Time Share

DH and I are considering buying a timeshare now that we have DD and would like to eventually expand our family. I think it would be a more comfortable way to travel and I have some family that own and they use theirs all the time.

So I am a complete novice. I'd really appreciate any info - where to buy, what week(s), how big of a unit, one or two weeks, who to buy from, should we look on the secondary market to save? How does trading weeks work, is it easy, do you get the places/weeks you want?

Anything else you think will be helpful to know too. Thanks!

Re: Time Share

I would definitely buy on resale and get a 2 bedroom. If you plan on going mostly to your home resort, then choose a week that you know will be convenient for you. Otherwise you will have to pay an exchange fee just to switch weeks.
Most timeshares belong to one of two major exchange groups- interval or RCI. There are pros and cons with each, I personally like that RCI offers last minute deals fir a flat rate. So if you have the capability if going away with about 6 weeks notice, you can really take advantage if some if those deals. I find that the extra weeks with Interval are a little more expensive. That said, I also find Interval usually has more availability to the Carribean, so where you would want to exchange for should be a consideration as well.
In general, you will need to use the week you own and take advantage of at least one other week on a bonus/last call trip to make a timeshare worth it. I usually take, on average, about 3-4 extra trips per year, in addition to the week we own. So for us, it's totally worth it. Otherwise, the amount you're paying in maintenance per year could even out to be the same money as simply renting a unit for a week.
You'll really need to consider how often each year you plan to travel and play with the numbers. For some families it's worth every penny, for others it can be a money suck.

Re: Time Share

I was waiting for you to respond.

You make some really great points. I'm not sure we would be able to use two weeks initially between work and having a young kid.

How did you decide on where and what weeks to buy? It would be nice to be within driving distance of NY but I also love the idea of Florida in January. Who wouldn't?!

Out of curiosity, how would I go about finding timeshares to rent for vacation? Maybe I will start there and if we find a place we really like, we can purchase there.

Time Share

I would start with an area you really like. I would also pick an area that has a high tourist volume...that way if you don't use it or want to sell it there is a market for it.

I would also buy on resale.....generally you can get them cheaper that way.

ETA - think about what week you want. You might want typical school holiday weeks for the future but also think airfare will be a killer those weeks and the crowds will be crazy in many areas.

Message edited 1/22/2015 4:18:56 PM.

Re: Time Share

We use Redweek.com for timeshare rentals.
We are owners too, at the Westin St. John. Although it is just DH and me, we bought a 2 bedroom fo the times we do invite guests. It is a deeded property which means that we can will it when we die. Maintenance is high, but we love this place and look forward to going every year. We use Redweek to rent another villa so we can stay for two weeks.

Definitely buy a resale, it costs a lot less.
Keep in mind annual maintenance charges and property tax

Re: Time Share

Posted by EandF

I was waiting for you to respond.

You make some really great points. I'm not sure we would be able to use two weeks initially between work and having a young kid.

How did you decide on where and what weeks to buy? It would be nice to be within driving distance of NY but I also love the idea of Florida in January. Who wouldn't?!

Out of curiosity, how would I go about finding timeshares to rent for vacation? Maybe I will start there and if we find a place we really like, we can purchase there.

Re: Time Share

DH and I have Wyndham Vacation Resorts. They go by points you don't have to own at a specific property, but we do because we go to this place a lot.

You buy a certain amount of points, say 154,000 for the year. You get these points every year and they can roll over if you don't use them. Basically you can go to any Wyndham property, any week using your points. Some weeks require higher amounts of points some less, and some places are more points than others. You can rent more points if you don't have enough. I think it is $10 for 1,000 points. We can also transfer our points to RCI (I don't know if they do this anymore for new buyers) and go to their properties for a small fee, I think $250 for the week.

We like the flexibility of being able to travel to different places, different times of the year and not being locked into a certain week.

Re: Time Share

I bought mine on eBay for $1.00