Timeshare info

[HeatherC]

Another thing to keep in mind is that being able to "will" it to your children or other family members may not be what they want. After all...it's like giving a gift that they have to pay for EVERY single year and they may not want to do that.

My mil owns a couple timeshare weeks and we have already told her to please not "will" it to us since we do not want to deal with maintenance or exchange fees and have always been able to rent at these same places (including Hawaii) for less than the maintenance cost.

Just something else to think about.

 

[gk90]

Why not take a look at the DVC forum--there are lots of posts going over the pros and cons of buying as well as advice on buying the smaller resale contracts.
http://www.disboards.com/forumdisplay.php?f=28

 

[MrsPete]

It can be a great choice for the right person . . . or it can be a millstone around your neck. Yes, sometimes you can "do better" renting, but other times you can't: Pretty much, those super deals are only to be had off-season. Here's what I think is important in making a purchase:

- Always buy resale. Seriously, it's crazy to pay the "new" prices.
- Don't think you're going to get a prime property for $1 on ebay. Those $1 properties are for middle-of-the-winter type places. You can get a good deal, but it's not going to be given to you.
- Consider the changes that'll be coming up in your life: Will you still want this particular vacation venue (and will the maintenance fees still be affordable) once you have kids, once the kids are in college, once you're retired, etc.?
- Never finance. It's a luxury item, and if you can't buy it outright, you can't afford it.
- Decide up front whether you want a timeshare that "rents" by the week or is based upon points. Both systems have positives.
- Choose something to which you can drive. You're more likely to be able to use it every year if you can drive to it.
- Choose a prime season floating week. You can always "trade down" to an off-season week, but you're less likely to be able to "trade up" for a great summer week at the beach (or a super skiiing week in Colorado).
- Choose a popular resort. No one wants to trade into Bob's Middle-of-Nowhere Resort, but lots of people want to trade into Orlando or Las Vegas. In the same vein, stick with a big name: Marriott, Hilton, etc.
- Don't buy anything that you don't completely understand. Be sure that you fully grasp how you'll reserve your time, how often you'll have use of the property, what fees are involved, how to make a trade, whether this is deeded property, etc.

 

[MKCP5]

I've been an RCI member for 15 years or so and never heard of that. I think Mom must have been confused.

Tell us your vacation goals and we can offer suggestions. We own ten weeks (which is about five too many) so have some experience with various systems.

Sheila

We like to vacation 1-2x each year. (hope to do more as time goes by) We have to follow the school calendar as DH is a teacher.

Kids are 16 and 14 so they will continue with us for a while, but not that long probably. We like to see different places. Love Dis but love seeing the whole world and exploring new things.

 

[MKCP5]

I will be the voice of dissent here and tell you "don't do it."

We have always "wanted" to do the timeshare thing, but it never ever made financial sense to do so.

Here's why we haven't.

Maintenance fees....you have to pay every single year whether you use it or not. You can usually and almost always rent cheaper at the same places than owners pay for the maintenance fees.

Here's a couple examples:

Just returned from Williamsburg. Rented a 2 bedroom condo at King's Creek Plantation with an extra sunroom that served as a 3rd bedroom. Paid $379 for a full week. Maintenance fees are higher than that for owners.

Orange Lake Resort - Orlando - stayed here for $295 a week.
Bonnet Creek Resort - Rent here for $120-$150 a night.

Flexibility to stay in different places for less money and not have to be tied in to one place or pay exchange fees on top of maintenance fees is what has steered us away from them.

Another reason is that over the years your life changes...kids grow up and get involved in sports/activities and you can't necessarily vacation at the same time same place every year. But you still have to pay those fees every single year. That is why you see so many people trying to unload them.

The internet has made it so easy to find great deals that gives you the same benefits with a lot more flexibility.

That being said...many people own them and love them. Just make sure you check out all the pros/cons before pulling the trigger.

Good luck to you!

It's interesting that you have found such great deals for a full week. Maybe it is because you are not in peak season? We would mostly travel in peak as DH is a teacher. I guess I feel like if we can buy something with cash, then the m fees are not too bad, then we would be paying about the same as if I booked a hotel for a week. I mean, even the budgets at WDW are close to $100 a night in peak season--so $700 plus tax for 7 nights.

 

[MKCP5]

Timeshares can be really great, yes there are people right now wanting to dump them for pennies on the dollar which is great if you are buying for pennies on the dollar. I own multiple weeks, trade a lot and come out way ahead. My fees run from 300 a year to 600 a year for my units and I traded my 300 dollar a year condo for a week that would have run 4200.00 to rent, Paid for 14 years of mainanance fees with that one trade. I suggest Wyndham for a couple reasons. Many great locations including 5 nice ones in Hawaii and 3 including Bonnet Creek near Disney. Also, they are owned by the same parent company as RCI so your RCI membership is free, saving you another 150 a year. Our original reason for buying with Wyndham is that you can depend on a certain level of accomodation. I remember traveling as a child and my dad saying you always know what you are getting with Holiday Inn, that is the way we feel with Wyndham.

Good luck to youD

I think that is one of the reason it is attractive to me. We have rented Marriott TS's from friends who own them and have had really lovely places to stay and great vacations. I'd like to find something that I feel we can feel sure about the quality when we go. I'm not a snob, but I like a nice place. It is vacation after all!

 

[MKCP5]

I also vote to never do it. The maint. fees get you every single time. They have you in that contract. Other than teh DVC which stays hot, almost all other timeshares are flooded with folks trying to dump their contract for pennies on the dollar. In fact, some folks try to GIVE AWAY their timeshare to charities and other means to no avail, as you know the maint. fees will get you. I go to one of the most expensice resorts around, Atlantis inthe Bahamas. Their timeshares (Harborside) are salty to buy, but I rent from other owners and usually pay about $1200 for a week for a 1 bedroom lock-off unit. That is lower than their annual maint fees alone. Through places like TUG and homeaway.com and RedWeek,com and such, there are WAY too many cheap condos and homes available all over the world to sign into a contract. Just my 2 cents...

But see I think that is the point. I would never pay $1200 for a week. If I owned the TS and paid an 800 maintenanace fee for the year I would feel like I paid a good price for my weeks accomodation

 

[MKCP5]

My parents own at Kings Creek Plantation in Williamsburg and use Interval International to trade into about anywhere. They are not locked in a certain week... because there actually week is in Sept/Oct which is Prime season for Williamsburg and if they stay there (only happened twice) its normally in June/July. The reason they purchased in Williamsburg is it is a tourists destionation and the family can use the resort amentities anytime we want. So we will go to the pool a lot in the summer take stuff to use the grill and have a family day. (So for my parents paying the mantience fee isnt a huge deal because we use the property during the year.)
So there advice would be purchase near where you live so you can use it all the time or where you plan on vacation so you end up using it.

Now THAT is interesting. I didn't know you could use the resort amenities if you own there. Definately food for thought. Thanks!

 

[MKCP5]

We own a 2 bedroom week 17 at Oak Plantation that I'm willing to give away (seriously, recipient just pay closing).
We have never stayed there but have exchanged it for units in Hilton Head and also Hilton Grand Vacations (which we also own) and most recently a unit for this Oct. at Bonnet Creek.
Next year week 17 happens to fall on Easter week.
If anyone interested PM me.

Tell me why you are so unhappy with it? Is it the week? The maintenanace costs? The resort itself?

 

[MKCP5]

Why not take a look at the DVC forum--there are lots of posts going over the pros and cons of buying as well as advice on buying the smaller resale contracts.
http://www.disboards.com/forumdisplay.php?f=28

thanks!

 

[4Seasons]

Tell me why you are so unhappy with it? Is it the week? The maintenanace costs? The resort itself?

We have a few timeshares and have owned this one for a long time. I got back into the travel industry about 5 years ago, therefore alot of times my personal travel is comped by suppliers because of my sales levels.

 

[HeatherC]

We actually do have to travel during prime seasons due to the kids school schedules and activities.

Every year we have been able to stay at beautiful places for under $400 for a full week. I don't know of many timeshares where the maintenance and exchange fees are less than that.

The example I gave of Orange Lake was over President's Week ...one of the busiest weeks of the year at Disney. We stayed at a timeshare in Hawaii in January several years ago. I would assume that would be considered high season there.
And this February we stayed at Bonnet Creek for 11 days over President's Week for about $150 a night including all the taxes etc..

Not trying to talk you out of it, just giving our experience with how the internet and sites like myresortnetwork, govarm, getravelop, skyauction, ebay and redweek have made it possible to snag these great deals without any of the long term commitment.

I think that many people find out after they purchase that they actually can't use it when or how they originally intended to and then rent out their weeks. That is where I've been lucky....I'm the one stepping in and renting their week, but they are paying the fees every year. That's how it's been possible for us to find the great deals.

Best of luck to you!

 

[MKCP5]

We actually do have to travel during prime seasons due to the kids school schedules and activities.

Every year we have been able to stay at beautiful places for under $400 for a full week. I don't know of many timeshares where the maintenance and exchange fees are less than that.

The example I gave of Orange Lake was over President's Week ...one of the busiest weeks of the year at Disney. We stayed at a timeshare in Hawaii in January several years ago. I would assume that would be considered high season there.
And this February we stayed at Bonnet Creek for 11 days over President's Week for about $150 a night including all the taxes etc..

Not trying to talk you out of it, just giving our experience with how the internet and sites like myresortnetwork, govarm, getravelop, skyauction, ebay and redweek have made it possible to snag these great deals without any of the long term commitment.

I think that many people find out after they purchase that they actually can't use it when or how they originally intended to and then rent out their weeks. That is where I've been lucky....I'm the one stepping in and renting their week, but they are paying the fees every year. That's how it's been possible for us to find the great deals.

Best of luck to you!

Thanks for your thoughts! I want to hear what everyone has to say so I appreciate all viewpoints as we contemplate taking the dive!--or not!

 

[cjnix29]

Our deeded "week" with bluegreen is at Big Cedar Lodge, outside of Branson, MO. We have 8000 points. With our 8000 points, we can travel several times a year, even in peak season, because we have our stays Sun-Thurs nights. Much cheaper than the weekend. Our maintenance fees for this is about $600 a year. Don't know how I would rent a place for two or three weeks a year for $600. We have figured out how to make it work for us, with where we go, and what type of unit we get. There are only three of us, so a studio or one bedroom often works. I think the resale market, you can pick up 10K bluegreen points for about 1700 out the door, with maintenance fees for that around 700 a year. That being said, with points, we have many, many options of where to go, and can trade with RCI, or Select Connections for minimal fees. But timesharing isn't for everyone, as you can clearly see. Just have realistic expectations.

 

[Ladybugsy]

I have to agree with the "voice of dissention" here...lol.

I work for one of the exchange companies that begins with "I". Every day I have to tell people, "I'm so sorry, nothing available". The trick to getting what you want in timeshare is buy a property with amazing trading power...Marriott, Hyatt, or the Harborside Atlantis, and then request your exchanges a year early by utilizing the request process. Otherwise, it's a shot in the dark if you would be able to find what you want when you want it.

I have always wanted to own DVC, but since I've seen the ins and outs of timesharing, even DVC may not be enough to convice me. Especially if I can rent points from owners.

Sorry to be the downer here. But I could think of SSOOOOO many better uses for a little extra $$$$$$$$

 

[SkinsFan76]

We have Shell Vacations Club, which is primarily in the West (Hawaii, California, and Arizona) and have never had a problem with trading in RCI. Actually we enjoy the Shell resorts the most, but very seldom vacation in the West the last few years. As a result we've traded every year to resorts in FL and gotten some great resorts.

 

[Miss SD]

I have always wanted to own DVC, but since I've seen the ins and outs of timesharing, even DVC may not be enough to convice me. Especially if I can rent points from owners.

Sorry to be the downer here. But I could think of SSOOOOO many better uses for a little extra $$$$$$$$

Do you think DVC isn't a good value for the money? I've been trying to make the numbers work for my family, but I just can't do it. No matter how I slice it, especially since trading for a Disney Cruise or an Adventures by Disney tour takes so many points, I can't justify the upfront cost and maintenance fees. By my calculations, it would take more than seven years to break even. I know we're talking about 50-year contracts, but seven years seems long to me.

 

[MKCP5]

I am feeling pretty overwhemed by the different choices and different companies and the purchase or buy points options etc etc etc I think I need to do some slow research and see............................I love the idea, but I don't want to make a wrong choice here

 

[nunzia]

Why not take a look at the DVC forum--there are lots of posts going over the pros and cons of buying as well as advice on buying the smaller resale contracts.
http://www.disboards.com/forumdisplay.php?f=28

That's my advice as well. Timeshares aren't for everyone, but for Disney fans I think DVC can be a decent choice if you fit the right profile. DVC is very flexible and has held their resale value well since Disney has first rights to any resale contract.
I just sold my small OKW contract in 1 day. My Villas at the Grand Californian contracts are not yet available on the resale market for a price cheaper than Disney (that I have found....although I heard there was one at 87, but Disney may buy that back)
Anyway...research research research..no matter what you go with it's a long term commitment.

 

[neatokimmo]

Interesting thread!

So I've been looking into this too. But I am also looking into beach condos that are in a large complexes that are rented by management when you aren't in it. I wouldn't make anything on it but I'd gain 2-3K a year in equity on the mortgage. Is anyone looking at that type of option instead of timeshare?