - so you can decide who you want to join (extra cost) to trade with.

I think that this comment is specific to Cypress Pointe. Both Cypress Pointe Resort and Cypress Pointe Grande Villas have exchange agreements with the two largest exchanging companies - Interval International/II and Resort Condominiums International/RCI - which allows owners access to a broad array of other resorts if they choose to exchange and vacation someplace that they don't own. Technically, you could join either II or RCI or both if you wanted to pay membership fees (and exchange fees) to access their inventory(ies).

It has one really good thing on its side - it is mostly ruin by its owners. It is one of the few timeshares in Orlando that is ruined by its owners.

Also a Cypress Pointe-specific comment. Though I'd point out that Pat J. probably didn't mean that the owners are ruining the resort. Rather, I think that's supposed to say "run." Cypress Pointe Resort, in particular, has a very active Owners' Board that has a long-range plan for the resort and has been keeping the resort updated. This is different than the corporate approach to decision-making that many of the larger timeshare resorts take. Cypress Pointe's owners are fortunate to have such a dedicated group of fellow owners running the resort's affairs.

you are probably better off getting a timeshares fairly close to where you live - some timeshares have a policy that you can give even when not staying there.

so you can do a day trip - use the swimming pool and other activities - and go home afterwards if you want too.

plus with the economy in such bad times if you get one far away will you be able to go every time. if you can't - then look at others.

Typically buying advice is to buy at a resort that you'll use frequently - three out of every four years or something like that - so you'll get the most value for your purchase and maintenance fees. Pat's advice is solid but, if you can see your family going to Orlando every year well into the future, then taking over your friend's Cypress Pointe ownership could work well for you, too. My family has been vacationing at timeshare resorts in Orlando since 1997 (I think nineteen or twenty weeks in that time) but we own our timeshare weeks elsewhere - not particularly near where we live - and have either rented from owners or exchanged into Orlando timeshare resorts. And we've exchanged into many other locations in and out of the U.S. over the years. I guess my point is that there are lots of different ways to make timesharing work for your particular situation.


Dick Taylor

 

[Brian Noble]

I'm a big timeshare fan. Love 'em. We've taken many wonderful vacations (at Disney and elsewhere), and gotten great value out of our lodging dollar while we are doing it. I bought my first one in 2006, and now own three.

However, I'm *not* a big fan of buying a timeshare just because someone happens to offer it to you at a good price---even free. There are a *lot* of different timeshares out there. This one might be a good fit for your vacation needs, but it also might not be such a great fit. And, as your friend's situation should make clear, buying a timeshare is pretty easy, but selling one can be quite difficult. If you end up with a poor fit, it takes time, effort, and money to get rid of it again.

The first question is whether or not a timeshare is even a good idea for you in the first place. It's probably *not* the absolute least expensive way to vacation. It requires a long term commitment to vacationing each and every year. That means you have to be able to afford all of the *other* costs that go along with a vacation: time off work, transportation, food, entertainment. Timeshares offer a home-away-from-home atmosphere on vacation. Some people really like that. Others perfer the more full-service aspects of a traditional hotel.

If you think a timeshare might be for you, then I'd spend some time reasearching (at TUG and elsewhere) the options that might be available, the pros and cons of each, and how it might fit in with your particular expectations for vacation---where you want to go, what your luxury vs. cost trade-off is, etc. This process is going to take a while. Then, and only then, should you consider buying. I spent about six months reading pretty seriously before I bought my first timeshare, and even then there were some things I didn't know that I probably should have. But, so far, I haven't regretted a single one of my three purchases.

 

[sasquatch]

Or go to cypresspointe2.com if it's the sister resort, Cypress Pointe Grande Villas.
Dick Taylor

Thank you for pointing out the sister site to Cypress Point. I didn't know there was a distinct website for the Grande Villas. I'm staying at the Grande Villas in November through Diamond Resorts International. This is very helpful.

-sasquatch

 

[Detailor]

Thank you for pointing out the sister site to Cypress Point. I didn't know there was a distinct website for the Grande Villas. I'm staying at the Grande Villas in November through Diamond Resorts International. This is very helpful.

-sasquatch

I'm happy that that was useful to you.

Note that many/most of the amenities at either of the two Cypress Pointe resorts can be used by guests of either. The two resorts share a common check-in location but the guest lodging areas are separated by a short street that runs across the combined Cypress Pointe properties.

Dick Taylor