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Started By
Message
Timeshare related - is this a good idea or terrible idea?
Posted on 1/9/17 at 3:42 pm
Posted on 1/9/17 at 3:42 pm
The wife and I have taken a few vacations where we rent somebody's timeshare for about half or a third of the cost of comparable rentals. Generally in the ballpark of $1000 when the same or comparable rentals would have been more like $2500 for the week.
We're doing this through a rental company so obviously the actual owner isn't making money here from an investment standpoint and is probably just selling off points that won't be used personally. But this whole situation got me thinking: since supposedly timeshare owners oftentimes can't give away their timeshares, would it be semi-prudent to buy a free or nearly free timeshare with low maintenance fees if the wife and I plan on vacationing yearly or near-yearly and if we can rent out unused years anyway?
I did a 2 minute look around the RedWeek website and found a sale for the place we stayed at this past year. It was listed at $3750 with $321 annually. We spent around $850 for 6 nights renting somebody else's points and are making a similar trip this year.
I wouldn't want to spend the $3750, maybe if I could wait and find something similar for $2000 or less, but in any case is this just a terrible idea all around? It seems like I could buy something dirt cheap enough that I break even after 2-3 years of vacation, and any years after that I'm getting a severely discounted vacation cost (paying maintenance fee vs. rental costs) and could sell off unused points on other years for at least a break-even on maintenance if not a small profit.
Thoughts?
We're doing this through a rental company so obviously the actual owner isn't making money here from an investment standpoint and is probably just selling off points that won't be used personally. But this whole situation got me thinking: since supposedly timeshare owners oftentimes can't give away their timeshares, would it be semi-prudent to buy a free or nearly free timeshare with low maintenance fees if the wife and I plan on vacationing yearly or near-yearly and if we can rent out unused years anyway?
I did a 2 minute look around the RedWeek website and found a sale for the place we stayed at this past year. It was listed at $3750 with $321 annually. We spent around $850 for 6 nights renting somebody else's points and are making a similar trip this year.
I wouldn't want to spend the $3750, maybe if I could wait and find something similar for $2000 or less, but in any case is this just a terrible idea all around? It seems like I could buy something dirt cheap enough that I break even after 2-3 years of vacation, and any years after that I'm getting a severely discounted vacation cost (paying maintenance fee vs. rental costs) and could sell off unused points on other years for at least a break-even on maintenance if not a small profit.
Thoughts?
9
Posted on 1/9/17 at 3:53 pm to Huey Lewis
quote:
I wouldn't want to spend the $3750, maybe if I could wait and find something similar for $2000 or less, but in any case is this just a terrible idea all around? It seems like I could buy something dirt cheap enough that I break even after 2-3 years of vacation, and any years after that I'm getting a severely discounted vacation cost (paying maintenance fee vs. rental costs) and could sell off unused points on other years for at least a break-even on maintenance if not a small profit.
i think this is the reason that timeshares were so popular. Man, I can vacation cheap. In the end, it didn't work out that. Now buying someone else out may work in your favor, but the people i know with time shares are generally unhappy with their purchase. I know my aunt is always trying to get family to use hers, and then pay her cash.
eta: I can't imagine you would be the first to think of this. Maybe do more googling on it.
This post was edited on 1/9/17 at 3:54 pm
Posted on 1/9/17 at 4:29 pm to Huey Lewis
Put your time and energy to another matter.
Posted on 1/9/17 at 4:32 pm to Huey Lewis
Only one that's worth anything is Disney Resale, although there are now so many restrictions if you don't buy direct that I'd be way more tempted to just rent every time we went. At the least it's the only one that holds value or even increases over time.
Posted on 1/9/17 at 6:45 pm to ell_13
Disney and Deer Valley Club are the only 2 that COULD make financial sense when buying direct.
Posted on 1/9/17 at 7:07 pm to Huey Lewis
If you're serious I would have offer them $500 and the transfer fee. That way when you get tired of it you don't have too much invested. Just remember you're only doing it for you. Most don't rent because there are so many.
Posted on 1/9/17 at 7:32 pm to Huey Lewis
TERRIBLE IDEA. There is literally ZERO reasons to buy a timeshare. You want to pay $X every year to limit yourself to one spot every year?
This post was edited on 1/9/17 at 7:34 pm
Posted on 1/9/17 at 8:30 pm to AmeriKop45
With disney, you are not locked into it. You can rent out your points at double your yearly dues. This means, you can pay them as well as any other vacation you want to take that year. You're also not locked into going EVERY year. You can go every 3. And it's also not limited to the parks. There are 3 other disney resorts in Hawaii, Hilton Head, and Vero Beach.
Posted on 1/9/17 at 8:49 pm to ell_13
It's a DVC sale I'm looking at in the OP for what it's worth. We're about to book another DVC rental for later this year and I expect we'll go another 2-3 times over the next 5ish years while the kids are still young.
Posted on 1/9/17 at 9:08 pm to Huey Lewis
What home resort? How many points? How often do you plan to go? Would you ever want to go to Hawaii?
This post was edited on 1/9/17 at 9:19 pm
Posted on 1/9/17 at 9:12 pm to Huey Lewis
Timeshares are for suckers
This post was edited on 1/9/17 at 9:13 pm
Posted on 1/9/17 at 9:14 pm to ell_13
Old Key West, saw on a site that OKW fee is ~$5.80 per point so it's about 55 points based on the $321 annually. Hawaii is a maybe but it wouldn't be for a good five or more years when the kids are older. We would go once a year and use up the 55 points on 5-6 nights in a studio, or bank/borrow for a 2 bedroom if we had some family coming too etc.
The $3750 just feels about $1750 high for when I'd want to be breaking even. It's probably still a good deal though maybe? I don't know.
The $3750 just feels about $1750 high for when I'd want to be breaking even. It's probably still a good deal though maybe? I don't know.
Posted on 1/9/17 at 9:18 pm to Huey Lewis
55 would only be enough for certain times of the year. January, October. I don't have a points chart in front of me. If you don't mind taking your kids out of school, that's fine. That's when we enjoy going the most.
Old Key West is nice. It and Saratoga are the most bang for buck. Just be aware that there are restrictions now for resale buyers. I can't remember them all. Can't use your points for the cruise or adventures by disney. But you shouldn't be doing that anyway. Huge waste in points.
Old Key West is nice. It and Saratoga are the most bang for buck. Just be aware that there are restrictions now for resale buyers. I can't remember them all. Can't use your points for the cruise or adventures by disney. But you shouldn't be doing that anyway. Huge waste in points.
Posted on 1/10/17 at 9:37 am to ell_13
we bought one years ago for $350.00 total. The maintenance fee is like 500 bucks but we have a place at the beach every year for either the week before the 4th of July or the week of the 4th of July. The only issue I have with it is that it is a 1 bedroom so now that we have Eli we are only using it for the two of us which means we have to take 2 beach vacations.
Posted on 1/10/17 at 9:55 am to bobaftt1212
Bought it for $350 resale? Somebody you knew that was selling it or did you find it listed somewhere?
Posted on 1/10/17 at 9:58 am to bobaftt1212
I would stay away from anything but a Disney timeshare. I have read and talked to hundreds of consumers all who have some issue with the timeshare they purchased or the contract they signed.
FYI.... They all start there complaint with "Immediately after we returned home we knew we had made a mistake!!!"
FYI.... They all start there complaint with "Immediately after we returned home we knew we had made a mistake!!!"
Posted on 1/10/17 at 10:09 am to DieSmilen
Yeah it will save you money while you use it, but those savings are not worth having to use it the rest of your life. When it comes time to sell it and that time will come, you will wish you didn't own it.
Outside of owning a second home, there's no even decent way to invest in vacations. Just limit your expenses.
Outside of owning a second home, there's no even decent way to invest in vacations. Just limit your expenses.
Posted on 1/10/17 at 12:21 pm to Huey Lewis
My grandmother gave/sold me and my sisters her time share in Disney. We (collectively between our 4 families)have 4 kids under 3 right now and only plan to make more. The time share just made sense for right now. We plan on going to Disney a lot between actual trips and AAU basketball tournaments in the future.
This post was edited on 1/10/17 at 12:34 pm
Posted on 1/10/17 at 2:58 pm to Huey Lewis
quote:He wasn't referring to disney based on the rest of his post.
Bought it for $350 resale? Somebody you knew that was selling it or did you find it listed somewhere?
Posted on 1/10/17 at 3:17 pm to Huey Lewis
Where do you find the rentals? I'm more interested in your initial scenario, renting someone's timeshare for less than similar accommodations. Any advice on good market for the secondary market.
Slight hijack, I remember a thread on renting DVC points or stays in a similar secondary market. Any advice is appreciated.
Slight hijack, I remember a thread on renting DVC points or stays in a similar secondary market. Any advice is appreciated.
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