Thank You Tug!

[Cool_beans00]

My fiance and I just got back from spending a weekend in San Diego. We attended a Welk Resort (in Escondido) time share presentation and ended up buying one on Saturday.

~$12,000
120,000 pts biennially
Free day use
free golf after 1PM for the first year
1 for 2 exchange on II
~800 MF every other year

On Saturday night we found TUGBBS and this site has been wonderful! I just wanted to thank this board and it's members. This is a really great resource. We'll be mailing our rescind letter today via USPS certified mail. I will also be faxing a copy of the letter this afternoon. We used a sample letter we found on this forum to write the letter.

So after some obsessive researching on timeshares this weekend. My Fiance and I still would like to own a timeshare. We were hoping to get some suggestions. I filled out a questionnaire posted by a moderator here:

1) Where do you want your home resort to be?
Las Vegas

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?
Yes! We're within driving distance and usually go once year for various reasons. However we're looking to take advantage of trade in values so we can travel to different places around the world.

3) What are your 5 top trade destinations?
Mexico - Riviera Maya for honeymoon next year
Disneyworld - We're both huge Disneyland Fans (where I proposed to her) and I've never been to Disneyworld
Those are the top 2 for sure

4) How many people do you usually travel with?
Just my fiance and I. A 1 bedroom timeshare would be sufficient

5) Can you travel any time, or are you locked into the school schedule?
My fiance is a professor. She's usually free during late december through end of January and the majority of the summer.

6) Can you make firm plans 12 or more mos. in advance?
Yes

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?
5K

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?
$600. I'm not aware how much exchange fees are but we'd like to keep it less than 700 for MF + exchange fees. Of course I can be realistic if this isn't possible

11) Are you a detail oriented planner?
No, but thankfully my fiance is

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!


I'd like to add, we're looking for a floating week/points system that trades very well in RCI or II. (And deeded!) Is one better or worse than the other? Also after seeing some sample sales on HOW CHEAP timeshares can be is there EVER a reason to buy from the developer? I see that in the resale market it's significantly cheaper. Also, why are people reselling for so little? MF too high?

For example. $1 ?!?! How much should I be concerned about ROFR?
http://www.ebay.com/itm/2BR-LAS-VEG...60947727078?pt=Timeshares&hash=item3cc1b252e6


Thanks in advance for introducing us into the world of Timeshares. We're in no rush to purchase and hope to learn as much as we can and eventually contribute back!

 

[momeason]

Great to have you. Start by joining TUG. You have a good
start on figuring out what you want. Las Vegas and Orlando have lots of TS..overbuilt..easy to buy. Las Vegas usually has lower maintenance fees.
I would recommend a points system. If you want low maintenance fees, Wyndham has some resorts that would be good. Wyndham Bonnet Creek is a very good TS to stay near Disneyworld but owning there is higher m/f. Easy to trade into.
Spend a lot of time looking at m/f per point on Ebay, TUG classifieds and possibly www.sumdayvacations.com. Check out points charts at the resorts you would want to visit and points required for exchanges in RCI or II.
There are about 6 Wyndham Resorts affiliated with II.
Decide which exchange company you wish to use. There are lots of threads about RCI and II. Points system packages usually come with a membership in RCi or II.
I have II and like it. I get bonus exchanges for $170 w/o using points.
Marriott, Westin, Hilton will all be too expensive for the m/f budget you have
listed. RCI has really great quality resorts, but less inventory than RCI. You can go to the websites and look at resorts w/o being a member.
You can also join TUG and rent from members and not buy a TS at all.
Also check out Endlessvacation.com. Las Vegas and Orlando are readily available.
If you make a good purchase you may be able to get someone to take it over if you decide you do not want it. Lots to consider!!

 

[Karen G]

Welcome to TUG. You are one of the fortunate few people who find TUG in time to rescind! You've made a very wise decision and I commend you for it.

If you decide you'd really like to own a timeshare, don't forget to check out the Bargain Deals forum here. There are some very attractive timeshares being given away for free. But, do take your time and educate yourself before jumping in. Renting for awhile is often a good idea. Often you can rent a timeshare from an owner for the amount of the maintenance fee or sometimes even less without committing yourself to ongoing and ever-increasing annual fees.

You've come to the right place to find out about timesharing.

 

[carl2591]

cool_beans...

welcome.. one thing to watch for with resorts in popular areas is the rci or the resorts 1-3/4 rule.. meaning you can only exchange into the resort once ever 3 0r 4 yrs depending on the area. not sure about vegas ..

read the exchange board and see or ask.. someone knows the deal..

oh and remember,, most of what the timeshare sale people tell you is not the exact truth.. hang around tug and learn the real truth and you will love time-sharing.

 

[Passepartout]

Vegas has so many resorts that it's easy to exchange into (or even rent cheap). Think about having your home resort elsewhere- like a Cal coast summer week. Great for trading. San Diego. Even Tahoe.

Welcome to TUG!

Jim

 

[Karen G]

welcome.. one thing to watch for with resorts in popular areas is the rci or the resorts 1-3/4 rule.. meaning you can only exchange into the resort once ever 3 0r 4 yrs depending on the area. not sure about vegas ..

Just so as not to confuse the OP, because some resorts do impose a one-in-three or one-in-four rule, that would be a reason to own in a place you want to visit most of the time. That way you'll be assured to being able to travel there when you want to and not have to rely on exchanging to get there. I've not heard of there being any such exchange rules for Las Vegas, though. Hopefully, someone will correct me if I'm mistaken.

 

[Tia]

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?
$600. I'm not aware how much exchange fees are but we'd like to keep it less than 700 for MF + exchange fees. Of course I can be realistic if this isn't possible

Not a member of RCI anymore but exchange fees to belong to RCI run yearly ~$90 and each exchange can run another ~$200 depending on if they are international or not. Not sure what II costs are ( another exchange company). Then there could always be a surprise special assessment someday if the HOA is not saving enough in reserves to keep maint. fees low.

 

[momeason]

Not a member of RCI anymore but exchange fees to belong to RCI run yearly ~$90 and each exchange can run another ~$200 depending on if they are international or not. Not sure what II costs are ( another exchange company). Then there could always be a surprise special assessment someday if the HOA is not saving enough in reserves to keep maint. fees low.

II exchanges are $149 online. If you have a confirmed exchange you can get a bonus exchange for $170 which require no points or deposit. These are to places with excess TS inventory. LV and Orlando are very often available for the bonus exchanges. Cancun is available in May and June this year. I picked up Breckenridge and Branson in the past few months on bonus. I really like II.
these bonuses may not always be there but they have been great. Still going on right now. I am eligible for 4 more right now.

 

[Beefnot]

I am an advocate of cheap MFs and using it to trade. Most might disagree with me. I bought a cheap but decent quality TS (II silver select) in Orlando last year with <$600 in MFs that allows me to reserve and deposit the highest demand weeks, and I am very happy thus far with what my deposit has allowed me to "see" in II. I am planning to add another cheapie to my portfolio as well.

You could also hold out for Welk on eBay. It has reasonable MFs and can be purchased for next to nothing when they pop up there. Speaking of eBay, you will jizz yourself when you see all of what is out there. Be patient and prudent.

 

[Cool_beans00]

A big thanks to everyone!

I'm definitely buying with trading in mind but I know I'll also want to use it if I buy it in las vegas.

To lower MF fees, instead of looking for a 1 br with annual MF of $700+ (that's what i'm mostly seeing). Maybe it's better to get a 2br LO EOY and have MF fees around $900 EOY.

I also have some questions about trading in RCI and II and what "gold crown" even means and trading within a TS (like HGVC). But I'll save those for the appropriate forums.

If you have a confirmed exchange you can get a bonus exchange for $170 which require no points or deposit.

What is this bonus exchange you speak of?

 

[momeason]

Do a search for XYZ threads on TUG. Some are on regular BBS, some in the
Sightings and Distressed members only section. Read up and then PM me if you have more questions. We love XYZ and are very happy with II.

 

[siesta]

I recomend wyndham points. Little to no buy in cost, ability to pay Mf monthly, flexible point system, can have vegas as a home resort if desired. Can book full weeks or just days in a large portfolio of resorts. Can deposit points into rci and exchange into disney,while taking advantage of the fixed exchange grid while everyone else is getting milked for tpu's by inflation.

 

[Beefnot]

Wyndham is a great points system. And buying at San Francisco or Vegas will produce pretty low maintenance fees, with points that can be used throughout the system

 

[HudsHut]

Where do you live, or plan to live, once you're married?

General area is fine: e.g. Southern California, Southern Nevada...

 

[Cool_beans00]

Where do you live, or plan to live, once you're married?

General area is fine: e.g. Southern California, Southern Nevada...

Live and planning on staying in Southern CA. There's a slight outside chance of bay area but not likely.

 

[Guitarmom]

I highly recommend this web site when you're looking for resales. I just saw a Las Vegas property for under $3,000.

You want to type the following without spaces, and with real dots:
www (dot) calresorts (dot) com -- We had a very smooth transaction buying a resale Welk week with this company. They are very professional.

Good luck to you!

 

[rickandcindy23]

Ironically, a week I bought on eBay several months ago was a trade-in to get Welk points. This older couple no longer skis and didn't want their week anymore, so they traded in a prime ski week! It's a bit funny to me, because I talked to her on the phone at the time of the transfer, because we had an issue over 2012 use, and she said, "Oh, yes, they gave us a lot of money toward our EOY Welk Points."

I couldn't believe anyone would trade down like that. And it was a trade down. :rofl:

 

[Beefnot]

Ironically, a week I bought on eBay several months ago was a trade-in to get Welk points. This older couple no longer skis and didn't want their week anymore, so they traded in a prime ski week! It's a bit funny to me, because I talked to her on the phone at the time of the transfer, because we had an issue over 2012 use, and she said, "Oh, yes, they gave us a lot of money toward our EOY Welk Points."

I couldn't believe anyone would trade down like that. And it was a trade down. :rofl:

How does a "trade-in" on ebay work?

 

[Toby]

trade in bought on ebay

What is a trade in? It is mentioned that the older couple didn't ski anymore and traded in their week and got money for it. Who would pay them money? Was this an example of turning over your timeshare to a company to sell? Did they get another place for a trade, that better suited them, or did they meant they just got money.
Thanks.

 

[tschwa2]

Another way some ebay companies get inventory is from developers who pay the companies to take inventory that they accepted from buyer for trade in. For example they present an offer of $26,000 for the week they are selling. The prospective buyers object because they don't need another MF or another timeshare. The salesman offers to take the TS from the prospects and give them $8000 credit toward the new Timeshare. Its not real money the salesman is offering because if the prospects didn't have a TS but said the price was too high the salesman would still have been able to come back from talking to his boss with the same $8000 discount.