Do I buy ?? So much to learn and such little time

[Big Mook]

Good day to all....

I am currently looking at purchasing a family members Worldmark however I just want to really want to make sure I am making the right decision. I want to say it is a Silver platinum with 27,000 points and the balance owed is right at 7k. I have stayed at Worldmark resorts many times with my family member and so I am well aware of how the resorts can be nice. I emphasize the can be because I have been to some that truly could use some help. At any rate there are a couple of things that concern me. 1st one is the maintenance fees?? Even if a person was to pay off their balance they will forever have a maintenance fee and from what I gather there is no cap on this fee...meaning it can continue going up and up and there is nothing you can do about it. 2nd....House cleaning ?? this is another fee that as to be paid unless if I understand this correctly a person could buy a certain amount of credits and then there wouldn't be a charge for house cleaning.

I need to hear from you folks is it worth it? Does it pan out if a person was to vacation a different way.
What do you like about being a owner? I remember years ago Worldmark big selling point was Oh you can use BONUS time....Well in my experience bonus time is a joke and next to impossible to even use.

I would like to hear your thoughts ? Do I buy or pass?

 

[bizaro86]

A 27k credit account is probably worth around $7k, maybe between $5-$8k depending on how many unused credits it comes with.

The maintenance fees are forever, that's how they pay for the resorts upkeep/staff. If they will be an issue for you it is wise to not buy. Worldmark has a cap of the greater of inflation or 5% per year increase.

The silver elite generally doesn't transfer on resale. Depending on your relationship you may be able to get that to transfer.

Housekeeping fees are charged if you use more than your allotment of free housekeeping per year. A 27k account will get 2 free every year.

 

[ecwinch]

The broader question is really - "Is timesharing really the best way to spend your vacation dollars?". Because at the core - timesharing is simply pre-paying for your vacations in advance. So trading off flexibility for a little more certainty in terms of affordability.

So that is a really a difficult question for us here on a timeshare forum to answer given the inherent risk that some of us might suffer from Stockholm Syndrome. So without know a lot more about you, and how you like to vacation it is a challenging question.

From my perspective - timesharing is the best way to vacation - and programs like Worldmark are the best options. Stuffing 4+ people into a hotel room becomes almost impossible when kids get older, and being able to stay in a condo with a kitchen makes enjoying family vacations so much more enjoyable and vacation more.

WM is a good program with lots of options. Bonus time is supposed to be for last minute usage on a space-available basis - and as the name implies it is a "bonus". So yes - popular resorts and weekends will be difficult to find on Bonus Time. But generally much more available for off-season usage, and mid-week stays.

 

[davidvel]

Why so little time? Don't let anyone pressure you into making such a decision, not even a family member.

 

[CO skier]

I need to hear from you folks is it worth it?

If you list your top 6 or so favorite WorldMark destinations and when you want to visit (summer, school schedule, or off-season), it will help people to gauge your chances of success reserving what you want.

You could "try it before you buy it" by offering to pay the monthly fees for a year, make your own reservations, and see if it works for you.

 

[bnoble]

I can't comment on the WorldMark question, as I don't own it. But, on the broader question...

The broader question is really - "Is timesharing really the best way to spend your vacation dollars?". Because at the core - timesharing is simply pre-paying for your vacations in advance. So trading off flexibility for a little more certainty in terms of affordability.

In my experience, (and that of most others I know), owning a timeshare will almost certainly cost you more money than not owning one. On the other hand, you will vacation much more if you do own one than you would if you didn't. Owning is a use-it-or-lose-it proposition, so you find you use it. If you get good at using it efficiently, you will use it a lot.

Make sure that the ongoing costs are affordable. Also recognize that lodging is only part of the cost of a vacation. There is also getting there and back. Even if you are driving, that can add up, and it *really* adds up if you fly. There are kitchens, so you can keep some meals affordable, but you are probably going to eat out more than you do at home. There may be entertainment expenses---ski lift tickets, theme park visits, concerts and shows, etc.

However, if all of that seems like it fits into your discretionary budget without squeezing anything else, it can be a wonderful investment in your vacations with friends and family. I've owned for about a dozen years, and my youngest just started college this year. We had years of fantastic vacations. We always had room to spread out, with the comforts and conveniences of a condo, in some lovely locations. I definitely spent more money on vacations this way, but it was some of the best money I've ever spent.

 

[Big Mook]

Why so little time? Don't let anyone pressure you into making such a decision, not even a family member.

Thank you for your response as I appreciate it. I have many people saying Wow you could be a silver elite member with 27,000 points and there is only a balance owed of like around 10k that's a great deal...
We as a family love to Vacation and enjoy going to all kinds of different places including using the resorts that are on the coast which are close to us. I just want to make sure that it's worth the value before I sign anything. The other concern I have is how do I minimize the amount of money being spent. Long term is I own the time share with NO balance however to keep the membership I will always have a maintenance fee regardless and a housekeeping fee. So that two fees however if I understand correctly if you purchase a certain amount of points the housekeeping bill goes away.

 

[rhonda]

So that two fees however if I understand correctly if you purchase a certain amount of points the housekeeping bill goes away.

60k credits (points) all from the developer or from a family transfer transaction. Seriously not worth it.

Edited to add: And even if you do reach 60k credits within TravelShare, you likely still have to pay the housekeeping taxes on certain types of reservations (Monday Madness, Bonus Time, Inventory Special, etc.).

 

[ecwinch]

Long term is I own the time share with NO balance however to keep the membership I will always have a maintenance fee regardless and a housekeeping fee. So that two fees however if I understand correctly if you purchase a certain amount of points the housekeeping bill goes away.

Yes, like anything you are going to have annual expenses. In terms of housekeeping fees - those really only come into play if you make multiple short stays using your credits. But WM also has cash booking programs, that allow you book at a rate near what you pay in dues - and it includes free housekeeping.

For us, that is how we use our membership (we have 20k credits) - we book 2 long stays per year with our credits and provided housekeeping tokens - and then use cash booking options for short stays. We rarely have to spend more than $100 on housekeeping a year.

Yes, you can buy enough credits from the developer (resale credits dont count) to be exempt from housekeeping charges. But the amount you would have to spend (approx ~$50-60k) rarely makes sense to avoid a few additional hk charges that might run you $300-400 total a year.

 

[geist1223]

Make sure you check with Owner Care or the Transfer Department that this Account can be transferred to you and retain its status. This is restricted to a limited class of family members. As someone else said with 27K Points you will get 2 free HKC per year. You will also get 3 free Guest Certificates per year. There can be only 2 names as owners on the Account. This is importent because if anyone but a named owners is checking in it will take a GC. The Rules regarding GC's are pretty onerous and it is easy to lose a GC. At 27K this can not be a Silver Platinum. Platinum is 63K Points. Most likely it would be a Silver Elite.

You would have to buy 36,000 additional Points from the Developer to get a Platinum Account with the free HKC. If you are going to buy that many Points from the Developer you might as well go to 65K as the MF's are the same for 63K and 65K. Of course the free House Keeping does not kick in until after you have used the 6 HKC that come each year with a 63K Account.

ALL Worldmark Accounts have access to Bonus Time, Inventory Specials, and Monday Madness. These are different cash options.

The Booking Window opens at 13 months. You have to Reserve a full week when Booking at 13 months. It can be difficult to get high demand resorts.

 

[Firepath]

We inherited a 20,000 credit membership that was already paid off, transferred over thru Ovation from parents, and we love it. If you can transfer it and retain the Travelshare benefit, even for $7,000, I think it would be worth it, but only if you really learn how to use it fully and maximize your ownership. We use Bonus Time, Monday Madness, combine stays at different resorts for a week to get the 13 months booking, Club Pass, have rented out credits, and had some transferred in. We also use RCI as the membership is included with Travelshare. It is really flexible for us. The only downside is that we are now spoiled for staying in regular hotels rooms with no kitchen, laundry, extra bathroom and bedroom, etc. Also, with Travelshare, you can have monthly dues payments taken out automatically. For us that is about $145 including the Travelshare fee.