Newbie Questions

[Purseval]

Hi, I was wondering if anyone could point me to a FAQ for potential timeshare resale buyers, specifically for the Bonnet Creek Resort inside the WDW property. I have been lurking for a few days and didn't see these questions answered, perhaps they are too basic. I did read that there is another Wyndham owners website with basic information but I can't get into that site (neither can anyone else, there is a thread about all the problems people are having). If no such animal exists I wonder if anyone could answer the following questions:

1. Is it worth it? Naturally the salesperson says you have more room, slick-looking plasma tv, etc., but the ever-falling price of resales doesn't seem to bear that argument out. Do you actually use the ameneties and extra space or do you fall into bed exhausted each night after running through the parks? Is it really better than a hotel when you figure that a hotel is an option that can be passed over if you don't have the time or money while the timeshare is going to cost you approximately $800 even if you never set foot out of your house?

2. How much can the maintenance fee increase per year and does it have a yearly/lifetime cap?

3. We normally take 2 vacations to Orlando per year, one in February and one in October. How many points would it take to cover a week at each time period?

4. If we never go anywhere but Orlando do we have to pay anything besides our points to stay there?

5. Is the Fairfield Bonnet Creek in Lake Buena Vista the same place as the Wyndham Bonnet Creek inside the WDW property?

6. Can you bank your points indefinitely or do they expire after a certain amount of time?

7. Is the maintenance fee your only expense if you never leave your home resort?

8. If your maintenance was capped, for example, at $1000/year could Wyndham declare bankruptcy, void that and raise it? What happens if Bonnet Creek does in fact declare bankruptcy? Would the "owners" (that means us) be liable for any debts Wyndham ran up?

I could have asked the salesperson all of these questions but I wouldn't have believed him. Sorry in advance if these are stupid questions but I'd rather be stupid now than later.

 

[jercal10]

Hi, I was wondering if anyone could point me to a FAQ for potential timeshare resale buyers, specifically for the Bonnet Creek Resort inside the WDW property. I have been lurking for a few days and didn't see these questions answered, perhaps they are too basic. I did read that there is another Wyndham owners website with basic information but I can't get into that site (neither can anyone else, there is a thread about all the problems people are having). If no such animal exists I wonder if anyone could answer the following questions:

1. Is it worth it? Naturally the salesperson says you have more room, slick-looking plasma tv, etc., but the ever-falling price of resales doesn't seem to bear that argument out. Do you actually use the ameneties and extra space or do you fall into bed exhausted each night after running through the parks? Is it really better than a hotel when you figure that a hotel is an option that can be passed over if you don't have the time or money while the timeshare is going to cost you approximately $800 even if you never set foot out of your house? WE like it have 1M points
2. How much can the maintenance fee increase per year and does it have a yearly/lifetime cap? no limit yearly, or lifetime

3. We normally take 2 vacations to Orlando per year, one in February and one in October. How many points would it take to cover a week at each time period?depends how many BR's you want--400K pts would be good

4. If we never go anywhere but Orlando do we have to pay anything besides our points to stay there?no, but there's a "program fee buried in your MF

5. Is the Fairfield Bonnet Creek in Lake Buena Vista the same place as the Wyndham Bonnet Creek inside the WDW property? Yes

6. Can you bank your points indefinitely or do they expire after a certain amount of time?see primer

7. Is the maintenance fee your only expense if you never leave your home resort?yes
8. If your maintenance was capped, for example, at $1000/year could Wyndham declare bankruptcy, void that and raise it? What happens if Bonnet Creek does in fact declare bankruptcy? Would the "owners" (that means us) be liable for any debts Wyndham ran up?The HOA of the resort is responsible for maintaining the resort on an ongoing basis, and you have to pay your share

I could have asked the salesperson all of these questions but I wouldn't have believed him. Sorry in advance if these are stupid questions but I'd rather be stupid now than later.

You need to come over tohttp://forums.atozed.com/ and read the primer

 

[Purseval]

Thanks for the answers, some were informative the one on the unlimited option of raising the maintenance fee is disturbing. I got onto the other site from my home PC right away, I'll check it out.

 

[jercal10]

I know of no way to cap MF's for any resort, unless for a short period of time while the developer is trying to sell. After that, when owners are responsible, you must pay your share. (depending on the resort , 10% or more aren't paying, which runs up your share, unless resort is able to rent the time for a decent price)

 

[jercal10]

By the way take a look @ resale prices, you'll find them a lot lower than buying from the developer.You decide where to buy.

 

[garmich]

3. We normally take 2 vacations to Orlando per year, one in February and one in October. How many points would it take to cover a week at each time period?

February (1st & 2nd weeks) and October (1st, 2nd & 3rd weeks) are "High" season. 1-BR week = 126K pts.; 2-BR week = 189K pts.; 3-BR = 231K pts.; 4-BR = 347K pts.

February (3rd & 4th weeks) and October (4th week) are "Value" season. 1-BR week = 84K pts.; 2-BR week = 112K pts.; 3-BR = 175K pts.; 4-BR = 231K pts.

 

[Jya-Ning]

1. Is it worth it? Naturally the salesperson says you have more room, slick-looking plasma tv, etc., but the ever-falling price of resales doesn't seem to bear that argument out. Do you actually use the ameneties and extra space or do you fall into bed exhausted each night after running through the parks? Is it really better than a hotel when you figure that a hotel is an option that can be passed over if you don't have the time or money while the timeshare is going to cost you approximately $800 even if you never set foot out of your house?

TS ownership is a commitment to bring yourself to vacation, nothing todo with cost saving, you have to determine how much it worth to you. Than you can deterime if it worth or not.

If you don't use it, or if you see times you will not use it for 5 or 10 years, than there is no way it worth the ownership.

2. How much can the maintenance fee increase per year and does it have a yearly/lifetime cap?

As needed, it will be determine by management company how much they charge, local untility company, local job market (your House keep will demand the salary), US government (the health care plan), local living cost (ground maintainence), insurance, how may owner stop paying the MF. You refurbish cost. The owner use the unit if they damage or take out small gift cost.

No there is no cap. A good POA should be able to keep it within competeive.

4. If we never go anywhere but Orlando do we have to pay anything besides our points to stay there?

Hard to say, if you take several 1 day short trip, you may incur transaction cost or house keep credit. But based on what you say you will do (that is take 1 week vacation), it will not going to happen at this moment

However, the trust determine the fee structure, owner has no say in it. So nothing is written in stone for the future.

5. Is the Fairfield Bonnet Creek in Lake Buena Vista the same place as the Wyndham Bonnet Creek inside the WDW property?

Yes

6. Can you bank your points indefinitely or do they expire after a certain amount of time?

Depends on how you bank, if yoiu bank internally, it is 3 years from the day you bank.

If you use an outside exchange company, it can be from 2 years to 3 years depends on exchange company, and some company will allow you to extend by paying extra. But if you can not use this unit at that time, unless you know you will use them pretty soon,it is better to let go.

7. Is the maintenance fee your only expense if you never leave your home resort?

If you buty FL, they bill the property tax seperately, you will also need to pay special assessment, if that comes up.

Your points come from FSP trust, so you are also paying FSP membership fee to trust, it is included in your MF though, so you may not realize that.

8. If your maintenance was capped, for example, at $1000/year could Wyndham declare bankruptcy, void that and raise it? What happens if Bonnet Creek does in fact declare bankruptcy? Would the "owners" (that means us) be liable for any debts Wyndham ran up?

MF is not capped. Wyndham once sell the resort is no longer own the resort, so Wyndham banrupcy is different that the resort bankrupcy. Wyndham may still own common area (that should give to master HOA when it done the building and selling), some property if they did not finish the selling or building, and that will be all the credit has access to.

Resort bankrupcy can happen, if the POA can not function because owner keeping default on the MF. Or if POA get set up. No idea what happen at that moment. But it is like a company, you will loss your ownership, and that will be it.

Jya-Ning