Reply to dougp26364's Reply, my response's in bold
Quote:
Originally Posted by Engineeringdude
Bottom Line: Anyone can rent a 1 - bedroom unit at a high end resort anywhere from ( $350 - $800/wk, depending on the time of year.)
without owning a timeshare, without exchanging a week, without debiting any points. - Nothing beats the exchange power of cash.
dougp26364:
Not at all resorts, and not all the time. I will agree that there are resorts where you can easily rent for the same amount or less than the maintenance fee's for those resorts and you can get in just about anytime. Shoulder season is especially easy but high season for high demand resorts isn't that easy. True you can find some resorts but not all resort are available.
Gee, Did I say that "all resorts are available all the time"? Let me check................No, I did not!!!!
Quote:
When "maintenance fees" for a 1 bedroom go up to $685.14 / week, or a 2-bedroom for $902.62 / week. It is no longer a maintenance fee.
It becomes rent! Why should we pay rent for something we already own!
dougp26364:
Do you continue to maintain your house? I know that I this year I've paid to have my house repainted, purchased new computers and upgraded my network, had our hot tub removed vs fixing it and conintuing to pay to heat it. Let's not forget I keep paying for trash removal, utilities and cable. There's also the fee's to maintain my yard. I had to buy a new lawn mower this year and, if I don't mow my lawn myself I have to pay someone to do it. I'm also setting money aside to replace my roof, privacy fence and I need to put some money into landscaping. the area where the hot tub was will have the deck expanded to cover that area.
Gee, and I OWN this house. Yes, even when you own something you MUST maintain it and that costs M.O.N.E.Y. Why should I continue to have to put money into something I own? Because it won't maintain itself. You have the same issue with timeshare plus you have to pay employee's to run it. If you have a problem with how much it's costing to run your timeshare then take an active role in the HOA/BOD proceedings.
One can spend lots of money maintaining and renovating a house, specially if you buy a "fixer-upper" and decide to make it your pet project. But in this case, its a very poor analogy to use to make your point. Owing a coop is a better comparison. You purchase a 1 bedroom apartment, but the building and property is owned collectively and pay an association fee once a month to pay for the cost of maintaning the grounds, cutting the grass, pruining the flowers, clean the pool etc.
Let's see $685.14 /week X51 Weeks = each 1 bedroom unit yields $34,942.14 in maintenance fees annually. Divide by 12 that and that comes up to $2911.85/a mouth to maintain a 1 bedroom apartment. Sure timeshares offer services and benefits that you won't find in neither renting an apartment or owning a 1 bedroom coop. But no number of amenities makes it worth that much!
Maintenance fee's at all the co-ops that I know about don't come anywhere near $2911.85 a month.
Quote:
Maintenance fees should be used to maintain the property. Any other activities such as renting to outsiders, reservations, and other services should be
self supporting. Time share owners shouldn't have to pay for these services. DRI should not have to profit at all from our maintenance fees.
dougp26364:
DRI is a management company paid to manage your timeshare. If you dont' like them, then work with the HOA/BOD of your timeshare to have them removed. DRI works for the owners and can be fired by the owners if enough owners agree with you.
As far as renting, all I can tell you is that at the resorts I own that IS self supporting. There is a column in my MF accounting statement that reflects rental income and reduces the yearly cost of my MF's for those resorts.
What good will that do if DRI owns controlling interests in the HOA/BOD.
Quote:
If the property is being neglected, I am more likely to believe :
1. The property is either being mismanaged.
2. DRI or Sunterra is/was pocketing the money intended for maintaining the property.
I do not believe "MF's are climbing to reflect the true cost of maintaining those resorts " We as owners are being made to pay for a lot of things we should not be paying.
The numbers just don't add up!
dougp26364:
Each resort I own at sends me an accounting of where the money is going and how it's being spent. I've owned with DRI for 10 years. While I'm not always happy with them, it has never appeared to me that DRI has pocketed any money.
What specifically are you refering to when you say your being made to pay for a lot of things you shouldn't be paying for? Bedding? Repairs? Employee's paychecks? Utilities? Insurance? pool maintenance? Exactly what is it that you find objectionable?
I can rent a fully furnished 1 bedroom apartment in the LA area, with a pool, weight room, sauna, hottub, clubhouse, and pay a little extra to have housekeeping come by 3 times a day. total cost : $1668 /mo
not exactly apples to apples, but the point I am making here is that we as owners can pay less in maintenance fees and still not worry about the property falling apart. Apartments complexes and hotels do it all the time.