Thinking about doing the timeshare thing...

[Egret1986]

Sorry, I thought you said that you were going to rent your Points out

I doubt that I would sell my points. They would get used, I'm sure. Where did you find your deals, if you don't mind me asking? Other than ebay?

My confusion.

I found all my deals on eBay. Terrible place to sell, great place to buy (price wise).

 

[Timeshare Von]

To OP bwfoster15:

So far, you don't seem particularly open or amenable to the suggestion, but I'll nonetheless add my voice to those of others who have already suggested that you "rent --- don't buy".

Orlando timeshares are a dime a dozen. You can usually rent there for less than the cost of the annual fees associated with actual (and very permanent) ownership. In renting, you can also try different places, at different times. Accordingly, what do you find so alluring about buying / owning in Orlando?

Agreed . . . 100%.

 

[Egret1986]

I looked, but didn't see the MFs listed.

How bout this one?

http://greenville.craigslist.org/for/2864863733.html

I think if you're patient, you can do better. One of my Points timeshares is at the other resort managed by this group. I believe you're going to pay the same MF for lesser points with weeks 23 and 40, as opposed to a summer week. You might as well get the most points that you can for your annual maintenance fee (JMHO).

There are just too many timeshares out there being give away. If you're patient, you probably could find the same thing for free. Although, this person may be willing to negotiate.

Have you checked the TUG Marketplace under Bargain Deals for Points?

 

[slip]

With all the timeshares out there, your goal should be to get in for free and
Maybe even with a free years worth of usage. Be patient!! The right one will
Come along. If you do find exactly what you want you may have to pay some
Toward closing or transfer fees.

Good luck and happy hunting.

Aloha

 

[bwfoster15]

Ok. I'm open to the renting thing. Anyone you recommend, or just look through the classifieds?

 

[theo]

My $0.02 worth...

Ok. I'm open to the renting thing. Anyone you recommend, or just look through the classifieds?

1. Decide where (and when) you want to go.

2. Check out posted ads on RedWeek, MyResortNetwork, TUG, Craigslist, VacationTimeshareRentals for advertised weeks in the date frame and location range you have identified.

3. Make your deal directly with the advertiser.

 

[Pmuppet]

Watch out before buying

You need to be very careful before you buy a timeshare as the majority of timeshares for sale are worse than worthless.

I have owned two different timeshares in my life and i bought them both off ebay (generally the best place to buy them imo as their prices are generally the best you will find).

The key to finding out the value of a timeshare is seeing if the liquidated rental fee via ebay covers the cost of the annual maintenance fees. You may be surprised to see most timeshares can be rented for less than the annual maintenance fee (dont look at asking prices for rentals look at completed auction prices).

You have to ask youself why do you want a timeshare? That is the true question. I believe that the only value to a timeshare is if you want to go to the same destination (and not trade it). Once you trade your week, you pay fees to a company and not the owner and you lose leverage. Why would anyone pay money for a timeshare for the obligation to pay maintenance fees that EXCEED the amount of rent you can get from the week you own the property?

Dont believe me, look at ebay. People are staying at the Mahatten club in NYC for a week for $1400 (owners pay maintenance fees over $2200), westin in hawaii rent for $1000 or less (owners are paying $2500 a year in dues).

We dumped our one timeshare we had because of the exchange fees. We kept the other cause the maintenance fees are less than we would pay to rent that same week (and we love the location, Whistler).

Bottom line, timeshares are bad investments financially because you can rent for hundreds (sometimes thousands) less than the owners pay in dues/fees annually. Timeshares do offer utility cause you get pride of ownership in a unit.

But your much better off financially renting a week from a timeshare owner, cause the saying is true...

Cash is King.

 

[DeniseM]

westin in hawaii rent for $1000 or less (owners are paying $2500 a year in dues).

Just be aware that this is not the norm. A 2 Bdm. ocean view at this resort normally rents for $3,600. Even a studio goes for $1,550.

 

[Pmuppet]

Depends on your definition of norm...

I agree that the values we both mentioned dont represent the average market rate.

The rate i quoted $1,000 for a week at the westin in Hawaii generally represents a last minute liquidator via ebay, and the price you mentioned $3,600 represents a prime week (xmas, new years, etc) with months to go before the actual check in date.

Truth is the market price for a week at Westin Hawaii is somwhere in between for the general public. I suspect it is in the $2,000-$2,500 range for a week in a 2bed/2bath oceanview with minimal amount of research needed to find a property to rent whether it is Tug, Redweek, or another site.

That highlights the OP's question about timeshares. You have to ask yourself if you can rent a week for less than the maintenance fees (you can in westin hawaii and those timeshares still sell for thousands on ebay), why expose yourself to the financial risk as maintenance fees growth continues to outpace rental rate growth.

It surely isnt an investment as it has a negative ROI and that doesnt include possible assessments.

 

[DeniseM]

Truth is the market price for a week at Westin Hawaii is somwhere in between for the general public. I suspect it is in the $2,000-$2,500 range for a week in a 2bed/2bath oceanview with minimal amount of research needed to find a property to rent whether it is Tug, Redweek, or another site.

Nope: Christmas - New Years weeks actually will rent for over $4,000. and I have rented my own (non-holiday) week there for $3,500-$3,600 for about 5 years is a row. In fact it's already been rented for 2012 and 2013 at that price.

The market for upscale accommodations in Hawaii is still very healthy. As I said before, the person who rented to you for $1,000 was probably an inexperienced owner that didn't understand their many options. There is no reason to rent for that price, unless you just don't know what else to do.

 

[Pmuppet]

Different approach than slip

I think slip is right that you could find a timeshare for free with one years dues paid for. We did that about seven years ago when we got a week in fort lauderdale fixed week 52 on ebay.

They covered maintence fees for that year, paid closing costs, and fees. The trading power with rci was high cause it was a fixed week 52 (36 points via rci for the 1 bed/2 bath unit) with maintenance fees of $585/year.

I wouldnt recommend this approach unless you have research how to get rid of the timeshare if you dont want it anymore. Often times, you CAN'T. You may be left with either paying the fees and taking the loss each and every year, defaulting (which not only damages your credit, but opens you to legal liabilities).

Have a clear and realistic exit strategy before you buy in case you need/want to sell.

I dont personally believe that many (if any) timeshares have any real value as their MF>average rental income, but if you are dead set on buying one, i recommend buying one with perceived value.

But if you buy a timeshare that has perceived value via ebay, you can at least unload it if it becomes necessary. Not saying you should spend Tens of thousands, but buy something that you are confident can be unloaded in the future. Here is one i found on ebay. Definitely agree with other posters though, take your time and get what you want.

Be picky, it is a buyers market.

http://www.ebay.com/itm/Marriotts-C...=Timeshares&hash=item256d180ac1#ht_5311wt_922

 

[Beefnot]

For those who prefer variety of locations to travel, owning in each destination is impractical. So the option is to either rent or buy cheap traders. The latter is my approach.

 

[Pmuppet]

Interesting info

Glad to see myself proven wrong, you definitely have weight when it comes to my eyes as the moderator for tug. As a finance guy, i honestly questioned why anyone would buy a timeshare with MF of $2600 when you rarely get rents to cover that.

I look forward to hearing more of your insight about timeshares in the future. I bought a two year tug membership as i want to learn more about the industry.

 

[DeniseM]

Pmuppet - My MF at the original resort is actually $2,180, but yes, it's really high. We bought this timeshare 10 years ago, from the developer, and we didn't know what we were doing! When we bought it, the MF was only $1,100 which seemed very reasonable for an ocean view 2 bdm. at the newest resort on Maui. We could split the lock-off, and go for two weeks for $550 a week. Unfortunately, the MF has doubled in 10 years! Fortunately, it is an excellent renter.

 

[bwfoster15]

Ok, so I just secured RENTING a week at a DVC resort for way less than I would have ever thought. I'm still going to be on the lookout for a timeshare deal, seeing how we LOVE to travel, but I'm glad i thought of this renting thing. I wish someone would have suggested it to me.

 

[Pmuppet]

Congratulations OP

Wanted to say congratulations OP. You made a wise decision in renting, i suspect. You deserve kudos in my eyes cause i think you really wanted to buy (and become an owner), but you "let the math decide for you."

The problem most people have when they originally enter this "what if" exercise is they know what they want to do (generally, they are trying to find a reason to justify the purchase), and work the numbers to sell it to themselves cause you can prove anything you want to prove with data.

But if your endpoint is fiscal responsibility, you calculate the true value and what is the better alternative (renting vs buying), it isnt that hard because all the variables are known.

Congratulations cause you took a step back, reevaluated everything, and decided it was in your best interest to rent at this time. Takes some guts to change directions like that. Congrats on making a solid decision in my eyes.

BTW, i didnt "let the numbers set me" and i am paying dearly for it.

 

[marinskas]

Dont believe me, look at ebay. People are staying at the Mahatten club in NYC for a week for $1400 (owners pay maintenance fees over $2200), westin in hawaii rent for $1000 or less (owners are paying $2500 a year in dues).

Can you help/direct me where I can find Manhattan Club for a week for $1,400?

 

[Beefnot]

I believe if you are a member of SFX then you can get it for $189 a night.

 

[thegortons]

Try SFX

Try this link for the San Francisco Exchange:

http://www.sfx-resorts.com/specials/manhattan-club.asp

They currently have a special for the Manhattan Club starting at $189/night for a minimum 3 night stay.

 

[marinskas]

Thanks to Beefnot and thegortons for quick replies. I am not a member of SFX - is that a problem for the rate? Is it easy to become one?

Lastly any other ideas for good values on nice properties in NYC in June-July for a week or less? West 57th by HGVC is very nice place - any possibilities good value deals there?

 

[Beefnot]

Thanks to Beefnot and thegortons for quick replies. I am not a member of SFX - is that a problem for the rate? Is it easy to become one?

Lastly any other ideas for good values on nice properties in NYC in June-July for a week or less? West 57th by HGVC is very nice place - any possibilities good value deals there?

As long as you own a TS, it is easy and free to sign up.

 

[marinskas]

As long as you own a TS, it is easy and free to sign up.

Well the thing is that thanks to this Forum I don't yet. I have attended multiple presentations and was almost convinced to purchase and then found this forum. So my goal is to learn as much as I can and make an informed decision, that is economically sound (even if that means renting timeshares vs purchasing, as I have read a lot about in this forum).

So bottom line I am not currently a timeshare owner - is there a way to get the deal thru SFX? I think I am a member of Diamond Resorts and their logo was on SFX - would that help me any?

 

[marinskas]

Any help please?

I would really appreciate if anyone with knowledge could respond to my earlier question, which is: is there a way to get this deal without owning a timeshare? According to SFX website, it says the following under the Manhattan Club description: "As a special offer to our SFX members and their friends and family, this is virtually requirement free." Based on this they don't seem to be very restrictive if friends of timeshare owners can get this deal. Any advice, please?

Any other ideas for affordable but nice place to stay in Manhattan? Going there next week and then again in June and July.

 

[Passepartout]

Unless you own a timeshare, there is (as far as I know) no way to join an exchange co. That's how you get to be a 'member'. If this is an offer for 'members' and friends. Perhaps you have to provide the member's number. But I might be wrong. Call them and report back.

Jim