Timeshare Plunge, am I crazy?

[Mike_Mac]

A really important question my family asked ourselves when we were getting the VERY tempting DVC pitch this past December: we're in a great Disney head-space right now, but what about when our 5 year old gets a bit older? Will he not be as big a Disney fan? Will our interests generally move on to other vacation destinations? Does a timeshare put us in a place 5 to 10 years from now where Orlando isn't our main destination of choice, and the timeshare becomes something of a burden or headache? What if our financial situation were to change, but the obligation of the timeshare could not be severed easily?

So, rather than buying into DVC, we decided to secured a DVC rental for the first time for later this Christmas (our DVC sales rep actually mentioned it), and we have always been fans for renting houses through VBRO and other agencies all over North America when it suits us. But we're also travelers who like to explore a variety of new locations versus always returning to the same place year after year.

 

[chicagoshannon]

If you only want to vacation in the Orlando area then you'd be better off buying a house or condo. If you think you'll travel other places then a time share might be a good investment for you.

 

[2Pirates2Princesses]

As a family of seven we've certainly thought about it since we obviously need more than a standard hotel room when we vacation; but we aren't sure we want to make the commitment to increasing maintenance fees and other fine print details that we aren't really knowledgeable enough about.

 

[NinaBella]

I sat through the Wyndham timeshare presentation. The one question I asked over and over was how many "points" the Orlando, and about 4 other specific locations were. He would never answer, just say it is on the tablet I would get if I signed the contract. He was avoiding the answer big time. He just kept saying how many "bonus points" I would get for signing the contract. After some quick calculations, what I would pay for the Wyndham timeshare throughout the year, I could also put in savings and have enough money to book anywhere I wanted for 1-2 weeks. So why would I buy? There was also some point about financing the down payment (12 months) and financing the condo (same length as a mortgage I think) that he was trying to convince me was a good idea. Not! Then I would have my mortgage payment, condo payment, and the down payment-payment for the next year.

DH and I are really glad we didn't get a timeshare. The calculations do not make sense when I can put that same amount of money aside each month and vacation where ever I want.


Don't forget "Loss Assessment Fees" or "Special Assessment Fees" if they suffer a loss after a hurricane, etc.

 

[TwoMisfits]

I sat through the Wyndham timeshare presentation. The one question I asked over and over was how many "points" the Orlando, and about 4 other specific locations were. He would never answer, just say it is on the tablet I would get if I signed the contract. He was avoiding the answer big time. He just kept saying how many "bonus points" I would get for signing the contract. After some quick calculations, what I would pay for the Wyndham timeshare throughout the year, I could also put in savings and have enough money to book anywhere I wanted for 1-2 weeks. So why would I buy? There was also some point about financing the down payment (12 months) and financing the condo (same length as a mortgage I think) that he was trying to convince me was a good idea. Not! Then I would have my mortgage payment, condo payment, and the down payment-payment for the next year.

DH and I are really glad we didn't get a timeshare. The calculations do not make sense when I can put that same amount of money aside each month and vacation where ever I want.


Don't forget "Loss Assessment Fees" or "Special Assessment Fees" if they suffer a loss after a hurricane, etc.

I own Wyndham, but never the Orlando sites. The points system is amazing, and if you buy where points maintenance is low (Florida is not that b/c of weather issues), you can go anywhere at the lowest cost. The reason he couldn't tell you how many points you need for Bonnet Creek is b/c it varies by season. 2 bedrooms for a week can be as low as 112K or as high as 224K - it truly varies by season.

I love Wyndham (and would buy them resale) b/c there's no depositing weeks to find locations elsewhere - you just point and click and pick the one you want from all their locations...it's so easy and I've gone so many places on it...

 

[bearzabout]

Have you seen the older buildings at Mystic Dunes? The last time we stayed, the air conditioner caught on fire. The staff was unconcerned. We had to pack our things in the smoke from an electrical fire as an employee was saying he wouldn't stay in the room. Second room was just as bad. All the rooms are not the same and some are downright terrible - the worst we have ever seen. We were staying for free and felt like we overpaid. I would not stay there again.

Have you looked at renting through Skyauction? It may end up being cheaper and more flexible. I have found that as a renter (a potential buyer), I am often treated better than the owners were treated. Just beware of which timeshare you rent. Some are absolutely aweful and some are great.

 

[NinaBella]

I own Wyndham, but never the Orlando sites. The points system is amazing, and if you buy where points maintenance is low (Florida is not that b/c of weather issues), you can go anywhere at the lowest cost. The reason he couldn't tell you how many points you need for Bonnet Creek is b/c it varies by season. 2 bedrooms for a week can be as low as 112K or as high as 224K - it truly varies by season.

I love Wyndham (and would buy them resale) b/c there's no depositing weeks to find locations elsewhere - you just point and click and pick the one you want from all their locations...it's so easy and I've gone so many places on it...

Yes, I realize the points vary by season and location but he wasn't willing to give me any examples or estimates. For what he was quoting me, I could rent a villa for a week myself for the same price. Wyndham is not in all locations that we frequent. For some it's convienent. Just wasn't what we ultimately wanted for the price and risk.

 

[chalee94]

If you only want to vacation in the Orlando area then you'd be better off buying a house or condo. If you think you'll travel other places then a time share might be a good investment for you.

Actually, if you want to vacation in Orlando, you'd be better off buying a cheap timeshare with low annual dues elsewhere and trading back in (due to the overbuilding of timeshares and rental properties in Orlando).

I bought a $1 timeshare in NC on ebay a decade ago and have traded multiple times for Marriott and Sheraton 2BRs in the WDW area for what works out (after annual dues and trading fees with Interval International) to be around $70 per night plus tax in beautiful resorts with 1200 or so square ft to stretch out in. If I don't need the space, I can often get a Marriott studio (like a hotel room) for $35 per night, tax included.

(I've also traded for Marriotts in SoCal, Vegas, St Kitts and Hilton Head when I get tired of FL.)

Buying a house or condo would be considerably more expensive and more trouble if you are only using it for 2-3 weeks a year. I would not consider either a timeshare or a rental condo in Orlando to be a true investment - my timeshares (I also own DVC for onsite stays) are just a way to save on vacation stays (with money specifically earmarked for vacation spending - not be confused with retirement or other savings.)

 

[chalee94]

I'm buying a timeshare at Mystic Dunes for an amazing price. I want to start a tradition of taking my grandkids every year. I figured a timeshare would save us money in the long run on Hotel and food.

Am I making the right decision? We will be a family of 7 traveling.

I would not recommend Mystic Dunes but some might prefer it.

I would vote to rescind if you are buying directly from the resort. Take several months to do some homework on TUG to learn about different timeshare options and only THEN jump in with a purchase (and definitely buy resale).

Timesharing requires some research to understand what you are getting and learn how best to use it - and it can definitely be frustrating and disappointing if you hand over thousands of dollars without first getting that understanding.

 

[bearzabout]

I just read that Diamond resorts treats resale owners differently. They are not members of their "club" and cannot use their exchange system. I read they are almost unusable.

Westgate also penalizes owners of timeshare resales. They charge an extra fee ($350/year+/-) on top of the regular high maintenance fees. They give you an option to buy real ownership status, at what is probably a high cost.

Make sure you knows he penalties you will incur by buying on the secondary market. I have seen owners treated very badly in the past at various resorts. Some companies are much better than others when it comes to buying points or deeds through resale.

 

[BigredNole]

My advice, along with that of many timeshare owners, is don't do it until you have fully vetted the pros and cons. No matter what the price is that you buy it for, you have the recurring maintenance fees. One thing they do not make too known is that you are also responsible for unforeseen repairs. There were threads all over the place for timeshares damaged by storms. Owners were notified they were receiving their portion of the repair payments. They don't let it be known that they have EXTREMELY high deductibles. This way the timeshare pays much less for insurance and the owners get a nice bill to cover their portion of the deductible.

As others have stated, go to TUG to learn more. Buying a resale timeshare should cost no more than $1,000 and in most cases far less.

 

[BigredNole]

As for anyone buying Wyndham, do your research especially before getting sucked in. Find PlatVIP owners that can book inside 60-days for half the points and free upgrade. I sat through a Wyndham timeshare spiel only because it was masked as a Platinum VIP Survey. It was my wife and I and maybe 6 other families. The other 6 families looked like they struggled just to go on the weekend vacation they were having. After the spiel and getting to the salesman, I handed him my last 4 Wyndham resort week receipts. He looked at me, went to his 25 managers before permitting us to leave, and gave us our free week. Great, we got our free week in a 2BR unit, but it is not at any Wyndham resort. It is at garbage places the roaches don't even go to.

Back at the resort, I was having a drink and one of the men at the spiel came over to ask how much we bought. I laughed and told him nothing could be worse than buying. He said they bought 1,000,000 points for $125,000 and they were setting them up with great financing and the Wyndham credit card would more than pay for the maintenance fees. I laughed at him and asked him if he ran the numbers. I told him I spent $420 for the week. He said he spent $1,000 for the weekend. After running the numbers with him that they never did, he could not understand how they suckered him. $125,000 loan @ 10% was $1,600+ a month. MF were another $473 a month. He could not understand how it was over $2,000 a month when the sales guys told him it would only be about $200 a month. I told him to go back because he had a certain number of days to rescind the contract.

 

[Judyat]

As others have mentioned many timeshares are cheap. It's the yearly maintenance fees that get you. If you're OK with them go for it. I figure our timeshares are worth it only because they force us to use them. Otherwise the years pass quickly. Having to go somewhere and use them can make it worth it or not.

 

[VickynMicMouse]

Thanks everyone for your input, I am getting the time share for an amazing price. I plan on using it for more than just Orlando trips, Diamond resorts has International travel including cruises that's what attracted me too it, As far as Mystic Dunes the buildings that the owners are put in are completely remodeled and the others are being remolded . I have taken what each of you have said and did more research. Happy Vacationing