New to the ownership

Trying to rent for a family gathering 7 nights during Dec. 3-15. I cannot find places for the 10 of us but see the cost and wonder if it is best to own. any suggestions where to get informed about buying? I am green so need to know what it means: -"Floating"? What does it mean? Can you use it any time bit weeks 51 and 52. How much in advance does one need to reserve?

Platinum? What does it mean?

thanks for any ideas.

I don't think I can give you all that much information without going on and on but here are some facts. Timeshare ownership is considered real estate and when you purchase one it is yours for life or until you can transfer it to someone else. Along with ownership you are obligated to pay the ever increasing maintenance fees and assessments. You may want to rent first and see if it's for you.

There aere fixed weeks, floating weeks and points. If you do decide to buy I would recommend fixed week or floating week. Never buy from a developer. You can find good deals on this site, Ebay and other sites on the internet.

If you decide to rent you can use the same sites. I would also recommend that you call some resorts in the area that you intend to rent. Some of them have an in house rental program and you can book through their rental office just like a hotel. I rent my Las Vegas timeshare out that way. You also may have better luck finding enough room for your party.

Make sure you do your homework if you decide to buy and come back in here and ask lots of questions. There are many people in here that are more than willing to asnwer your questions.

Good luck and hope to hear from you again.

patriciam802 wrote:

I am green so need to know what it means: -"Floating"? What does it mean? Can you use it any time bit weeks 51 and 52. How much in advance does one need to reserve?

A fixed week means that you have that same week every year. A floating week means that you can get your week in a range of weeks during the year. Many owners like this option for the flexibility but others like fixed weeks for the assurance.

Weeks 51 and 52 (Christmas holidays) are very popular and in high demand. Sometimes high-demand weeks for floating resorts are in a different class or level. So let's say you buy a much less desirable week like Week 39, you might not be allowed to book a floating week in week 51 or 52.

If you absolutely need to have week 51 or 52 each year, I would suggest purchasing a fixed week for that week.

Patricia,

I do not think that buying a timeshare (points or a week) right now would do you any good this year. I suggest that you rent a week on Redweek for this year and look very hard at timeshare before you buy. You may find that renting a timeshare offers you more flexibility to get what you want than any timeshare or point ownership.

You also asked what "Platinum" meant with respect to timeshare weeks. This was Marriott's designation of weeks in the best season for each resort. These weeks have a higher demand and cost more than low demand weeks.

I suggest that you look for a good book or article about the pros and cons of timeshare ownership on the internet. A salesperson is not the right source for this kind of information.

patriciam802 wrote:

Trying to rent for a family gathering 7 nights during Dec. 3-15. I cannot find places for the 10 of us but see the cost and wonder if it is best to own

It's not best to own if you don't wish to vacation at the resort every year forever (unless you join a exchange company) .... Dec. 9-15 is a very low vacation season as Thanksgiving is gone and Christmas is 2 weeks away .... here are some pros and cons to timeshare ownership:

pros = you have a vacation destination for life ... if you should buy on the resale market buy a fixed week where you wouldn't mind going every year if you do not join an exchange company .... exchange companies are a whole different discussion ..... points system = if you are looking at a points system instead of a fixed week system or a floating week system, I know little to nothing about all the many different point systems

cons = maintenance fees .... fees may may go up each year .... you own the timeshare or points system until it changes ownership and are responsible for all fees = maintenance fees and possible special assessments .... it's much easier to buy a timeshare than to sell a timeshare (if the need should arise later on), especially in this economy

Quote:

any suggestions where to get informed about buying?

There is no particular place on the internet to get informed about buying ..... it's something you have to research on your own since there are fixed weeks, floating weeks and point systems as someone else suggested.

Quote:

I am green so need to know what it means: -"Floating"? What does it mean? Can you use it any time bit weeks 51 and 52. How much in advance does one need to reserve?

As someone stated above floating weeks are in timeframes (ie: wks 1-15, 25-35, etc) .... even if you buy in a timeframe that includes weeks 51-52, in many cases you'll have to reserve that week a year in advance, especially for popular locations.

It would be really crazy to buy for a one time large family event for 12 days for the later part of this year. Even if you pay more than an owner would for those 12 days, unless you are looking for something every year, you should just pay the rental fee which has no upfront or ongoing costs involved.

I agree that you should rent.

Keep in mind that a typical Marriott property has maintenance fees of about $1,200 per year which you will pay for each week you own. If you rent, the owner of the week will pay this maintenance fee. Rentals for timeshares are usually very reasonable considering that the owner has paid this annual fee - not much of a margin for the owner.

Renting is the low cost alternative and the most flexible in terms of annual use. You also avoid the initial investment and perpetual annual charges. There is no acceptable exit strategy for timeshare ownership.

Good luck,

Thank you so much for the information. I will rent for now but appreciate learning more about ownership. Can one trade weeks if one buys on the internet?

patriciam802 wrote:

Can one trade weeks if one buys on the internet?

Yes. But make sure you know all the ins and outs about trading before buying with the intent to trade occasionally.

patriciam802 wrote:

Thank you so much for the information. I will rent for now but appreciate learning more about ownership. Can one trade weeks if one buys on the internet?

But you have to join an exchange company to do that.

Hmm What does "Belong to an exchange" mean? thank you, Patricia

patriciam802 wrote:

Hmm What does "Belong to an exchange" mean? thank you, Patricia

There are 2 major exchange companies = RCI (Resort Condominiums International) and II (Interval International) ... .... there are also a few small independent exchange companies .... Marriott also has what's referred to as the Marriott Vacation Club .... I'm not sure how that operates but you can google to find out more info on the club.

Maybe this will help:

http://tugbbs.com/forums/showthread.php?t=108095

Patricia

Exchange companies act as an exchange agent for timeshare owners enabling them to exchange their week for another. For example, I deposit my week in Newport Villas (CA) and receive a week at a location in Hawaii. I am most familiar with Interval as they act in this capacity for Marriott Vacation Club. Please note that exchange companies align with certain timeshare companies, thus you would not be able to exchange into an RCI property thru Interval.

Timeshare owners acquire an annual membership in the exchange company and can access the exchange feature along with other travel related services. I suggest that you call up Interval on the internet and review their service offerings.

I even see merit to joining Interval without timeshare ownership to access their "Getaway" inventory as an alternative to renting from an owner, and to gain access to lots of other timeshares. I recently acquired an early October 2 bedroom week at Marriott Mountainside in Park City for less than $325 thru the Getaway program.

You'd be surprised at what you could get in vacations by using the combination of memberships in Redweek and Interval - less than $100/yr for both.