Saturday, July 12, 2008
To Timeshare or not to Timeshare
Mouse and I did the timeshare tour this morning. Yes, we sold 2 hours of our time and gave up our precious children for 2 hours to the kids club they have for a whopping $120 cash. I have to admit - I LOVE TOURING TIMESHARES! I find the whole process fascinating. I love to travel and love to hear about the new properties that are available - future vacation options for us - and what is new in the industry. With my marketing background, I find the salespeople interesting and the approach they take to get you to buy. This was the best timeshare experience I've ever had. I don't know what information they pulled on us ( would LOVE to know how what happens in the back office, do they google us? Check our credit?), but they put Mouse and I with their top guy, President's Club leader, who had his very own office in the corner, versus the 150+ couples we passed, who were all seating in a huge cafeteria setting with tables on top of each other. I love staying in timeshares and have toured at least 10 and have thought about buying for the past 10 years. I just can't make the numbers work and make sense to buy. Mouse's work schedule is never so we can book way in advance and can;t commit to the same week every year or even a consistent area of the country. That is why the points system appeals to us and with all the properties Wyndham owns (they own RCI) I would definitely buy Wyndham if we were to buy. But here's the deal. For less than our maintenance fee, we can byu a week in a 2 BR off ebay for @$500 or book the same room last minute through Armed Forces Vacation Club for $329 a week. I've also sponged off of my brother and his wife who own like 5 weeks - renting weeks from them or staying with them. Between the these options, we've been covered and don't have to lay out $22K plus $800 a year in maintenence fees. Timeshare owners please ring in - we'd love to eventually buy, but it seems to be more of a hassle to own.
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Amy - interesting post, and one I wanted to comment on, even though now a year old. I don't know if I've ever told you or the hubby this, but I've partially got him to thank/blame for my view on timeshares - which is "for". He was nice enough to take me along to Hilton Head with the fam once while we were in school, or shortly thereafter. I was really impressed by their place, the family togetherness (I know, they have that anyway) it seemed to foster and the general atmosphere. N and I bought our first timeshare shortly after marriage, and I certainly had my experience that week heavily in mind.
Anyway, we now own 1 and a quarter - one is a "points" membership with Worldmark by Wyndham (the one I just mentioned), basically what you spoke of - the "quarter" is a recent pick-up, a floating week (use whenever) once every four years at the best timeshare on our favorite Caribbean island (St. Martin). What I really love about timeshares - first, it almost "forces" you to take a real vacation every year, 'cause you own it already. Silly sounding I know, but effective. I also appreciate the size and quality. Generally, far bigger and better places than we'd stay if just paying cash.
I hear ya on the AFVC, "pay as you go", E-Bay weeks, or other options. Love all that stuff too, and certainly have done all that. AFVC is great for Orlando, VA, Branson, places like that, or getting lucky elsewhere. Still, the timeshare opens opportunities those places won't have, and is especially needed if you have to be specific. Condo in the high season on the beach in Maui is a great example - AFVC will never have that (I don't think...), E-Bay would be tough (plus some of those concern me from a legitimacy perspective, depending on the offeror) and paying cash, probably over three grand - but with a timeshare, we were able to trade and stay. Probably never would have happened for us any other way. Another example - N's cousin's wedding was at a fairly high end beach property on Sanibel Island (FL), half timeshare, half hotel. We were able trade in, and stay the whole week surrounding the wedding. Most of her relatives paid over a grand just for a three day weekend in a regular room, not as nice as what we had - and those were just the ones who could afford to come. Many stayed home with cost as a significant factor - we may have ended up in that category ourselves otherwise. So yeah, I think timeshares are worth it.
That said - I certainly don't pretend they're an investment, certainly don't believe all the hype of the high pressure pitches, and pay close attention to maintenance fees. The 1/4 share was great, since annualized, maintenance fees are "only" $120, and we wouldn't want to go every year anyway. I agree with you on staying away from fixed weeks, for the reasons you mention. I have the same issues.
Buying, it's also silly to pay retail. E-Bay, or secondary timeshare market all the way. That's how I bought the St. Martin one (E-Bay), waiting for the specific property I had in mind. It was nearly 90% off buying new.....
So, timeshare as the best thing since sliced bread? Nah. But I do think they have a place, and they've gotten us some nice things we otherwise wouldn't have.
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