Timeshare. Should I do it? It is worth it? What company? Give me all your advice!

[matthewsmom1]

I have a 6 year old son and we LOVE Disney! I'd love DVC, but there's no way I could justify the cost. This year we are making 3 trips to WDW (our 1st trip was in Jan, then April & October). I can see swinging 1 long trip (10+ days) or 2 shorter 5-7 days) each year. Is it cheaper to do SkyAuction every year (I haven't done that). Buy into a timeshare, or just stay in a hotel (Disney or otherwise). HELP!!!!!

Buying into a timeshare for a couple thousand sounds like a deal, but the maintenance fee ($450-$700 year) is almost the cost of hotel accomodations (depending on where you stay).

In Jan we stayed @ Pop Century. It was ok. In April we stayed @ POR and LOVED it!

 

[janethill]

We do timeshare (Fairfield) so we have points and when we go off season it costs us less (fewer points). Also, we can book into any Fairfield resort (there are 4 in Orlando). We pay about $2,000/year in maintenance fees and we get about 6 weeks a year out of it (we either give weeks to family or rent them as we can't use them all). Again this depends on season and size of unit. We've found that we spend less on accommodations and food as we always have breakfast in and we get lots and lots of room. We also pack lighter and take home clean clothes, so gotta love the washer and dryer. My kids now hate hotel rooms.

Skyauction could possibly be cheaper, but I like being able to plan in advance and know exactly what I'm getting. It all depends on what you want and how much you want to spend. I'm with you though about DVC. We seriously considered it, but just couldn't justify the cost, and besides Fairfield units are bigger.

 

[HappyLawyer]

i cannot advise you but i will tell you that i own not at disney but at orange lake country club, i guess it depends on how often you go and what you like, to me the fees each year are less then what i would typically spend on a room we go for 3-4 weeks, i love it and it works for us, but it is not for everyone, good luck

 

[trez3]

Clark Howard, consumer advocate on the radio, thinks timeshares are not smart investments.
http://clarkhoward.com/library/tips/timeshares.html
However, if you really feel strongly about buying into one, he recommends
buying from someone trying to sell theirs, not from the company.

 

[Mom of Sleepy Bashful and BabyDoc]

You sound like the type of family that doesn't mind staying offsite but will also throw in a trip on site. Am I right?

So, depending on how much time you spend at WDW in a year's time, you might spend some time in a timeshare condo and some at a WDW resort??

I don't know if I am the only one on this board that feels like this, but...........I would LOVE to buy a timeshare deal. I just can't ever make it work out that it is a better deal. My DH says no way. But every once in a while I get the urge and start investigating it again. It never works for us. I'm always hoping that the numbers come out in our favor and I can show DH that we need to do this , but they never do. Am I the only one like this???

We have gotten three weeks through Sky auction for an average of $264 for a week, including tax and everything. I know these deals won't be around forever, but I think if SA disappears, we would just rent from an owner. Now that might cost us appr. $1000 for a week (some places more, some places less) but if someone is paying $700 in maintenance fees in one year for that place, I'm only paying $300 extra. And I can stay where I want to.....just look at all of the options at places like redweek.com, tug2.net......it's almost too many options, I can't decide..... THis doesn't include the ones that sometimes come up on Hotelkingdom.com like Cypress Pointe for $80 a night.

I can definately see an advantage to buying if someone wants a particular resort everytime. I'm sure there are other advantages that I just don't know about because I'm not an owner. Like I said, I get open to the idea every once in a while.

Ofcourse, I don't mean to discourage anyone from buying a timeshare. As long as people keep buying them, they will keep building them, and that gives me more to choose from for my vacation.

 

[calie_j]

Speaking from my own personal experience and guessing at the numbers here's my take on our timeshare. We've owned thru Bluegreen for 7yrs and our exchange company is RCI (membership fee is included in our club dues). Original buy in was around $5,000 with an upgrade in points a few yrs later of around $3,000. Maintenance Fees are around 600-700/yr and club dues around 150-200/yr. We have an RCI credit card that has earned enough points to pay the exchange fee every other yr (125-150 value). We have enough points to get a 2 bedroom red season every yr with an extra week every other yr. When I've given my week to Bluegreen to rent we've barely gotten back our maintenance fees.

The way I look at it owning forces us to use our points and take a vacation we might not have taken otherwise. We also are getting a 2 bedroom with full kitchen for the price of a hotel room so the vacation isn't free just the upgrade is free. If we use the points right our extra week every other yr would be free which adds more value.

With everything the more planning you put into it the more value you'd get for your $$. I'm working at planning a better week to put up for rental and I'm sure I'll get more from it. We'd also get more value if we could use some extra vacations that don't use points but are marked down to $59/night. I'm looking into exchanging for a cruise but finding online they're only good for the higher price rooms (balcony) which are more then the inside room we'd normally pick, but I need to research that more.

Calie

 

[Heather Smith]

I agree with Clark Howard that timeshares are bad investments; however, vacations (whether it's timeshare, hotel, or whatever) aren't an investment. They are an expense. The goal is to minimize your vacation expenses while still purchasing vacation at a level acceptable to your family. So in our family's situation our timeshare expense (resale) works out quite well for us. We minimize our expense, while getting the accommodations we want when we want them.

 

[JerJan]

Just wanted to say we own our DVC and love it! I would not have ever dreamed of owning a timeshare but after we looked at DVC we were hooked. We don't look at it as an "INVESTMENT" we look at it as prepaid accomodations for fifty years at the GREATSET PLACE ON EARTH!

 

[doubletrouble_vb]

You have to decide for yourself if timeshare is for you since each individual's situation is different.

When I originally bought the industry used a chart showing what hotel rooms would cost in 10 years versus what they cost then (about 11 years ago). Needless to say those projections were way off. Hotel rooms in Orlando are only now beginning to be noticeably above where they were in 1994. Had I only used my Westgate timeshare to go to Disney it would have been a bad bad bad deal. Instead I've traded it to go to other destinations such as winter skiing where a decent hotel room or condo would be very expensive...and that's how I reached my perception of having broken even on it... If you won't go anywhere other than Disney it doesn't seem like timeshare would be for you.

I would take the amount of money you would expend on a timeshare, stick it in the bank and start adding a representative amount of maintenance fee money to it each year...say $600 and rising plus an additional amount to represent your RCI or Interval International fee. Then withdraw only the amount of money you need for your hotel each year from that account. You might run out of money eventually but by that time you could be (heresy here....) sick of vacationing in Orlando.

If you would skip going to Orlando one year and either don't go away from home or go to a destination where you wouldn't be able to make a timeshare trade you still must make the deposit in the account and you can't use it towards your alternate accomodation.

 

[Brian Noble]

I look from time to time as well. However, each time I look, the maintenance fees on a property that I would be willing to buy are always in the neighborhood of what I can rent a pool home/condo/whatever for, provided I am looking early enough and willing to shop around---without even considering the sunk capital in a purchase.

So, I end up never pulling the trigger. However, if you'd rather save the time you spend planning each year, and spend that time on something else, I think you could justify the slightly higher costs of the timeshare in exchange for the certainty of knowing when/where you are going.

 

[poohangel]

We just bought a timeshare with Westgate Resorts, you dont just rent points but you actually own property. We have a deed and the maintenance fee is $399.00 every other year. We only bought 1/2 time, which means we can stay free at our home location every other year, but get 12 extra weeks to use anytime. I can rent it out, I can sell it or I can will it to someone, it is actually something that you own.

My home resort is in Gatlinburg, but I can go to just about anyplace in the world and pay next to nothing a night. I think around 50 per night for a 5 star resort.

We just bought into it yesterday so I dont know all the specifics, but look it up on Westgateresorts.com.

 

[csmommy]

If you are really interested in purchaseing a Time Share you need to start here: http://www.tug2.net/

They have a wealth of info, & a special area for Florida in their message board area.

A couple of things to remember:

1. If you purchase one, do so at a resort you want to go to each year, don't expect to trade because it doesn't always work out.

2. Buy re-sale!!!!

3. Realize that this is NOT an investment property, but an investment in family time.

4. Remember, maintenance fees only go up.

5. If purchaseing resale from a company always check here: http://www.bbb.org/

6. When purchasing re-sale get a title search done.

7. Lastly, take your time! Please read & ask as many questions as you can before purchasing anything. You wouldn't want to regret a long term vacation purchase. Vacations are supposed to be happy!

We just started closing on a re-sale at the Vistana. A 2 bedroon every other year for $2000.00 plus closing. For us it is a good deal.

 

[tednvon]

Hi..here is a copy of reply I made to this very question a couple of years ago

Hi...one last thought!

Ever wonder why they can give so many perks and free tickets and food to sell a time share?...
Look at the math....What does a nice two bedroom condo cost RETAIL in the Orlando area. Maybe 125K to 200K tops. Resale condos are 95K to 125K.

Now assume this new condo is built at a cost of about 70 to 100K materials an labor.

Now take your time share buy in of 12K (or more) and take that times 50 weeks and you get a 600K condo!!!
Not a bad profit, plus they hit you up for the maintainance fee that is about what you can rent a nice condo for each year!!!
No wonder they can give a free breakfast, a couple of single park tickets and knock a few grand off the price!!!

There are better ways unless you buy in very young and use it all the time BUT still is a huge out lay of $$$$$$!!...Heck, if you took the 12K and put in a S&P stock fund at 10% a year you now have $1200 dollars to rent a really nice 5 bedroom house for the week.....It just isn't as darn much fun and exiting as buying a time share!!!

Think long and hard....Ted

 

[isla bonita]

Have you looked into purchasing a pool home, it might be a better investment. You can spend any weeks you want down there. You can rent it out the rest of the time. In three years it should be paying for itself or close to it. You now have property in Fl. so you can get the resident discounts. The house can be taken off income tax. Sounds like a better deal. Let your investment pay for it self. It takes a while to get established but they say by 3 years it starts breaking even and most times paying for it self plus some. I can not say as of yet we will be one year June 21. I have had to pay half my payments. I do know every penny I put into my home is an investment. If I need to sell the property is in a gated community less then 3 miles from Disney loop. The same sq. foot home now is going for over 70,00.00 more then when we bought. We are really in a win, win situation. Check into it as an option. If you stay off disney grounds any way.
http://members.cox.net/disneyvacahome/
Take a look at what the alternative can look like. There are pics. of the clubhouse and of course my own home. Having this as and investment will allow me one day to spend the winter in Fl. The best season to rent are june,july and august. It may allow me to spend all the time there and not have to worry about community dues and taxes. I am hoping. Good luck in what ever plan you choose. Can not lose it is the greatest place on earth isn't it?

 

[ralfrick]

We have a Lake Tahoe TS right next to Heavenly ski area. Perhaps because ski resorts are so popular, we regularly get offers from the Interval International exchange organization to get 2 weeks back for our one. There is usually some restrictions or an added fee for the second week, but by planning, I've been able to make it work. We've exchanged into Vegas, Bahamas, Palm Springs, Kissimmee and Maui twice.

Just don't buy from the developer, go resale.

Cheers.

 

[Beiji]

I agree with CSMOMMY. You should check out TUG. It'll give you lots and lots of great info, and the people on the bbs are really helpful.

Lisa G

 

[Lisa P.]

TUG offers a wealth of info and has saved my family thousands of dollar$ !!!!

We've loved our timeshares. We're able to stretch our Fairfield points. (These were purchased for cash, resale, years ago, for about 25% of developer cost.) We pay ~$500-$550 in maint fees and taxes per year and with FF, this includes free annual dues with RCI. When we use the FF points to reserve a stay at a FF resort, we usually get a prime/high week in a 2BR or 2-4 weeks in a 1BR, a studio and/or offseason. We can reserve nightly stays with only a few restrictions.

By trading 2 lesser weeks through RCI, we incur an extra $300 in exchange fees (~$150 x 2), for a total annual cost of ~$800-$850 per year. We retain enough points for a short stay or two in a local FF resort and we enjoy two full weeks in 2BR condos at RCI exchange resorts. So that money goes a long way. And our family enjoys great vacations.

If you got a great deal (resale) on a timeshare that you love - ENJOY! If you bought from the developer, consider rescinding while you still can and take your time learning and deciding. If you wait to rescind, you won't have the option to back out later. Reselling a Westgate week will only yield about 25-40% of your purchase price. It's like a brand new car purchase. Be sure you can afford it and really want it or you'll be unable to get out from under the payments later. HTH!

We do love our timeshare!

 

[cbusby]

We just bought a timeshare with Westgate Resorts, you dont just rent points but you actually own property. We have a deed and the maintenance fee is $399.00 every other year. We only bought 1/2 time, which means we can stay free at our home location every other year, but get 12 extra weeks to use anytime. I can rent it out, I can sell it or I can will it to someone, it is actually something that you own.

My home resort is in Gatlinburg, but I can go to just about anyplace in the world and pay next to nothing a night. I think around 50 per night for a 5 star resort.

We just bought into it yesterday so I dont know all the specifics, but look it up on Westgateresorts.com.

We just bought westgate in orlando, just so I could go to Gatlinburg. I also bought an every other year. Because with my income I can not afford to go on a expensive vacation every year. I don't regret it one bit. By the way do you have an photos of the Gatlinburg site...I know they are still expanding.

 

[mjh8955]

We always take vacations and love to travel. Hubby and I will continue to do so after the kids are grown. We bought a timeshare and paid it off very quickly so now we can enjoy using any of the Hilton Grand Vacation Properties or trading for RCI properties all over the world. I think our biggest motivator was having just been stuck inside a small hotel room for two days and nights during a hurricane. Seeing how spacious and comfortable the timeshare was, and the beautiful property that was so private, it was kind of easy to imagine ourselves in that kind of location rather than a cramped hotel room in the years to come. Since it is paid off, we are guaranteed a really nice location for our vacations even if we have to watch our money during retirement - all we have to do is get there. It does take more effort to plan since popular resorts will fill up fast. For example there is only one RCI timeshare near Washington D.C. and it's hard to find availability. But we can always convert a week to Hilton Honor's Club points and stay at any Hilton chain.

 

[swilshire]

We just bought westgate in orlando, just so I could go to Gatlinburg. I also bought an every other year. Because with my income I can not afford to go on a expensive vacation every year. I don't regret it one bit. By the way do you have an photos of the Gatlinburg site...I know they are still expanding.

Just curious as to why you would buy Orlando to go to Gatlinburg. I own weeks in both Gatlinburg and Orlando, but my maintenance fees are about double in Orlando what the ones in Gatlinburg are. I only own the Orlando weeks to make it easy to get prime weeks there and sometimes still wonder if I should just sell them and buy more Gatlinburg.

I've toured the Westgate Gatlinburg and while it was very nicely decorated, the rooms are tiny compared to other resorts in the area. It's also kind of in an odd location. OK during the off season, but I could see traffic being a real problem at the busy times of year.

If you bought from the developer and are still in the time period when you can rescind, you might want to do some hard thinking about your decision IMHO.

Sheila