Hello to all,
My wife and I just sat through a Wyndam presentation on timeshare ownership yesterday. We have absolutely no experience with timeshares. While the points ownership program seemed to make sense for our family, I was very uncomfortable with the "one time offer-but it now approach" they took. After 5 hours and 3 escalations to higher level sales staff we finally left- I do not spend that kind of money without serious consideration and research, which of course they did not want me to do. I learned quite a bit during our time there though. After leaving, a quick check on eBay and some reseller websites confirmed what I suspected; buying through the developer is a very expensive path to timeshare ownership. Having determined this, the next question is how to go about securing a property on the secondary market in a safe, protected manner.
Welcome ... great job on doing your research! Wyndham is a great value if purchased resale.
This is what I have figured out so far (experts, correct me if I am wrong please):
Maintenance costs matter and seem to vary from property to property
Buying a part of a desirable property is a good idea from an RCI “trade” standpoint
The points program seems better than a locked in week/facility arrangement
Correct on MF (maintenance fees). Definetely want to check those out closely before purchasing resale. RCI trades will make no difference as to which property you own. You give Wyndham so many points depending on the unit size and season you want for trade power. Wyndham picks the week. Points program gives you a lot more bang for your buck once you learn how to use it.
Questions for those of you in the know (I am sure that this sort of question has come up many times before so I apologize for my novice-level questions).
Which are the most desirable (easiest to trade) properties? We live in NC so were looking at Myrtle Beach ownerships but I am not sure that the facility you intend to stay at needs to be a consideration in which one you buy.
Again, trade power does not matter. Points are points except when it comes to ARP. ARP allows you to book at your home resort 13-10 months in advance whereas everyone else has to wait until 10 months out. If you want Myrtle Beach in the summer, it is best to buy at one of those properties.
What is the safe process for buying second-hand? Is escrow recommended? What other fees and steps should be expected? Are there steps and safeguards I need to use to keep from getting scammed?
Verify all information in an ad with Wyndham in regard to all fees being current and that owner does in fact have the right to sell this deed. Using a good closing company should provide you with escrow services.
Are there any downsides to a resale purchase? Are there resellers that are recommended from a reputation standpoint?
You can find a list of reputable resellers at the Wyndham OWNERS forum at Wyndham Resorts Forums • Index page This is also a great site to learn about everything Wyndham including an excellant primer that is a must read before purchasing points.
What about all these “extra charges” they talked about during the presentation
RCI enrollment fee
RCI yearly fee
Plus partners enrollment
Your RCI enrollment and yearly fees are paid through your Wyndham program fees. Additional fees would be the exchange fees when making a trade. Plus partners is not included when purchasing resale, but can be purchased from Wyndham for $2395. Most people do not feel the benefits are worth the price.
Anything else we need to consider before we take this step?
Yes, go to the Wyndham OWNERS forum and read all you can. Many threads there will answer most of your questions. Good luck with your search.
Thanks in advance to any of you who have the patience to help out a family just starting down the timeshare ownership path.
Regards,
Larry Nelson