To keep or not to keep...

[HSA]

That is a good call. Most of us on TUG have learned how to use our timeshares to save a lot of money on our vacation lodging. Most of us love the Marriott system, but there are other quality systems such as Hilton Grand Vacations and Vistana/Westin/Sheraton. Once you learn about each system, you may fine that one works better than the other for your vacation style. Maybe it's Marriott, maybe not. Once you pick the best system for your needs, you will then find there are many ways to acquire ownership at less cost than buying direct from the developer.

Some will tell you to rent from Redweek, VRBO, eBay, etc. because that's what works for them. But that approach also comes with a lot of risks, caveats, gotchas, etc. So while that person-to-person rental, pay-as-you-go approach works for some, it doesn't work for everyone. It may work for you, or it may not. Same with timeshares. They work well for us, but they are not for everyone. Take you time now to research and learn what is right for you. Bought and used properly, timeshares can indeed lead to a lifetime of wonderful vacations.

Thank you. We did get all caught up on the “vacation mode” when we toured the resort. We did not do any significant research before and i am very comfortable with my decision to cancel it. I am confident that I will get my 10% deposit back from them too.
I am going to take the time to do my due diligence and determine what is best for us. All things equal, I do believe in the concept of timeshares and prepaying for a lifetime of vacations. Just need to figure what is the best program at the best cost for us. Thanks again for reaffirming what I was already thinking.



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[Dean]

Thank you. We did get all caught up on the “vacation mode” when we toured the resort. We did not do any significant research before and i am very comfortable with my decision to cancel it. I am confident that I will get my 10% deposit back from them too.
I am going to take the time to do my due diligence and determine what is best for us. All things equal, I do believe in the concept of timeshares and prepaying for a lifetime of vacations. Just need to figure what is the best program at the best cost for us. Thanks again for reaffirming what I was already thinking.



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Timeshares can be the best thing since sliced bread or one's worst nightmare. I'd spend some time figuring out if it's right for you in general then what the best choices are. IMO one needs to be able to plan a year or so out (depending on the system they chose), vacation an average of once a year in a 2 BR (or equivalent volume, frequency), pay cash and be OK with the compromises of a timeshare. Then it's finding the right system and options. I like to see the places I want to go routinely then work backwards with who has resorts in those areas as well as the question of whether a points system or weeks is best. It's like stock or real estate, the savings/money is made on the buy.

 

[taterhed]

Rescind, then run away from the Destination Club. You are kissing $40,000 goodbye. The points you buy today will be worth little to nothing tomorrow. You don’t need to be in a timeshare program to take vacations with your family. Don’t buy into the timeshare mantra. Not to mention all the hoops you have to jump through to use them. Just read through this board to understand the headaches, hoops, ever changing rules and regulations you are dealing with.
The yearly maintenance fee you pay is at a ridiculous cost. $2140 will allow you to rent a timeshare, condo or villa from a third party, Redweek, EBay, etc. You have no ongoing obligation and you keep your cash.

Sorry 'new here....' your post might have good intentions, but it has some incorrect advice.

1. "The points you buy today will be worth little to nothing tomorrow" : Nope. They'll drop from sales price of about $10 per point to about $4 per point. Loss of 60% (or a little more) value. That's not little to nothing. On some timeshare systems, the sale is literally worthless ($1000 or less) after you purchase it and can't even be given away in some cases (Wastegate, Mexico etc...)
2. "Don’t buy into the timeshare mantra" : Sounds like you're bitter or don't know how to effectively utilize a RESALE timeshare. Timeshares have been the greatest thing since sliced bread for our family. We are staying in high-quality units, in top locations, and paying WAY less than rental fees. And, we are motivated to take vacations every year and use what we bought (instead of just staying home). Resale timeshares, especially legacy weeks or Worldmark, can be a tremendous value. Maybe not what they were 5-10 years ago (I miss you X Y Z type 1/2) but still a great value if juggled just right.
3. "headaches, hoops, ever changing rules and regulations " : I'll give you half-credit here. If you buy something that you don't understand how to use, don't understand the restrictions and conventions of booking etc.... and don't bother to learn how to enjoy and use what you bought, then you're right; timeshares are not for you. Ditto for buying anything expensive and regulated. But, if you take the time to learn whether timesharing is right for your vacation needs, the restrictions and implications of buying a timeshare and the planning required to get what you want every year....it can be a joy. The classic TUG $64,000 dollar question? "11) Are you a detail oriented planner? " If not, then timeshares are probably not for you.
4. "$2140 will allow you to rent a timeshare, condo or villa" : Sure, you can certainly rent something for $2000 a week. If you like vaca in Orlando or Branson or mud weeks or shoulder (or hip) season, you can probably rent for less than that. But, many locations, peak season, popular destinations....are NOT under $300 a night. A two-bedroom 'villa' in Hawaii in Feb or summertime? Try $3000 and up. As the saying goes, "location, location, location..." (and season). Besides, Now that VRBO and the rest have become popular, they are getting more flakey. There are a ton of exchange renters as well. Risky business.

I never advise people to 'run-away from timeshares...' I advise them to stop, determine if timesharing is right for you and your familie's vacation needs and then determine what might be a good fit for you.

It's just my opinions and worth every cent you paid for it.....zilch.
cheers.

 

[HSA]

Was able to get my deposit back as we cancelled our escrow. IMO Marriott is a first class operation (Rewards Platinum Member) and was not worried at all they I wouldn’t get it back....thank you all for your information here!


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[taterhed]

Was able to get my deposit back as we cancelled our escrow. IMO Marriott is a first class operation (Rewards Platinum Member) and was not worried at all they I wouldn’t get it back....thank you all for your information here!


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Suggest filling out the 'Newbies Survey' to see what might be a good fit your timeshare needs.... https://tugbbs.com/forums/index.php?threads/what-to-buy-questions-for-newbies.208742/

Welcome to TUG

 

[BocaBoy]

When I bought my first 3 Marriott Weeks all pre-construction the price (best of my reollection) was in the range of $12,000 - $13,000 each. All were floating Weeks. Mine were Red (highest level) Weeks. Other seasons cost less than I what I paid.

The big difference is that Marriott worked to maintain the value of the Weeks with an active Resale Department; i.e. they would sell your Week for you if you listed it with them but only at prices they set that were most often above what you paid for the Week. What happened was that when you listed your Week with them your Week was added to a list of similar Weeks listed with them for sale and they sold from the top of the list down. Because the list contained more Weeks than there was demand for they also had an active Rental Program. The Sales Commissions and Rental Commissions were both 20%.

In the case of my Sabal Palms Week it took almost 3 years for it to get to the top of the list. During each of those 3 years the Rental Department helped me select a Week that was high in demand for rental and in fact each year while I was waiting for my Week to sell they rented the full 7 days for me. The Rental Income I received after paying them their 20% commission was greater than my MFs in all 3 years. This all worked like a charm if you could be patient enough to let it all play out.

I sold my Harbour Club and Heritage Club Weeks using a broker on HHI and pretty much broke even. I had Marriott sell my Monarch Crown Suite Week that I had bought resale using that same broker on HHI for $25,000. Marriott sold it about 5-6 years later within 6 months of listing for $42,000 so even after their 20% commission I made a profit

George

Similar to our experience (we bought a Sabal Palms red week in 1987 for $13,700), but when we put it on the market close to 20 years later the waiting list for Sabal Palms red weeks was almost nonexistent due to high demand. Marriott was then selling them successfully for over $20,000. This was because Sabal could convert to MR points annually and MR points had not yet been significantly devalued. Shortly thereafter sales prices crashed, in large part because the maintenance fees began to increase significantly and were no longer reasonable and the MR program had been devalued significantly. When we bought Sabal Palms in 1987 we paid about $325 a year in maintenance fees for a floating red week. And the 110,000 MR points we could exchange for were good for a week in any hotel worldwide and 2 round trip airline tickets anywhere in the world and a free week for a Hertz rental. Times have sure changed and it was predictable given the way Marriott became much less owner friendly.