How is buying a timeshare EVER a good idea?

[Happiest mommy]

LoveBWVVBR there are so money on Ebay who would you recommend?

 

[jmpellet]

LoveBWVVBR there are so money on Ebay who would you recommend?

I would recommend spending a minimum of a month or two reading www.tugbbs.com. Collectively, they have a wealth of knowledge.

 

[LoveBWVVBR]

I would recommend spending a minimum of a month or two reading www.tugbbs.com. Collectively, they have a wealth of knowledge.

Yep. Do not buy anything until you have read and learned from TUG2. Also, know what you want. Do you just want to be able to trade for DVC? Do you want to trade for Marriott and Starwood? Might you be happy with Wyndham points? Figure out what you want, read up on TUG2 and go from there.

I can say unequivocably that the resale purchase with which I've been happiest is our 203K Wyndham points contract that we bought for $700 on Ebay a couple of years ago. It gets us fantastic 2 bedrooms at Bonnet Creek and we are able to go there for Thanksgiving weekend every year. It's wonderful. Wyndham points are even cheaper if not entirely free now. That is me, though. Figure out what YOU want and go from there!

 

[brota]

It's actually a 1 bed/2bath unit. I'm hoping to acquire another unit but I want to stick with RCI (i'm not even sure if it does II) so I don't have to maintain more than one membership. At least for the time being as I get used to RCI. My cost per TPU is just $10.42 - I think that's pretty good.

Hello I am also in MA, what was the name of the resort? Did you do the tour before your bought? I am thinking about getting into an RCI propertly that is local but can also get me some Disney Vacations too.

Thank you
Brian

 

[bumbershoot]

I would recommend spending a minimum of a month or two reading www.tugbbs.com. Collectively, they have a wealth of knowledge.

Thanks for that!

 

[HeatherC]

I am another person who cannot see the benefit. And I really want to. Several times we considered buying one, but it made no sense to do it...at least for us.

I love finding a deal, and have found great ones every time we travel.

We have stayed at many timeshare resorts for under $300 a week total. Most owners pay more than that in fees. We have rented at Bonnet Creek, Orange Lake, Marriott's Grande Vista, Sheraton's Vistana, places in Williamsburg, etc. and always found it cheaper to rent.

With places like skyauction, condodirect, govarm, getravelop, myresortnetwork, redweek, etc. it makes it very easy to just rent and then not be tied in to paying fees or not being able to trade your week .

I also think it is so easy to find a place to rent because a lot of people find they can't use their weeks as the years go on. Yet they still have to pay the fees so they would rather rent it out for very cheap and at least recoup some if their loss.

 

[LoveBWVVBR]

It's actually a 1 bed/2bath unit. I'm hoping to acquire another unit but I want to stick with RCI (i'm not even sure if it does II) so I don't have to maintain more than one membership. At least for the time being as I get used to RCI. My cost per TPU is just $10.42 - I think that's pretty good.

I think that $10.42 per TPU is pretty good! You made a good choice IMHO. It sounds like you'd be happy to use the unit even if you didn't want to trade it that year, so it was a great choice for you

 

[Robinrs]

The only people benefitting are the people cashing the checks and running all the way to the bank.

 

[jmpellet]

Hello I am also in MA, what was the name of the resort? Did you do the tour before your bought? I am thinking about getting into an RCI propertly that is local but can also get me some Disney Vacations too.

Thank you
Brian

I bought it on Ebay and its at Pier 7 in South Yarmouth. Never buy direct and as you'll see timeshares (outside DVC) are going for like 80 to 90% off retail. Just make sure you do your research first and be sure its a very red week.

 

[jmpellet]

I think that $10.42 per TPU is pretty good! You made a good choice IMHO. It sounds like you'd be happy to use the unit even if you didn't want to trade it that year, so it was a great choice for you

Yes, my 10 year old son actually wanted us to use it in 2012 but I somehow accidently banked it?? I didn't realize the resort added two years for me (I haven't even paid my first MF as they are due in Feb) so I clicked to bank inadvertenly... So in looking I think I can get a "twofer" out of it -- 1 week in Vegas and 1 in Sedona.

 

[LoveBWVVBR]

Yes, my 10 year old son actually wanted us to use it in 2012 but I somehow accidently banked it?? I didn't realize the resort added two years for me (I haven't even paid my first MF as they are due in Feb) so I clicked to bank inadvertenly... So in looking I think I can get a "twofer" out of it -- 1 week in Vegas and 1 in Sedona.

If the MFs aren't paid, you may be OK. I know that with II at least, they verify that the MFs are paid within like 24 hours of the deposit. If they're not paid, your deposit is returned. I'd double-check if you do want to use the week instead, because perhaps not paying the MFs yet worked in your favor in this case.

 

[LoveBWVVBR]

The only people benefitting are the people cashing the checks and running all the way to the bank.

In many cases (as in, people buying timeshares retail), this is true. Buying resale and then trading can be an insanely good value, though. Like all things, buyer beware...do your research before buying, and really understand what you are buying. Also, it goes without saying that buying a timeshare retail doesn't make sense in most, if not all, cases!

 

[ccgirl]

Research...research...research....

I hear a lot of people say they can't get the week they want, or the location they want in a trade. If you are looking to trade, make sure you purchase a week with high trading power. If you are specifically looking to trade into DVC, they will not trade for a unit within a 35 mile radius. They are currently trading with RCI but have traded with II in the past.

My only regret is that I wish I purchased on the resale market. I purchased both timeshares from the timeshare itself. One, I think I did great with still. The other, I could have gotten for so much cheaper on the resale market.

Regardless, we love timeshares. We are very spoiled that way. When we walk into hotel rooms my DD8 now says, "this is it?"

I also plan my vacations in advance. If you like to vacation last minute, that will limit the places to trade.

Friends of ours just went to WDW and stayed at BC Concierge. Their vacation accommodations were about $5,000 just for one week. I purchsed a timeshare in Hawaii for a little more than their one week of vacation cost.

Now, if you vacation at places that are $300 a week timeshare ownership is probably not for you.

 

[brota]

I bought it on Ebay and its at Pier 7 in South Yarmouth. Never buy direct and as you'll see timeshares (outside DVC) are going for like 80 to 90% off retail. Just make sure you do your research first and be sure its a very red week.

I think I want one that is on the RCI points systems close enough to drive incase I dont want to spend some money on flights. I want to also try and take adavantage of the discounted last minute stays with RCI.

 

[MrsPete]

I am guessing you aren't reading the entire thread. You really should, since for those of us who own DVC, that number is not high at all. I only used myself as an example as a DVC owner, and that is where my figure came from - it is based on mathematical estimations for future maintenance fees, which go up each year

Yes, I read it, and I understand that you're talking specifically about DVC and you and your banker husband are making assumptions about the possible inflation numbers. You're assuming that your figures are universally true for everyone, when they aren't. Your mistake is assuming that all timeshares are DVC and that all maintenance fees are crazy-high each year.

At current rates, I'd have to keep my timeshare 167 years (making me 211 years old) to spend $100,000 on maintenance fees -- okay, if you tie in inflation, maybe I'd only have to keep it 100 years (making me 144) -- the 100 years you'll recognize is hyperbole, not a statement of calculated fact. The bottom line is that I'm not going to spend $100,000 on maintenance fees.

Going back to the OP's original question, I'm not convinced that DVC specifically is a great deal for the average buyer. The buy-in and the maintenance fees are so high. Other timeshares can be purchased on the resale market for a fraction of their original cost, and their maintenance fees are much lower than DVC. Those appear to me to be a much better deal, and for the right buyer they can be a good value.

 

[MrsPete]

We also live below our means in most ways. However, DH doesn't get enough vacation time to be taking more than 2 trips per year. Guess we'll have to wait until he retires.

Yeah, we are fortunate in that regard. As a teacher, my schedule isn't flexible, but it's announced 1000 years in advance, so my planning is easy. And my husband has been at the same job for so long that he has "maxed out" his vacation; thus, he cannot accumulate any more. In the summer months he regularly takes off every Friday afternoon to cut the grass -- it's either take it or lose it. And he "gives away" plenty at times when he's just not able to take off that afternoon.

I would recommend spending a minimum of a month or two reading www.tugbbs.com. Collectively, they have a wealth of knowledge.

Yes, and another good spot is RedWeek.com. You shouldn't buy anything 'til you've researched it completely!

I bought it on Ebay and its at Pier 7 in South Yarmouth. Never buy direct and as you'll see timeshares (outside DVC) are going for like 80 to 90% off retail. Just make sure you do your research first and be sure its a very red week.

I'll second the "be sure it's a very red week" thing -- or, depending upon the specifics, you might want Platinum instead of Gold. Anyway, be sure you buy into peak season. An off-peak season won't trade well.

When you look at eBay, you'll see some timeshares going for $1 -- those are the off-peak seasons. Perhaps a retired person who always wants to visit that same location woud get the value out of that, but most of us would not. You can always trade a premium time-slot "down" for what you might want this particular year, but you'll have serious trouble trading a "sports season" or "shoulder season" for prime time.

I hear a lot of people say they can't get the week they want, or the location they want in a trade. If you are looking to trade, make sure you purchase a week with high trading power. If you are specifically looking to trade into DVC, they will not trade for a unit within a 35 mile radius. They are currently trading with RCI but have traded with II in the past.

My only regret is that I wish I purchased on the resale market. . . .

I totally agree, but it's a mistake to buy Marriott or Hilton with the assumption that you'll trade into DVC -- you might manage to get that trade every couple years, but you're not going to get it every year. If you want to vacation at Disney and Disney only, then buying Marriott or Hilton isn't a good plan.

Again, I recommend the Timeshares for Dummies book. It's important to understand what you're buying and how to trade with it. It's important to understand the difference between week-systems and point-systems. It's important to know the pros and cons of what you're doing. For us, the two-bedroom lock-out was absolutely the best deal. For someone who wants to trade into DVC each and every year, it wouldn't be such a plus.

I totally agree with you about the resalemarket. The price difference is incredible.

 

[Tiger926]

Yes, I read it, and I understand that you're talking specifically about DVC and you and your banker husband are making assumptions about the possible inflation numbers. You're assuming that your figures are universally true for everyone, when they aren't. Your mistake is assuming that all timeshares are DVC and that all maintenance fees are crazy-high each year.

At current rates, I'd have to keep my timeshare 167 years (making me 211 years old) to spend $100,000 on maintenance fees -- okay, if you tie in inflation, maybe I'd only have to keep it 100 years (making me 144) -- the 100 years you'll recognize is hyperbole, not a statement of calculated fact. The bottom line is that I'm not going to spend $100,000 on maintenance fees.

Going back to the OP's original question, I'm not convinced that DVC specifically is a great deal for the average buyer. The buy-in and the maintenance fees are so high. Other timeshares can be purchased on the resale market for a fraction of their original cost, and their maintenance fees are much lower than DVC. Those appear to me to be a much better deal, and for the right buyer they can be a good value.

Nope, I only was speaking about my situation, and for those who own DVC. I did edit my original post, to more clearly reflect that I was speaking about DVC, just in case anyone else was confused. For DVC, my figure is correct, and is actually low. A 2% increase is not high at all, and will most assuredly over the lifetime of my contracts be low. I never assumed everyone owned DVC - I can only speak to the timeshare that I own and present those numbers. Crisi and several other DVC members also chimed in to reflect how much their dues have risen over the past few years, and if you go on our DVC boards, you will see that many of them use a yearly increase of 3-4%, which means that my $100,000 figure will be way higher.

You own another timeshare, and you can speak to that. I can't, as I only own DVC; therefore, the info I provided is for DVC only, and specifically for people who own close to the amount of points I own.

You won't spend $100,000 on maintenance fees for your timeshare, but those of us who own between 200-375 points with DVC will for sure. I'm pretty sure though that your maintenance fees will far outweight what your buy-in was over the lifetime of your contract. How can they not?

I'm sure the OP is grateful for the info you and others have provided about other timeshares besides Disney as well. I think there has been very much helpful info on this thread for all timeshare situations! It seems that DVC is the most expensive, and so that needs to be shown to prospective buyers as well.

Thanks, Tiger

 

[eliza61]

The only people benefitting are the people cashing the checks and running all the way to the bank.

I guess you would have to define "benefit". Like I said before I 'benefit" from every luxury purchase I make or I wouldn't make it. MrsPete, has said she doesn't see the need for deluxe reservation, so for her that is not a good investment in her vacation dollars.

I fly first class even though the front of the plane goes the same place coach does. Do I benefit from it? dang on straight, if only for the fact I get more leg room. I benefit from my lexus as I'm sure toyota does. Does it do any thing radically different than a corrolla? no

So sorry, I totally disagree with your analysis. I get a great deal of benefit from my purchases, it enhances my quality of life which imo is what my paycheck should do in the first place. But I totally admit to measuring my quality of life with more than the bottom line.

So since words like "Benefit", "value" and "worth" are highly subjective, the best you can say is that YOU think there is no "benefit" but since as you say people are selling them, others must see some "benefit" in them.

 

[MEM]

The only regret I have with our DVC purchase is not purchasing it sooner! The thousands of dollars we spent on hotel rooms could have gone towards the purchase price Not to mention the discounts that are available to DVC members

This is my opinion too. Plus being able to book whatever weeks of the year we want. DVC has been a great deal for my family and that's all I care about.

 

[LaurenLC]

We love our DVC membership! It works for our family and that's all that really matters to us. If you don't feel that DVC, or any timeshare for that matter, would work for your family then you don't have to buy it. That doesn't mean they aren't great!