Would like buying Timeshare advise

[PartyofSix]

We are considering buying into a timeshare at VIP level giving us 308,000 points with Fairfield Resorts. Can anyone share there experiences with us? We are new to this. All i have is breif info on the points system and how it works. We just rented a condo for the first time in Daytona Beach with Ocean Walk Resorts which is owned by Fairfield resorts and fell in love with the place. We have a large family and this just makes total sense to us. They are offering the 'new" building timeshare only. The other "new" buidling is only 3 years old! It's a awesome place. Can you all tell me what to expect? I really did'nt know what to ask her other than general questions. Is there anything i should ask or look out for? She said they take a deposit and then send you the paperwork to sign and contracts and then you make payments to them. You do get a deed she stated. I don't understand what you get a deed too? I know this is ametuer but i'm really interested and would like some advise. Thanks Oh she did mention they are building a new resort at the back door to Epcot i can't remember the name starts with a b though.LOL

 

[Morticia]

How much is it costing you?

 

[cherylp3]

Check out TUG -Timeshare users Group

http://www.tug2.net/

They have free forums that you can post on.

 

[Dancind]

I second the advice to check out the TUG website. They have reviews of all the resorts, and those will sometimes mention if there have been any problems with the resort or timeshare company. You can also check the classifieds and see what resales at your resort are going for. Sometimes it's a big discount from the cost of a new contract bought from the developer. Diana

 

[PartyofSix]

Thanks for the info on the web site i will check it out. The cost for 308,000 points which is there VIP level is 32,000. for 203,000 points it's 21,000.

 

[Dancind]

Just saw this thread about Fairfield on the DVC board:

http://disboards.com/showthread.php?s=&threadid=401457

 

[dianeschlicht]

Just be very careful and know EXACTLY what you are getting before you sign on the dotted line! We toured a few timeshares over the years and hated the hard sell we got. Then we toured the DVC timeshare when it came out, because we liked going to WDW every year and staying on-site. We thought it sounded too good to be true, since it was quite different than the other presentations we had been to, so we toured some others!

Our experience?

Don't believe everything a sales person tells you. Half will be colored with a bit of untruth.

Know exactly WHERE your points will be able to be used easily, and if there is an exchange cost. Also know exactly what your maintenance fees will be. I have heard mixed reviews about Fairfield properties. Marriott looks good to me, but when I have DVC that trades so well, I see no reason to add another.

Friends of ours own 3 timeshares plus DVC. They traded one of their RCI GoldCrown weeks for Hawaii at the same time that we traded a DVC week to Hawaii. We both started our trade search 2 years out. Our trade came through in 5 days. Theirs took 19 months! We spent the week at their trade first on Kauai, and while it was nice, it didn't meet our DVC standards. We spent the next week at our DVC trade on the Big Island, and the amenities were wonderful!

With all the timeshares we toured EXCEPT Disney, we were told it was EASY to trade into Disney. WRONG! it is almost impossible. Perhaps that is why we got our exchange to Hawaii so fast.

BTW, the Fairfield planned for "on site" at Disney, is actually near Bonnet Creek and surrounded by Disney property, but is NOT on Disney property. There will be none of the Disney on-site perks to staying there.....i.e. Disney transportation, Early Entry, Charging to the room, Package delivery etc.

 

[Silky]

My own take on timeshares is that you're CRAZY to pay RETAIL prices. Resales on even the finest properties, including Disney Vacation Club, are much cheaper. I'd look at the TUG site and also atimeshare.com to get a better understanding of resales.

Good Luck,

 

[PartyofSix]

What great information you guys provided. We did'nt do a presentation. We actually stayed at the Ocean Walk Resort in Daytona and it was just awesome. They will be completing construction in feb 04 for the newest side of the two complexs. That's the side will are thinking of buying our timeshare for. We are avid race fans and have been going to Daytona for 10 years now and paying 3x the price for a moderate hotel at best and with triplets and a 11yo 2 rooms at 279 gets expensive. The resort was really beautiful and the workers where cleaning it 24/7. Anyways we are not looking really to trade our stays for Disney stays we are more universal people and don't stay onsite at Disney for cost reasons. So this may work for us. Is there room for neg on prices they put on these condos? I'm working with a really non pushy and very helpful person. She's told me so far 10% down then the rest for 10years at 9.9% for 341.00 a month and 81 in maintaince fees a month. She's sending me info but what is the maintaince for in general? And this is a lifetime pay out. IT's ours after 10years. Also this is for 308,000 points. She mentioned that if we choose to buy now before the place officially opens up we get 308,000 to be used in 2years time as a bonus sign up thing. Then she stated that we can upgrade to VIP gold at a locked in rate for 1 year. We can buy more points and get a GOLD VIP status. We don't fly and don't travel much so for us this may be cost affective for our vacations. Although in the years to come we dream of going to other destinations maybe 5-10 years from now do you think by then i'd figure out the points system>LOL Thanks for all the great links and advise i really appreciate this.

 

[DonnaS]

I don't know why it has taken me this long, but I just now finally joined TUG. I've owned a timeshare since 1994. LOL

I got some great info. about the place we're exchanging to in Vancouver already. I've really neglected my Vancouver planning because of the Alaska part of our trip.

 

[PartyofSix]

Since so many of you recommended tug i bought a memebership too. I figure it's worth 15 bucks if it provides me with great info which so far i've been glued to it every few minute today. I really appreciate that. I just wonder though a lot of folks are'nt paying near what there asking for there new addition. I wonder if there is neg room there? Is this just like anything else you should have some room? We did'nt take the tour so we did'nt get a free vacation like they offered with the tour or the 40 g/c to a resturant that went with it. Just thinking........

 

[Silky]

Party, I'm reiterating my "Don't buy at retail prices" theme. Most timeshares immediately lose their value as soon as the developer sells them. When owners have to sell for financial/marital reasons, they are forced to offer their contracts on a "wholesale" basis.

Good Luck,

 

[CarolA]

Resale on timeshares is a MUCH better way to go. I strongly recommend you look into it.

The other thing that you really need to be sure of is availability. You say you go on Race Week. Well my bet is that the timeshares are FULL then and you need to be sure that what you buy will gurantee you the week you want.

You might want to go over on the DVC board and post some questions. There are some guys who post over there who own lots of timeshares, not just DVC.

 

[Zurg]

I would seek out Dean over on the DVC board, knows his stuff and is generous with his experiance.

 

[DawnCt]

Originally posted by PartyofSix
. She's told me so far 10% down then the rest for 10years at 9.9% for 341.00 a month and 81 in maintaince fees a month. .

I second and third all of the suggestions not to buy "new". No matter how exclusive a property looks, someone will always want to sell it. Definately pursue the secondary market. Secondly, the 9.9% interest rate is extremely high given the current interest rates. There are credit cards with better rates than that and certainly a home equity rate would be better. I wouldn't consider 9.9% on anything. Thirdly, that $81 per month is almost $1000 per year. This figure is not fixed. It can go up property taxes and maintainance costs. That, coupled with the annual cost of the interest charges equals $1600, not to mention the fact that you are parting with your principal. There are some time shares that people would just love to give away just to get out from under the maintainance fees. This is nothing I would rush into. Also, since you are already in the buying frame of mind, I would avoid time share promotions, since resisting may be difficult until you do your homework. I have been to a lot of presentations. I like the free gifts but I have not even been remotely tempted to buy.

 

[PartyofSix]

Is there the same benefits buying resale? For instance if we buy in direct we will have gold vip status. If i buy from a gold stutus owner will i retain there status? And with them doing the financing how does it work if you buy resale? I did call my agent about your thoughts on race week. She assured me since i own there and it's my home property we could book 15 months out and that would guarantee me a week during the race weeks. This is a brand new developed phase II so to speak that will not even open till feb 04. This is premuim timeshares from what i came gather and i have not seen a single unit for sale anywhere in the phase I building. I have not seen anyone selling points for phase I or II yet. This property is the FairField Ocean Walk Resort in Daytona Beach. I inquired about buying a deeded condo unit and they are sold completely out and they only did allow that in phase I building phase II will be all timeshare units. I had a heck of a time finding a rental unit on the net for race week. With about 4 days left before we wanted to leave i found one 1/1 unit on vrbo for rent the lady just closed on and got a really great deal. Those units go for 369 1/1 and 569 2/2 during the July event and the Feb speedweek is even more $$. I'll keep looking for resale i'm not against saving $$ but so far i've had no luck. Thanks for helping me.

 

[DawnCt]

It looks to me that if the original owner has gold status, that will transfer with the deed. Of course your agent is not going to be helpful when it comes to you buying a resale. She won't make any money. When one will come available in the your choice of locations, that is unknowable. What is knowable however is what ever you pay for it retail, you will never be able to get back when you sell.