Newbie Questions - [First purchase]

[gymcat305]

1) Where do you want your home resort to be?
Orlando, FL

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time?
Trade

3) What are your 5 top trade destinations?
Other Florida areas, Caribbean, NC, GA

4) How many people do you usually travel with?
2-3

5) Can you travel any time, or are you locked into the school schedule?
Anytime

6) Can you make firm plans 12 or more mos. in advance?
Yes, but prefer not to have to

7) Can you vacation for a full week at a time?
Yes

8) What level of accommodations do you prefer on a scale of 1 to 5 stars?
4 stars

9) How much can you afford to spend upfront, without financing?
3,000

10) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
1,000

11) Are you a detail oriented planner?
Yes

12) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do?[/QUOTE]
Yes

 

[DeniseM]

1) Where do you want your home resort to be?
Orlando, FL

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time?
Trade

If you want to exchange most of the time, you want a strong trader - a timeshare with high trading power. In general, timeshares in Orlando are not the strongest traders because Orlando has more supply than demand.

So I would buy somewhere with strong trading power, and trade into Orlando - which is a very easy trade all the time.

6) Can you make firm plans 12 or more mos. in advance?
Yes, but prefer not to have to

This is an important point, because timesharing works best if you plan as early as possible.

8) What level of accommodations do you prefer on a scale of 1 to 5 stars?
4 stars

Only the Hotel Affiliated resorts are consistently 4 Star, so I'd look at Vistana (Westin/Sheraton/Harborside) Hilton, Hyatt, and Marriott, for that quality.

 

[cayman01]

hHI

Since it looks like you prefer the southeast, you might consider a place on Hilton Head or Myrtle Beach as a home base. Orlando is an easy trade into. Those two are not in the summer time. Great trade value.

 

[gymcat305]

Thank you for the insight. Considering MF's when deciding home base. Seems Orlando's are lowesr

 

[DeniseM]

Thank you for the insight. Considering MF's when deciding home base. Seems Orlando's are lowesr

That may be, but you said you want to trade most of the time.

Timeshares have trading power, and that determines what you can trade for. Because Orlando has a LOT of timeshares, there is more supply than demand, and that lowers trading power.

Will you be happy with a timeshare that won't get the trades you want?

 

[taterhed]

1) Where do you want your home resort to be?
Orlando, FL
Tons of ORL and Florida timeshares. Not a problem trading, reserving or exchanging. SOME ORL/Florida timeshares are strong traders though....(not all mind you)

2) Do you want to visit your home resort at least half the time, or do you want to trade more than half the time?
Trade

3) What are your 5 top trade destinations?
Other Florida areas, Caribbean, NC, GA
Based on trade dest. and remarks below, you seem like a good fit for Marriott (legacy), Starwood/Vistana/whateveryoucallitnow >) or maybe Hilton. No HGVC Caribbean, and RCI destinations in the Caribbean are OK, but Marriott would be easier.

4) How many people do you usually travel with?
2-3

5) Can you travel any time, or are you locked into the school schedule?
Anytime
This makes you a very good candidate for TS; especially if you can do short notice vacations to 'wow that looks good' destinations. Amazing deals/opportunities inside 59/45 days.

6) Can you make firm plans 12 or more mos. in advance?
Yes, but prefer not to have to.
Timeshares are better if planned, but we plan early and book late with On-going searches etc.... This is tricky if you're airfare sensitive (like flying to Hawaii on short notice!!!!).

7) Can you vacation for a full week at a time?
Yes
But, the real question is: Do you want/need to book for less than 7 days? If so, then HGVC or points-based systems deserve a look.

8) What level of accommodations do you prefer on a scale of 1 to 5 stars?
4 stars
HGVC, MVC, SVN or Hyatt, in the Southeast. DVC is not in your range/needs.

9) How much can you afford to spend upfront, without financing?
3,000
Timeshares are a LUXURY. I don't recommend financing luxury items. $3000 is certainly enough to start for 1 week (that could be artfully multiplied to two weeks via lock-off or AC); maybe add more later if you need it.

10) How much can you afford to spend every year for a maintenance fee that will come due right after Christmas, and increase each year?
1,000
Ouch. You might need to upscale this estimate a bit for 4-5 star unit. $950-$1400 is more like it. And, it will increase every year. Of course, you could try a points system (Wyndham/Worldmark) and do a bunch of trading to get your destinations. Not a great start for beginners and more like 3-4* unless you get very good/luck with the trades.

11) Are you a detail oriented planner?
Yes

12) Do you understand that once you buy a timeshare, it may be very difficult to sell or give away, and you are responsible for all fees, until you do?
Yes
This is a true statement, but: most hotel chains tend to hold a relatively stable value--until something catastrophic happens. So, you're not likely to loose a ton of money unless you pay too much to start.

I think if you read the sticky/FAQ threads, you'll get some great info on the various resort systems and how they compare. I looked long and hard at HGVC and Marriott after buying/rescinding/almost buying (long story) and ended up with Marriott. It's all about the destinations and weeks vs points. IMHO. Also, don't forget: you may want 1 major resort and 1 less-expensive trader week to multiply your vacation time. Start small and grow--don't rush into it.

Cheers!

I apologize if I double posted others comments above...it took a while to write this.

 

[taterhed]

That may be, but you said you want to trade most of the time.

Timeshares have trading power, and that determines what you can trade for. Because Orlando has a LOT of timeshares, there is more supply than demand, and that lowers trading power.

Will you be happy with a timeshare that won't get the trades you want?

I'll point out: I have an Orlando trader that I specifically bought for that purpose. I've been very happy with the apparent trading power. Under current rules (which are subject to change of course) I would probably have considered a different unit to avoid the dreaded STUDIO plague. But, since I frequently use my trades in flex, it really isn't that bad of a disease. In the case of a 2br lock-off, I'd definitely try for a unit that locks off into two 1-bedrooms vice master 1br/studio. This also a bonus with the new II upgrade fee.

Again, I understand the logic and agree with it in many cases--but points are points and Marriott Preference is Marriott Preference.

I'll now put in a plug for a TUG approved broker--who I bought my resales from: SethNoc @ http://www.sellingtimeshares.net/ is a great resource for information, options and resale properties. I worked with Samuel R. and had a really good buying experience. Yes, you do pay some money for using a broker, but a lot of the cost is borne by the seller. Additionally, the brokers typically know the current prices which will pass ROFR (something you'll need to learn about) and can make an appropriate offer which will often save you a good portion of the sales cost; especially if you're a noob like I was.

 

[DeniseM]

Hi Rob - I agree there are exceptions, and the Hotel Affiliated properties will trade better than the run of the mill Orlando resorts.

Again, I understand the logic and agree with it in many cases--but points are points and Marriott Preference is Marriott Preference.

With their budget, I don't think the OP is in the market for Marriott points - correct?

 

[taterhed]

Hi Rob - I agree there are exceptions, and the Hotel Affiliated properties will trade better than the run of the mill Orlando resorts.



With their budget, I don't think the OP is in the market for Marriott points - correct?

Sorry, I was referring to Orlando HGVC points. For anytime travelers, I didn't think home Resort preference was that big a deal. And yes, obviously Marriott points would not be an option but hgvc points might be more of a factor if they were looking for shorter stays and extending vacations with points vs Legacy weeks.

sent from my cell phone...

 

[DeniseM]

Using "Marriott," and "points are point," in the same sentence confused me.

You may want to be more specific about the two resorts you are recommending for the OP, because I'm not sure which ones you are referring to.

 

[taterhed]

Using "Marriott," and "points are point," in the same sentence confused me.

You may want to be more specific about the two resorts you are recommending for the OP, because I'm not sure which ones you are referring to.

Denise is right; I was being a bit ambiguous with my advice. I'm trying not to beat the Marriott drum too loudly, but.... The OP started this thread (and it's parent) as a result of purchasing (and rescinding...) an HGVC EOY 2400pt contract.

In the 'first purchase' questions, the OP indicated a Florida/NC/Caribbean vacation preference (maybe HI option), 1-2 weeks a year, and about $3000 purchase $1000 MF's, 4 star preference. Travel anytime, weeks ok, short/long planning ok, 2-3 people.

So....my answers, plainly stated:

• I think you are a good candidate for Timeshares
• I think your price ($3k) is very close and your MF's ($1k) are just a little low ($900-1400).
• I'm assuming a 1br unit (normally) for 2-3 people.
• 1-2 weeks is doable at these prices, but will require off-season travel and/or less than 7 days and/or locking-off and/or using getaways etc...
• Understand the cost of exchange memberships, exchange fees, lock-off fees, upgrade fees, e-plus etc... and the value/tactics of using or exchanging a studio unit. If HGVC, also understand the cost of borrowing/extending/cash stays etc... The devil is in the details.
• Marriott (MVC), HGVC and Vistana (SVN) all seem to meet your needs, but have pros/cons:
  • MVC: Legacy weeks have less flexibility and exchange costs. MF's slightly higher. Interval Exchange is nice, Marriott trading Preference is key. Great resorts for your areas.
  • HGVC: budget will only allow 4800-5000 points. This will be tight depending on plans; RCI not my fav, limited Caribbean options. Pros: Ability to book less than 7, stretch points, cash stays.
  • SVN: Caribbean and HI options probably not available (and $$$), limited options/maybe less quality when compared to HGVC and MVC. Uncertain network future. May be difficult to dispose of.

Based on the above statements, I would recommend you consider a Marriott legacy week. I would recommend an annual 2br Platinum L/O or maybe a multi-week ownership (2 EOY properties in MVC or 1 MVC and 1 HGVC etc...). One less-expensive option, to start, might be to buy an EOY MVC platinum lock-off (L/O) now. This could be split into two vacation weeks and expand your vacation time. You could further augment your ownership (as money and time are available) with a small HGVC ownership (goes well with MVC) or another EOY Marriott or ???

• Consider a unit that locks-off without a studio; this is a big benefit. Shadow Ridge Enclaves has units that L/O into two X 1BR and Grande Chateau has 3br units that L/O into a 2br plus 1br units. Lakeshore too, but high MF's. Grande Vista 2br is another alternative with studio L/O (1 or 2 bdr +studio) . Platinum EOY is in your budget and even some PLAT annuals. Stick with PLAT if you want premium trades or get 3br EOY gold and add platinum EOY later.
• If you choose HGVC points, research purchase price vs MF's; the points run $.50-$1.00 per point for a reason. Also, consider cost of two small contracts vs one larger contract; two small contracts can be expensive in the long run.
• Be very cautious about grabbing a 'freebee' from the bargains forum: there are great deals here, but "know before you buy" and understand why the TS is in the bargain thread to begin with. Purchase price is a one-time hit. Maintenance Fees live (and grow) forever. (let's not discuss RTU's yet, ok?)

Finally, don't rush. These things are easy to get into (sometimes) and difficult to get out-of (usually). Ask lots of questions, understand the lingo and make very, very realistic expectations. All that "salesman's talk" at the presentations is just that--talk. I love my TS's, but it's much better to be thrilled with your 'better than expected' results than disappointed with your 'unrealistic expectations.' IMHO.

Many others will have lots of advice and differing opinions. I respect that. Thank goodness there isn't just one "perfect-timeshare," or we'd be clamoring for the same limited units.

cheers.

 

[gymcat305]

Wow Rob! First off....you're absolutely right in that not rushing is key. Also, it is clear now after a few days of being on TUG, that I have A LOT to learn. I want to thank you for taking the time to respond so informatively and for sharing your knowledge and thoughts. I'm certainly very new to the TS world...right now I've learned that retail purchases are not worth the cost and that research and knowledge are huge assets. Many, many thanks!

 

[presley]

If you buy into a mini-system, you may not have a home resort. I agree with Denise that if you want to trade frequently, you don't want to buy Orlando unless you buy an expensive holiday week like week 51 or 52. However, if you buy into a mini-system and primarily trade within your own system, what week you own won't matter so much.

If you want 4 star resorts around $1,000./MFs, you are going to narrow down your choices quite a bit. Most resorts are more like 3 stars and the 4 or 5 star ones charge a lot more. You get what you pay for. If you want it to be like a Hilton where you have stuff onsite like a restaurant/spa/lounge, etc, expect to pay more annually. If you just want an apartment and don't mind going off property for stuff, you can buy into a cheaper system.

Another choice altogether is to not own a timeshare at all. You can rent directly from owners and not have the responsibility of paying every year. MFs tend to go up every year.

 

[myn]

Thanks for these thread, I would like to create a thread for newbie questions and I found this, many thanks.