My stomach is gurgling...we just bought in. Have ? about renting banked pnts

[reesecup]

Oh, my...I sure do hope we made the right decision. Saw a BW for sale with 150 pts; including 225 banked points for $80. Paperwork is being done up as I type. I'm so nervous!!!
Now, I have a question. Since, we just took a trip in Dec., my DH and I are interested in renting out the 150 points that are banked. And then using the 75 for a trip to HH for just the two of us.
First of all, by the time everything is final, will we be able to get anything at all for early summer for HH?
Secondly, how do we go about renting out the 150 points. Can I just list them on eBay and when someone agrees to buy, call and make their reservation? Thanks so much! I can't believe we are doing something like this. We are the type who plan on paying off our mortgage way before the 15 years on it is up. Now, we are going to get an equity line to cover this as well as finish our basement. And still, hopefully pay our mortgage off early.
Do you guys think we got a good deal? I wondered if we could have gotten it for 79/78.

 

[spiceycat]

go talk to your resalers - something is wrong - for 150 points - they should only have been able to bank 150 points - not 225.

 

[reesecup]

They had 75 from 2003, and 150 from 2004. Is this not right? Or do I really need to call them back?

 

[hulagirl]

Reesecup - when is your UY? The 75 2003 Points will expire at the end of this UY (2005) and if the 150 from 2004 are also banked they will expire at the end of your 2006 UY. Just think of them as now being 2005-2006 points. Does that help or did I confuse you more?

 

[reesecup]

I gotcha. So, technically, I got 55 banked points. And then I have the 2004 points to either bank or use. I knew I had to use the 55 pts this year, but I was thinking of the other 150 as banked points. So, did I not get a good deal then??? And if they are points to use this year (the 150) can I rent them out once everything is finalized? Thanks for clearing me up.

 

[AFMom]

We looked into renting our points on ebay and found that you have to pay to become a member of some sort of real estate/vacation T/S selling group. Pain in the neck and expenmsive if you are only renting occasionally. We have rented twice on the DIS rent/trade board and have had really positive experiences both times. I would recommmend using the board! Good luck

 

[reesecup]

Thanks Kristy. Oh, and hulagirl, my UY is October. I forgot to say that. I think I noticed that points generally go for around $10 p/pt, correct?

 

[hulagirl]

Okay...let's see if I can help you sort this out a bit. Your 75 points will be good until October of this year. Using them first, for your trip to HH is a very good idea. Next, it is important to know if the seller banked your October 2004-2005 points because if they did, they will only be useable to you from October 2005 - October 2006. October UY points do not NEED to be banked until March 31st so make sure you clarify whether the sellers did this or not. It won't be a problem for you to rent them if you want to. You have plenty of time in which to do this and it will help you recover some of your costs. Yes, the going rate is 10.00pp but some ask for more and some less. It is relatively simple to do this using the Rent/Trade board right here. Keep asking questions - it's the best way to learn what you need to.

 

[MrShiny]

$10/pt seems about the going rate. More if it's a hot resort (like VWL) and it's a home resort, so you casn book 11 months out, less if the points are about to expire.

Sometimes on eBay I've seen them listed like a normal timeshare (with specific dates, etc.) with in the description that dates can be changed, etc.

Of course renting on these boards, you'll get people much more educated about the process.

 

[Cinderpals]

Wow! 255 pts** Even at 80 per point is great with the extra points from '03 and '04. Hope the renting out of the points goes really well for you!

Best Wishes
BWV is my 1st choice*

 

[Caskbill]

Sometimes it's easier to understand the banking/borrowing and use year's a little better if you make yourself a chart. For an October use year, your chart would look like this:

<b>Use Year.....Vacation Dates.....Points (banked) (regular) (borrowed_</b>
2003.....Oct 1, 2003 through Sep 30, 2004.....(0)....(0).......(0)
2004.....Oct 1, 2004 through Sep 30, 2005.....(75)...(150)...(0)
2005.....Oct 1, 2005 through Sep 30, 2006.....(0).....(150)...(0)
2006.....Oct 1, 2006 through Sep 30, 2007.....(0).....(150)...(0)
2007.....Oct 1, 2007 through Sep 30, 2008.....(0).....(150)...(0)
2008.....Oct 1, 2008 through Sep 30, 2009.....(0).....(150)...(0)

and so on.

Points are put into a use year one of three ways: 1)Regular allocation of points for that year. 2)Points banked from a previous year. 3)Points borrowed from a following year.

Once points are banked from one year into the next year, they cannot be returned to the original year, nor can they be 're-banked' again into the next following year. They must be used by the end of the year into which they were banked.

Once points are borrowed from any future year and put into the present year, they cannot be returned to the year from which they were borrowed. They must be used by the end of the year into which they were placed.

It appears you currently have 225 points in your 2004 use year of which 75 points are banked from 2003 and therefore must be used by Sep 30, 2005. The regular 150 points from your regular 2004 use year are also available (assuming they were not banked into 2005). You can try to rent them if you want, for any reservation that ends on or before Sep 30, 2005, or you can save them for your own use by banking them into the year 2005. If you want to bank them, remember your banking deadline for banking 100% of your points (for an October use year) is this coming March 31st. If you don't bank by then, at least 1/2 of the points are then locked into your 2004 use year and would expire on Sep 30th, 2005.

If you decide to bank them all, then you would have 300 points available for your 2005 use year. If you don't think you'd use all 300, then you can use part of them (at least the 150 banked), and bank part or all of your 2005 points into 2006. Remember you can always bank current regular allocated points into the next use year. (From comments on the DIS boards most of us are probably in a continuous state of borrowing points, not banking.... )

Again, just look at the table above and fill in the points in the three columns according to what you end up doing.

Hope this helps.

Bill

 

[Caskbill]

I gotcha. So, technically, I got 55 banked points. And then I have the 2004 points to either bank or use. I knew I had to use the 55 pts this year, but I was thinking of the other 150 as banked points. So, did I not get a good deal then??? And if they are points to use this year (the 150) can I rent them out once everything is finalized? Thanks for clearing me up.

We assume that's a typo and you meant to say 75 banked points...

 

[reesecup]

Nope, that was not a typo, just a crazy blonde not thinking straight. It is 75 points banked! Do you guys think I will be able to rent out those points within a few weeks time? B/k by the time we close, it will be the end of Feb. and that only gives me one month to bank those points if I need to.
Also, how is this pipe/construction mess going to affect all the BWV owners? Do you guys think our maintenance fees will go up? Just curious. I saw it on another post. Hate to say it, but it figures something like that would happen just as soon as I joined. BTW... thanks for all of your replies!

 

[bjakmom]

Just wanted to say Congratulations . . . and Welcome Home !!!!

BWV is our 'home', too, and we LOVE IT !!!!

 

[Caskbill]

Do you guys think I will be able to rent out those points within a few weeks time? B/k by the time we close, it will be the end of Feb. and that only gives me one month to bank those points if I need to.

You have a couple of options here.

1) Bank the points into 2005 so you have 300 points available for yourself to use, and not rent them out at all. I assume you're not going this route.

2) Post on the rent/trade board right now. Make it clear the points are not available until after February (or later depending on closing and how much lead time you have to make a reservation) but are to be used before the end of September. Maybe you'll find someone that you can work with on this who will commit to the rental.

3) If you haven't confirmed anything by the end of March, don't bank them but take the gamble you will find someone to use them. Remember you would still have till the end of June to bank 1/2 the points, so you'd only be gambling with 75 points. If you couldn't rent the 75 points, then that's an excuse for you to make a short trip sometime and use them before they expire, and bank the remaining 75 points.

4) Bank the points to play it safe. But keep looking for a renter. If you find someone who wants to use the points yet in your 2004 UY, then borrow points from your 2005 UY. Essentially in this case you are swaping the 2004 points with your 2005 points. I.E. using your 2005 points this year, and using your 2004 points next year. The plus side to this is that you would not borrow the 2005 points until you actually had a renter for them. The caveat to this is that you then MUST use your banked 2004 points sometime between Oct 1, 2005 and Sep 30, 2006, or lose them.

5) Bank your points into 2005 but continue to look to rent them out. The only difference is the rental dates would then have to be in your 2005 use year: Oct 1, 2005 through Sep 30, 2006. If a potential renter was looking to take a vacation in Nov or Dec for example, you'd have to bank the points anyway just to make the reservation. This way you are still renting out your 2004 points, and leaving your 2005 points intact so that they can be banked into 2006 if need be.

In MHO, if you don't find someone to rent them by the end of March, then your best option is #5, or if you find someone who wants to use the points prior to Sep 30th, then you can revert to option #4.