Timeshare info

[Shleedogg]

It depends on what you want to use it for. If Disney is your goal, buy DVC. We bought in almost a year ago and love it! It's so easy to use! Plus, getting to stay at deluxe resorts for about $500/year (maintenance fees) is a huge plus, especially considering we can get 2-3 trips a year.

If you're looking for places other than Disney, my parents have Interval and love it. I've stayed with them on a lot of vacations and it's always been nice. Another nice part of Interval is that they have "getaway" vacations outside of your yearly week allotment. We've stayed in Orlando condos with them. We paid $335 for a week in a one bedroom at the Sheraton Vistana Villages and $535 for a 2 bedroom there. They were gorgeous.

RCI is the company that has an agreement with DVC, so you can in theory trade your RCI week for a stay at Disney. DVC used to have an agreement w/ Interval and my parents tried and it was impossible. I've heard the same to be true of RCI. Although I think the other way around isn't difficult; from DVC to RCI.

If you go to the DVC boards, there's a link at the top of the page to The Timeshare Store for DVC resales. Some really good prices right now. DH and I are thinking of adding on a second contract at SSR or OKW, the prices are really good; much better than BLT where we bought.

 

[robsmom]

I am adding my vote to don't do it, but if you are going to do it consider DVC. My in-laws have a timeshare that they can not sell. As others have pointed out you can often rent the resorts for close to or less than the maintenance fees that owners pay. This is why so many of the timeshares have no real asset value.You need to keep in mind that you may not want this forever and there is a good chance that you will not have a viable exit.

My inlaws have had their timeshare for 30 years and recently had a capital call in excess of 5K. They had to pay 5K to keep their timeshare that has a resale value of almost nothing. They considered defaulting and letting the management company foreclose, but decided against that as it would impact their credit rating and frankly they just did not feel it was "right". Realistically, they may have to eventually default if their living costs become such that they can't pay the maintenance fees anymore.

In the event that something happens to them we know to be very careful and make sure that the timeshare ownership never transfers to us!! The DVC owners seem to be making out ok and retaining some value - i do wonder how this will change over time as they do have an end date so the value has to start declining at some point.

 

[MKCP5]

It depends on what you want to use it for. If Disney is your goal, buy DVC. We bought in almost a year ago and love it! It's so easy to use! Plus, getting to stay at deluxe resorts for about $500/year (maintenance fees) is a huge plus, especially considering we can get 2-3 trips a year.

So that is the number I am not understanding. You are paying $500 for the timeshare fee for the week? I see that as a good deal. But haven't you paid a large payment for the itmeshare itself? So it really isn't $500 for the week if you consider the large payment you have to make up front--right? Or am I not getting it?

Thanks!

 

[ccgirl]

So that is the number I am not understanding. You are paying $500 for the timeshare fee for the week? I see that as a good deal. But haven't you paid a large payment for the itmeshare itself? So it really isn't $500 for the week if you consider the large payment you have to make up front--right? Or am I not getting it?

Thanks!

Sounds like you are getting it to me. For example, in my case I paid $8K up front. I then pay $550 every year I own the timeshare in taxes/maintenance fees. Eventually, it does work out in your "favor" so to speak but you need to do the numbers to figure it out. If you do not plan to go to Disney every year I would not go the DVC route. Keep in mind that Disney is currently with RCI but can go back to Interval International when their contract is up. There are a ton of timeshares right outside of Disney though. Good luck with your decision.

 

[swilshire]

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.

Sounds like you want a good trader with reasonable maintenance fees. It's important to buy a well managed resort with a good history. For example, I own a couple of units in a Gatlinburg resort. I've been an owner more than 15 years and only spent one night there (we live in the area). Their maintenance fees have only gone up $5 - $15 a year. They keep good reserves so we don't have to worry about special assessments. Gatlinburg is in high demand in the season, so they trade very well.

If you can spend more, a summer beach week is even better, but the resorts tend to have higher maintenance fees and some are less well managed.

Sheila

 

[windycitymom]

Do NOT buy a timeshare. You can rent them so cheaply. At one time, we had 3 weeks and I'm so glad they are gone! If you don't use your week, you eventually lose it (you are out the cost of the maintenance fee that you already paid). RCI has been awful for the past 15 years. You can't get into the resorts you want - especially in the summer time when everyone who has kids wants to go.

Check out bidshares.com to see all the people who are trying to unload their timeshares.

 

[MKCP5]

Wow! You obviously feel strongly. Tell me more about your experience and why you would not do it

 

[1blessedmama]

My parents bought into a RCI resort about 20 years ago. They bought it on the resale market and they used it constantly. They would trade their weeks to go various places in the country. They used the heck out of it! We do own a floating week, not points.

My brother and I inherited it and split it now. It has spoiled my family of 5! We love it! Our maintenance fees are $425 a year (my brother and I split) and an exchange fee is $179. That maintenace fee allows us to rent at our home resort for about $80 a night for a wonderful 2BR in a popular destination. My kids call it their second home and I cannot tell you the priceless memories we have made their.

We have traded the week we own and travelled to Orlando multiple times; the panhandle of Florida; Avon, CO; Whistler BC; Flagstaff, AZ. We have NEVER been disappointed with the quality of our stays. We always stay in a 2 BR and it is super super nice!

This year we are going to Wyndham Bonnet Creek. I paid the $179 exchange fee for the ENTIRE WEEK!

RCI has enabled many family memories for me. I am so thankful for my parents giving us these memories. I just wish they were here to make them with us!

 

[chalee94]

So that is the number I am not understanding. You are paying $500 for the timeshare fee for the week? I see that as a good deal. But haven't you paid a large payment for the itmeshare itself? So it really isn't $500 for the week if you consider the large payment you have to make up front--right? Or am I not getting it?

there are 2 ways of looking at it with DVC:

1) i intend to hold onto my contract till it expires in 2042. so i break the upfront payment out over the life of the contract - i bought resale and it worked out to about $2.70 per pt. i could also add a factor for income that i "lost" when i didn't invest the money (although the stock market has actually returned a loss of 10% over that period).

even assuming a 5% gain per year over that time, i stayed in a studio at BLT with a partial view of the MK for less than $120 per night, tax included. i've never stayed on the monorail before, but for those kind of numbers, DVC makes it work for me.

2) a riskier way of looking at it, is to say that DVC has historically gained in value over time (those who bought in at the beginning paid only $48 or so per pt for OKW...BWV's 1st owners paid $63 per pt - so if they sold now, they'd roughly break even or even make a small profit after commissions). so they have had 15-20 years of vacations for just the maintenance fees.

not sure those economics will work out in the future, but it is very likely IMO that values will hold up such that if you buy BLT now and sell in 10-12 years, you will probably get back 75-80% of your upfront money back. it is uninformed IMO to count the large payment you make up front as simply "gone."

(because many DVC resorts have a definite ending pt in 2042, i would consider their values riskier over the next 10-15 years...also SSR as it is less in demand.)

 

[MaryKLady]

...and no, I don't have one to sell or rent nor do I work for any timeshare related company

We have a week with Vacation Village and trade it with RCI...love it!!! It is a long term financial commitment because I have maintenance fees and RCI membership. But I "split (take a 2 bedroom condo and make it 2 1-bedrooms)" my week and get 2 weeks out of it. Also as a promotional thing I get 2 "bonus" weeks a year. So I end up with 4 weeks to trade every year. When I break it all down, I spend about $50 a night for a condo with a kitchen (saves on food when traveling )....and at some nice places, too!

It works for us because since I've already spent the money, my workaholic DH will take the time off to travel. Because of the worldwide availability we travel to places we probably wouldn't have without the timeshare.

Also, think about what your travel goals are. Do you ski or particularly enjoy a place? Do you want to trade and travel other places or do you want to go to your home resort all the time? Do you want to have to fly or would you rather drive?

Look at the difference between owning weeks and points. Points don't appeal to me, I really like using weeks but I'm sure lots of people like points. Also, check out ebay. You can get some great deals...but only if you do your homework and know what you're buying. ALWAYS find out what the maintenance fees are and remember they are like taxes, they will only go up. Ours are around $600/year. There are some under that but there are also some that are over $1000/year.

If you have any further questions about weeks, I don't know much about how points work, feel free to PM me.

 

[LJRJR]

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

At Atlantis, the maintenance fees are atleast $1200 for the year. $1200 for the week is great, I went to Atlantis last year and am going this year also. Both times I have rented, at about $1200 or maybe atlittle more.

 

[swilshire]

Keep in mind that the cheap rentals may be harder to find once the economy improves. There will always be good deals off season and in less popular locations. If you want the best times and places, rentals will cost you.

I'm headed for a week on Nova Scotia in June. My cost as a timeshare owner trading in is quite reasonable. Rentals there are way more than I can afford, even though this is earlier than their prime season.

Timesharing isn't for everyone. A couple that doesn't mind only a room and doesn't like to cook on vacation would probably be better off in a nice hotel. It has been great for our family of six. We don't like to sit in restaurants multiple times a day and we enjoy having private space. I can't imagine vacationing any other way.

Sheila

 

[Shleedogg]

So that is the number I am not understanding. You are paying $500 for the timeshare fee for the week? I see that as a good deal. But haven't you paid a large payment for the itmeshare itself? So it really isn't $500 for the week if you consider the large payment you have to make up front--right? Or am I not getting it?

Thanks!

The $500 are our yearly maintenance fees. You can pay them all at once at the beginning of the year or monthly. I think we pay a little less than $50/month.

It's not $500 just for the week, it's $500 for our allotment of 170 points. We could get anywhere from 1-2 weeks with it, depending on what type of rooms we stay in and at what time of year. It's not like if you stay a 2nd week you have to pay the $500 again.

But you're right, it isn't really only $500/yr. We did have to pay the $17,000 to buy in. But in the long run, we will come out ahead. There are threads on the DVC boards where people have crunched the numbers. If you do want to visit Disney every year for the next 30-50 yrs, DVC is a great option.

 

[5stljayhawks]

The wife and I were deep into thought about buying DVC. Being a disney junkie, my mouse mouth was watering, dreaming about the magic, but there was a small person tapping on my shoulder. No not the small note I have for our camper, but reality if the cost are really worth it VS paying out pocket for when we traveled. The following are a few numbers I ran. Did $1800 cover my needs year in and out?

Since we camp our cost were figured at axp $100 per night fpr 14 nights every other year, so $1400 or $700 per year real cost. (summer $65 per night/ Xmas $130 per night)



These Numbers also include maintence fees, out to year 2043 or so.
Wilderness Maintence
Points Cost Cost Per 5.04
250 18500 74 1260


total 33 yrs 41580


Total Cost Per Year
60080 1820.

Bayview Maintence
Points Cost Cost Per 3.67
250 28000 112 917.5


total 33 yrs 30277.5


Total Cost Per Year
58277.5 1765.98

 

[stacielee]

There's a really good article about DVC at Mouseplanet, including a spread sheet which analyzes all of the numbers, The DVC Spreadsheet.

I love it!! But then I'm a numbers person (geek, nerd, whatever you want to call me )

 

[windycitymom]

My parents bought into a RCI resort about 20 years ago.
My brother and I inherited it and split it now. It has spoiled my family of 5! We love it! Our maintenance fees are $425 a year (my brother and I split) and an exchange fee is $179. That maintenace fee allows us to rent at our

This year we are going to Wyndham Bonnet Creek. I paid the $179 exchange fee for the ENTIRE WEEK!

!

The cost to stay there for one week is actually more. First, you had to pay $425 (maintenance fee) plus $179 (exchange fee) plus you have to buy into the RCI membership which is like $89 a year. So the real cost is more like $693. People have to pay the maintenance fee every year whether they use the week or not!

Staying in a condo is great!! - but why buy when you can rent? Your never know when your life circumstances will change.

 

[bucket o' butter]

I am not a big fan of timeshares. My parents had several before they passed away and the last few years, it was very difficult for them to trade anywhere. We tried for two years to plan a family vacation on the beach with them. We weren't even picky at all. Just a beach on the Florida or East coast United States anywhere. They could never get one. We finally got a place in Williamsburg, Virginia. One would think that two years would be plenty of time.

Now, if you are buying one and not planning to trade, then you probably won't have any problems. Just keep in mind the maintenance fees usually go up each year. They were getting to the point that my parents couldn't afford them. Paying $675 a year just for maintenance fees was crazy. You can usually rent someplace for that or a little more. Just do your homework first. Honestly though, I think I'd invest in something else though. (I won't even go into the nightmare we have had selling them since my parents passed away 2 1/2 years ago!!!)

 

[Lucky4me]

Unless you can pick one up for a buck and closing costs on Ebay, I vote no as well.
VRBO, Skyauction and other rental websites are a great way to have the same amenities without the initial lay out of cash. Renting DVC points often is cheaper than owning. There are other ways to enjoy the same vacation.

As far as resale, even some DVC resorts aren't selling well right now. I know someone who has had a decently priced OKW contract for sale the last year with no offers.

So if you do buy one, plan on keeping it forever or selling it for a song.

 

[amyy]

I can't speak form experience but if we could afford to we would buy. My boss (and most of her family) goes through RCI. Every year they go to SSR for Feb break. Every year for years and have had no problem.

One of my co-workers has DVC and they love it but they can also afford it.