Timeshares-DVC or otherwise-thoughts? opinions?

[disneychick0412]

We have been researching DVC, but can't decide if it is right for us.
I know Dave Ramsey and Suze Orman are against them, and that many of the people who have them are glad they did it, so it got me to thinking..........

What do you think about timeshares? Do you own one? If not, have you ever considered one, and why did you decide against it?

I'm not looking to be talked into or out of buying DVC, I just thought this would be interesting, to get others views on timeshares.

 

[jel0511]

We own two. DVC and Westin St. John. Now, we bought them because we enjoy these locations and plan on going every year. We don't trade them. Buying a timeshare is NOT a money savings, IMO, it's a luxury to be able to go to these places and stay in such nice accommodations. I believe in being able to pay cash for the timeshare, if you have to finance, it's not for you.

 

[Lisa loves Pooh]

We bought DVC because we like staying deluxe and it is flexible. We don't necessarily have intentions of trading it out. For us it was a very brand specific decision. We bought for the destination.

 

[zalansky]

We have DVC. It took a while for us to make the final decision to buy it and then once we did, we added on twice. But like a PP said it is very brand specific. We live an hour from WDW and are passholders. So we go a lot. I definitely do not consider it a way to save money. Its pre-paying for vacations at Disney in Deluxe resorts.

I don't think we would ever consider buying into another timeshare company.

 

[Lanshark]

We decided against a DVC because it wasn't cost effective for us. We always stay in a Deluxe on site and I shop rates until I get a good rate. AAA, AP or my teacher's discount gives me great rates and variety.

 

[bumbershoot]

Don't look at it as an investment...I think it's the feeling that some owners have, of it being an investment, that is part of the reason for these financial people to dislike them.

We have DVC, and we financed it, but that was before (just before) finding DR. We probably wouldn't make the same decision again, but who knows. We had been spending money on our Disneyland trips, quite a bit actually, and the monthly costs of the loan are close to, if not less, what we were spending...

But anyway, if you can make sure you're not thinking of it as an investment, that helps you be a bit more clear about what you ARE buying, IF you buy a timeshare.

 

[mrsstats]

We own at Vistana & Westate in Vegas. Both bought resale. I won't stay in a hotel unless I have to. Timesharing is the way we love to vacation. It is not an investment, it is a way to vacation.

 

[erincon23]

We own a timeshare at a very nice resort about an hour away from our home. That was one of the attractions -- this resort has year-round activities in a resort town that we really enjoy, and we thought we would use the discount program that came with the timeshare, as well as use the exchange ability. In 6 years, we've stayed at this resort twice, and used our exchange abilities to stay in Orlando twice. We're now beginning the process of trying to sell it. I think if we had been able to afford DVC, that might have been more advantageous for us (but maybe not, because that would mean being able to afford airfare on a regular basis); as it is, we've decided that there is no cost benefit to owning this timeshare. We figure it this way:
- maintenance fee: $450 (right now)
- RCI membership: $150
- week booking fee: $150

That's $750 every year out of our pocket, $600 of it whether we go anywhere or not. Plus what we paid to begin with. For as little as we have ended up travelling, we figure we could take that money and go anywhere only in the years we can afford to pay the rest of the cost of the vacation. I don't think we've been ripped off in any way -- we were in a much better financial position when we bought the timeshare, and we truly love the resort at which we own -- but there's absolutely no cost-saving in it for us. I know realistically that we'll be lucky to get even half of what we originally paid for it, but to get out from under all the yearly fees will be worth it. Those are the types of things you have to consider when you look at a timeshare. If you can get one REALLY cheap on a resale, maybe it's worth, but you still have to figure in the annual costs and the availability of exchanges in places you'd like to go.

 

[abdmom]

Check out tugbbs.com for more opinions on timesharing than you'd ever wish to read.

 

[Silly Little Pixie]

My dad owns a timeshare that only my brother and I have ever used- as exchanges! One of my best friends owns at Polo Towers in Vegas. We have stayed there with him, and with him on exchanges as well. We did this many times before deciding to buy a timeshare of our own.

We personally chose DVC, and we bought it because we enjoy the larger villa style accomodations. Our kids are getting older, and don't really want to share a bed anymore. We like being able to spread out, and cook some meals occasionally in the room. For us, it's not an investment- it fits the way we like to vacation. We also liked the points system, and not being locked into a certain size accomodation or a 7 day trip.

 

[pixiewings71]

We have 2, we love being able to plan our vacations using these resorts. The places that we are able to stay are so much nicer then a standard hotel. DVC was really wanted but not practical, the ones we purchased we can deed to our children. For us it was a smart choice, not necessarily for investment value but for family value.

 

[NewmanFamily6]

We are Dave Ramsey followers. We do own DVC however! We are debt free and for us DVC is economical as we have a family of 6. Before we were having to book two rooms anyway so now we at least get to stay in a nicer hotel

 

[jksgrammy]

Check out tugbbs.com for more opinions on timesharing than you'd ever wish to read.

The above advise is the BEST you can be given if you are considering buying a timeshare as fellow TUGGERS' will attest to. You don't have to join to read/post on the forum; though I would highly recommend paying the $15 membership fee to be able to see resort reviews, which you should do before putting a bid/offer on any timeshare, including DVC.

We own 4 timeshares and LOVE it. Great experiences with staying at them, and also using them for exchanging - including trading into Disney. Just yesterday exchanged one of our timeshare weeks for a 2 bed unit at Beach Club Villas (taking grandkids and daughter/sil)! Using another of our timeshare weeks to take our 2 grandkids to northern Michigan (2 weeks - one in July, another in August).

IF you do decide to purchase a timeshare, whether DVC or somewhere else, TAKE YOUR TIME AND DO YOUR RESEARCH!!

 

[Pakey]

I have 3 DVC contracts. I bought them in 3 different years using my annual bonus to pay cash for them. The idea was that there would be a contract for each of our 3 children.

One of the worst mistakes I've ever made. It was fun for the first 10 vacations but our children are grown and none of them have any strong desire to vacation at WDW. So I have over 500 pts a year and my husband and I are tired of vacationing there. We are more adventurous travelers and exchanges are difficult, not a great value and not in areas where we are interested in traveling. I am not interested in the hassle of renting out my points so we give them away to friends, my staff, etc.

If the resale market ever improves on these, I will sell them.

 

[Sanchez]

I have 3 DVC contracts. I bought them in 3 different years using my annual bonus to pay cash for them. The idea was that there would be a contract for each of our 3 children.

One of the worst mistakes I've ever made. It was fun for the first 10 vacations but our children are grown and none of them have any strong desire to vacation at WDW. So I have over 500 pts a year and my husband and I are tired of vacationing there. We are more adventurous travelers and exchanges are difficult, not a great value and not in areas where we are interested in traveling. I am not interested in the hassle of renting out my points so we give them away to friends, my staff, etc.

If the resale market ever improves on these, I will sell them.

I think that you have hit on an issue that many do not consider. So many people buying into DVC think that they will always vacation at Disney. The investment is so large (cost of the timeshare, annual dues, tickets, travel expenses) that buying into a timeshare will always cost more than not. Timeshares should never be looked at as an investment.

Reading the DVC boards might lead one to believe that that many people are happy with their timeshare purchases. I think that percentage wise there are very few. Many are too embarassed to say that purchasing a timeshare was a mistake. For some, the purchase may seem like a good idea for the first few years, then reality sets in.

As a real estate lawyer I have rarely, if ever, come across a client who thought that timeshare purchases were a good idea. When times get tough you can cancel you vacation, but annual dues and other expenses still need to be paid. Take a look at the number of resales and foreclosures to see how many have come to the realization that a timeshare purchase was a bad idea. I realize that I tend to see the negative side of things, but I am of the opinion that anyone purchasing a timeshare has been suckered into doing do. Disney (with the "Welcome Home" b.s.) and other timeshare companies (with the high pressure sales tactics) would not be doing this if it did not mean there was a huge profit involved. (i.e. they are capturing vacation dollars that they otherwise would not have captured.)

The only good news (selfishly) is that with so many friends and clients in timeshare purgatory I have had many free (or nearly free) places to stay over the last few years. So if you want to make your friends and relatives happy buy a timeshare! They are the ones who will benefit most.

 

[drag n' fly]

I have 3 DVC contracts. I bought them in 3 different years using my annual bonus to pay cash for them. The idea was that there would be a contract for each of our 3 children.

One of the worst mistakes I've ever made. It was fun for the first 10 vacations but our children are grown and none of them have any strong desire to vacation at WDW. So I have over 500 pts a year and my husband and I are tired of vacationing there. We are more adventurous travelers and exchanges are difficult, not a great value and not in areas where we are interested in traveling. I am not interested in the hassle of renting out my points so we give them away to friends, my staff, etc.

If the resale market ever improves on these, I will sell them.

Yup you hit the nail on the head right there. Exactly the reason we got rid of our DVC contract. We also felt we honestly were not getting what we paid for.

 

[eliza61]

We have been researching DVC, but can't decide if it is right for us.
I know Dave Ramsey and Suze Orman are against them, and that many of the people who have them are glad they did it, so it got me to thinking..........

What do you think about timeshares? Do you own one? If not, have you ever considered one, and why did you decide against it?

I'm not looking to be talked into or out of buying DVC, I just thought this would be interesting, to get others views on timeshares.

Most financial gurus will tell you no to timeshares. Most financial gurus will say no to just about any luxury spending. I've heard Dave ramsey complain about people who buy mercedes Benzes .

Personally, I love our timeshares. We brought them to use as a vacation instrument, not for an investment.

Not to be disagreeable, Sanchez but every one who I know who has purchased a timeshare has loved it and if the majority of folks on the dvc board were unhappy with their purchases, we sure get a huge # of folks who have what we call "Addonitis". They continually go back and pick up new contracts.

Now that being said I'm in a pretty decent financial boat. I'm 50'ish, in a decent paying stable (as stable as you can be nowadays) job. and the only big purchase I have to worry about is my kids college tuition.

I own at marriott and disney. I use my disney continuously with and without my kids. The years that I don't go I rent my points.
I've own at disney for more 10 years and have more than gottne my money back on my investment. Lately I've been a pretty big critic of disney quality so I've may sell but that is not because of the dvc, it's because of how disney is making cutbacks to the parks etc.

My advice is this. take a very honest look at how you like to travel.
Time shares are a huge consumer business. I find it really hard to believe that millions of people out there are dissatisfied, if they were how would they continue to grow and profit.

 

[phorsenuf]

We bought DVC 4 years ago and love it! We had been on the fence for a while and then they released the friends and family program and we couldn't resist. LOL

When we bought we lived in NH and we would go a couple times a year. Now we are living in Florida about an hour 20 away. We love it even more I think. We can scoot over for a weekend here and there. We love going and getting away from it all. We find Disney to be an escape. We'll hit the pool, or play mini-golf, go to the parks for a couple hours. It's so much more leisurely now for us.
Some people might think it's a waste to own since we are so close but for us it works.

Thankfully too, all my children (grown) love going to Disney so when they come to visit it's nice to bring them over for a few days.

 

[Denine]

We bought DVC back in 1995. It has paid for itself! We go to WDW 2-3 times a year and always have a lovely place to stay. We have traded out a couple of times, but we haven't in a long time!

Marriott is supposed to be good.

Like other's have said, it is a way to vacation, not an investment. DH also follows Dave Ramsey and the only debt we have is mortgage.
This is an inexpensive vacation for us and we love to be where it is warm and sunny!

 

[bumbershoot]

As a real estate lawyer I have rarely, if ever, come across a client who thought that timeshare purchases were a good idea.

As a lawyer, you're seeing people when things are bad. Just like my stepmom, a NICU nurse, thinks that birth is fraught with danger (despite having three uneventful, un-messed-with, unmedicated births of her own before becoming a nurse!), and refuses to admit that because of where she works, she's ALREADY primed to see the worst of the worst, b/c that's where the worst GO.

You're seeing people in trouble, in need...and that's probably why you're seeing the unhappy ones.


Perhaps if you started going to the member mixer things, you'd see the other side.