Wyndham Timeshare - Good ? Bad? What? (cost, rent, estate, vacations)

[wankel7]

Well, I am wondering if this is a good idea or not. Basically, it is a Wyndham Timeshare that you buy a certain number of points towards. This purchase would be for 119,000 points per year. Enough points to have fun for 7 to 14 days or so depending on where and when.

You can use the points anywhere in the network. Or work with RCI to do other trips to expand the network. So you are not buying to their one property. The network seems to be worldwide.

It is 15,400 to buy into it. And $700 per year in maintenance fees. I am only 28 so I figure over my life I can get my moneys worth out of it.

The scary thing is their financing option is nearly 14 percent.

Anyways, has anybody done this? Thoughts? Downsides?

I can see the benefits in having this. Especially since I have 40+ years of vacations to justify it.

Thanks!

[texdav]

everybody I talked to that bought in a timeshare regretted it for various reasons.In the end they were disapointedin times avialble and the fact that many times they could have gotten a condo etc in the same place far cheaper.

[macroy]

Do your research. It's your money - spend it as you wish. But I though as you did... I bought mine at 25..... While I don't "regret" it. I don't think I would do it again if I can do it over.

Timeshares is basically an investment in real estate... but without the biggest perk.. it doesn't appreciate - at all. So in that sense, its like buying a car.

The goods and bads are all personal - you may want to check out timeshare forums dot com. They should have a forum area for Wyndham as well.

[wankel7]

Well, I decided against it.

After seeing how big the resale market is for these things it doesn't make any sense to buy this retail. But maybe if I could get it super cheap on the resale market. Then it would make sense.

Thanks for the input everybody!

[chinabound2009]

I JUST RETURNED FROM THE WYNDHAM TIME SHARE SALES PITCH...GREAT PLACE...BEAUTIFULLY DECORATED...BUT OF COURSE THERE WOULD BE NO GUARANTEE YOU'D GET THAT PARTICUALLY ONE... I'M JUST TRYING TO FIGURE OUT WHAT GOOD ARE TIME SHARES. THEY ARE JUST ALL SO NICE AND THEN WHEN YOU SAY NO...IT'S LIKE THE TOTAL OPPOSITE. EVEN IF I HAD THAT MUCH MONEY THEY ASK FOR I WOULDN'T PUT IT TOWARDS A TIME SHARE. BUT WE DID WALK AWAY WITH $50. NOT A BAD DEAL FOR A WEEKEND GETAWAY.

MSA

[Raven1976]

Don't fall for these scam companies. There are many like these all over the USA. Every time you fill out an entry at a mall or wherever else, this is how they also get your number.

[pandorasbox]

the TIME SHARE is really a bad idea. I bought one in Myrtle Beach,SC.
The promise was..... I can come back to the resort and stay anytime for $58 night. Well that changed.(now it is $250) Then I was told I could sell it more than what I bought it for. That changed. They wanted $6000 up front to try to sell it. If it didn't sell they would still keep the money. When I bought mine I got an assigned week. I had to join the travel club in order to exchange it to a different location. Which costs $300 for 5 yrs. Then only certain ones has availability for when you want to go. But I also got a deed with mine. I can will mine to my family or friend. Now I understand that in some places you are only buying it for 50 years (or under) then they get it back. My home resort is trying to get me to change to points instead of weeks but they want $6500 for the upgrade. It is neverending. The yearly fees are not set. They can and will go up yearly, no cap. So what ever they promise you isn't so. It is only a good deal if you just want to go to that resort every year. That way you don't have to join a club. Some places you can't rent for under $2000 a week so with your time share it only comes to what your yearly fees are. If you are interested go to ebay they are selling for a couple of hundred dollars.

Originally Posted by wankel7

Well, I am wondering if this is a good idea or not. Basically, it is a Wyndham Timeshare that you buy a certain number of points towards. This purchase would be for 119,000 points per year. Enough points to have fun for 7 to 14 days or so depending on where and when.

You can use the points anywhere in the network. Or work with RCI to do other trips to expand the network. So you are not buying to their one property. The network seems to be worldwide.

It is 15,400 to buy into it. And $700 per year in maintenance fees. I am only 28 so I figure over my life I can get my moneys worth out of it.

The scary thing is their financing option is nearly 14 percent.

Anyways, has anybody done this? Thoughts? Downsides?

I can see the benefits in having this. Especially since I have 40+ years of vacations to justify it.

Thanks!

[Murumegirl]

I love my timeshare. Anyone who buys it as an investment with appreciation hopes is simply a fool. You buy it for your travel convenience and fun. There are two kinds of timeshare owners, those that learn and use the system effectively and those that dont take the time to. It is also obvious which ones feel it is a good thing vs. not. My family has travelled all over the world with ours and I am only 30. It is a necessity to us, not a luxury and the trips we have taken could not have been done for the same money as mentioned above.
Guess its not for everyone but it is a fantastic thing for us and one of the best things we look forward to in our family.
PS I own wyndham

[cb at sea]

If you're going to invest in something like property, then just buy it outright--don't share it!

[NCN]

Originally Posted by wankel7

Well, I am wondering if this is a good idea or not. Basically, it is a Wyndham Timeshare that you buy a certain number of points towards. This purchase would be for 119,000 points per year. Enough points to have fun for 7 to 14 days or so depending on where and when.

You can use the points anywhere in the network. Or work with RCI to do other trips to expand the network. So you are not buying to their one property. The network seems to be worldwide.

It is 15,400 to buy into it. And $700 per year in maintenance fees. I am only 28 so I figure over my life I can get my moneys worth out of it.

The scary thing is their financing option is nearly 14 percent.

Anyways, has anybody done this? Thoughts? Downsides?

I can see the benefits in having this. Especially since I have 40+ years of vacations to justify it.

Thanks!

We own in this system and purchased when it was Fairfield. I bought the first 1 bedroom deluxe in Myrtle Beach Seawatch North Tower in quiet time and then we went to Williamsburg a couple of years later and bought a 1 bedroom suite in Prime time. The system is very flexible which was our main reason for buying. We have stayed in everything from a studio at Branson at the Falls to a three bedroom in Williamsburg that held everyone in our family. We have split up the points and given equal time to both our children. You get one housekeeping point for every thousand points and we have enough housekeeping to stay in three one bedroom condos without paying extra housekeeping. We will be going to Edisto Island the first of May to stay four days in a two bedroom that sleeps 6. Our son and his wife and two children will be enjoying this vacation with us. And yes you can stay as little as two days to as many as your points and housekeeping allows and then you can pay for points and housekeeping and take extra vacations.

There is a meeting each year for the entire system and we are usually invited to a condo meeting at Myrtle Beach and another meeting at Governors Green every year. We have been to one meeting. The reason I mention these meetings is that the rules can change and do change from time to time. Be sure you get a deeded property. The upside is that you can stay in your deeded property every year if you want to because you can get your property a couple of months before anyone else gets a chance at it. Of course the down side is the $700 that you have to pay yearly. You might want to know that all the locations in this system do not have the same maintenance fees. The fees change from year to year according to weather, redecorating, etc.

As for the financing, I paid cash and financed through my credit union. You don't have to borrow the money from them.

I like to stay in the Wyndham system because they have housekeeping that makes sure everything is clean. Not all RCI condos are this well kept. I have stayed in a couple of the
RCI condos that were cleaner when I left than they were when I arrived. It should be the other way around. The choice of locations is good with RCI though and it is always good to be able to put your points into RCI if you don't get around to vacationing one year.

Flexibility is the most upside of this system and downside is that you sometimes cannot get even your own condo if you forget to call ahead of time and reserve. This is not your typical buy a week and go there every year. I stretch those points until they squeak. We own two one week one bedroom condos in the system, but using discount points, etc. we have had vacations in five different locations in one year in our family. I borrowed some housekeeping from the next year. You really have to study and learn the system to get the most out of it. As the rules change from time to time, I don't know if I can still borrow housekeeping points.

The best part of the plan for me is that I get to go on vacation every year. I just go into the website and reserve the place I want to go for the length of time I want to stay.