Advice for new owner/rescinder

[jackball]

My wife and I just returned from WKORV. We had a great time, but purchased an overpriced week at WKORVN from the developer. After finding and reviewing this forum, we rescinded yesterday. Thank you for saving us. We plan to follow Denise's advice and spend 6 months educating ourselves before attempting to dive back into TS ownership.

Our question is this: Looking on the internet there seem to be many weeks available for rent for an amount less than or equal to the yearly MF. If this is the case, what are the reasons for buying a week, even at steep discounts off developer pricing, instead of simply renting? Thanks in advance.

 

[Sunnydude]

You got caught up in the excitement didn't you? We were pressured after our first trip to WKV and ended up buying resale after educating ourselves. Were prepared when we visited WKORVN last January via a rental from TUG.

Good luck on the education.

 

[DavidnRobin]

My wife and I just returned from WKORV. We had a great time, but purchased an overpriced week at WKORVN from the developer. After finding and reviewing this forum, we rescinded yesterday. Thank you for saving us. We plan to follow Denise's advice and spend 6 months educating ourselves before attempting to dive back into TS ownership.

Our question is this: Looking on the internet there seem to be many weeks available for rent for an amount less than or equal to the yearly MF. If this is the case, what are the reasons for buying a week, even at steep discounts off developer pricing, instead of simply renting? Thanks in advance.

Exactly - you now qualify for a BSc in TSing...

 

[VacationForever]

Our question is this: Looking on the internet there seem to be many weeks available for rent for an amount less than or equal to the yearly MF. If this is the case, what are the reasons for buying a week, even at steep discounts off developer pricing, instead of simply renting? Thanks in advance.

While there are many legitimate rentals, i am suspicious of rental ads that advertise low rates at highly desirable resorts. I suspect these weeks were exchanged and exchange companies prohibit rentals. Last thing you want is to be tuned away at the resort because the renter gets caught by the exchange companies.

 

[PamMo]

IF you can consistently rent the week and unit you want for the same or less than MF's, there is absolutely no reason to buy a timeshare. As an owner, and sometimes landlord and renter at a few resorts, I find rent is considerably more expensive than my MF's at the resort. For example, if I could rent an OF 2BR villa in Maui for $2,200 every year, I never would have bought there. As an owner, I love being able to plan a year in advance to get the week and unit I want, and know I'll have a nice view. (View isn't a big deal to others, though.)

As sptung wrote, there ARE cheap rentals out there, but many are exchanges or last minute deals. The first option I wouldn't touch with a ten-foot pole, the second doesn't usually work for finding decent flights.

 

[LisaRex]

Our question is this: Looking on the internet there seem to be many weeks available for rent for an amount less than or equal to the yearly MF. If this is the case, what are the reasons for buying a week, even at steep discounts off developer pricing, instead of simply renting? Thanks in advance.

Many of us bought a long time ago. When they first sold WKORV-N, maintenance fees were about half what they are now. So you could justify it because you figured that you were paying a lot upfront, but in subsequent years you'd be paying a nominal fee for a very nice place.

Back in '07, owners were asking $600-700 per night to rent their 2 bdrm villas at WKORV, which (if they actually found a renter) was double or triple what they paid in MFs.

Then MFs started rising dramatically. And the economy tanked. And airfare went through the roof. Simple supply and demand took over.

If the economy ever starts cooking again, it may be more attractive to own at WKORV. But if I were you, I'd just continue renting.

 

[presley]

Our question is this: Looking on the internet there seem to be many weeks available for rent for an amount less than or equal to the yearly MF. If this is the case, what are the reasons for buying a week, even at steep discounts off developer pricing, instead of simply renting? Thanks in advance.

I see weeks for rent cheaper than my MFs sometimes and I wonder the same thing. If I could travel on short notice (didn't have to plan around a school schedule) and I wasn't too choosy about exactly which resorts I stayed in, I'd save money by renting instead of owning.

In my case, I need particular dates and often only want particular resorts. That may change in a few years, but for now I am better off owning.

 

[Quadmaniac]

My wife and I just returned from WKORV. We had a great time, but purchased an overpriced week at WKORVN from the developer. After finding and reviewing this forum, we rescinded yesterday. Thank you for saving us. We plan to follow Denise's advice and spend 6 months educating ourselves before attempting to dive back into TS ownership.

Our question is this: Looking on the internet there seem to be many weeks available for rent for an amount less than or equal to the yearly MF. If this is the case, what are the reasons for buying a week, even at steep discounts off developer pricing, instead of simply renting? Thanks in advance.

Better yet, why buy or rent it when you can exchange in the resort for most of the year at 1/3 the MF ?

 

[timeos2]

Those that think owning is less than renting tend to ignore the purchase cost. With that included on a prorated basis renting usually wins,

As for getting the resort/dates/even units you want that is usually far easier than exchanges are to guarantee and often easier than owning. Let those you rent from do the hard work - you just pay your money & enjoy.

In all our years of renting we've never had an issue. With I could say the same for exchanging and owning bit I can't. Renting is the way to go.

 

[Ken555]

Renting is the way to go.

But, but, but...not always!

 

[timeos2]

But, but, but...not always!

As opposed to buying something you think you "may" want or enjoy it is always a better choice. If you have a location / resort / system you know you REALLY have to have and can buy it at a good price resale then, usually after renting it a few time to be sure it is what you think t is, that may be a place to buy and own. But never buy to exchange or rent (with the exception of the .1% that are professional renters) or you will likely end up regretting it. Be really certain about anything you decide to buy as it is very easy to obtain and often a big deal to sell at any price.

 

[jackball]

Thanks for all of the comments. Good food for thought.