I’ll bet I had the highest MVCI maintenance fees for 2019..any takers?

[suzannesimon]

We also own Marriott and DVC. I’ve only rented DVC twice and recently. Never the Marriott. I’m curious as to how you rent, we used that guy in Canada. However, I’d like to be able to rent myself, confidently. Do you have a rental agreement that you use? If so, may I ask that you share it with me or provide some specific pointers as to how best to rent out without using a third party? Any info would be greatly appreciated.

Dee

I use RedWeek primarily. Any other service providers can find it on there. I also post it on Vacationcandy.com. Rented 2 weeks this year on AirBnB when I started to panic, but you have to wait until the renters occupy before they release the money to you.

 

[DeeCee]

Thank you so much.

 

[Coach Boon]

I might be in the wrong topic as it relates to rentals so I apologize if this is the case.

My question relates to liability of the owner when renting his/her week. Do you need insurance to cover damages in the event the renter causes damage to the unit?

 

[TXTortoise]

I might be in the wrong topic as it relates to rentals so I apologize if this is the case.

My question relates to liability of the owner when renting his/her week. Do you need insurance to cover damages in the event the renter causes damage to the unit?

Might want to start another thread, but generally renter is liable for damages, and should be stated in rental agreement. Ultimately the resort could come back at you, but haven't heard of it.

https://tugbbs.com/forums/index.php?threads/liability-rental-agreement-advice.227479/#post-1761784

And a number of threads via search, and check out the Rental Forum...

https://tugbbs.com/forums/index.php?search/2935112/&q=liability+renting+unit&o=date

 

[hangloose]

I own 5 MVC weeks (all lock-offs), with a $10k annual maintenance fee. Only 3 are enrolled in DC, 2 not enrolled. No DC Pts (too expensive).

While pricey, I feel it's worth it given the fantastic memories we have made in high quality accommodations. For my high demand resorts, I do have the option to rent for above MFs if I don't use. This has worked well, but does require effort.

We don't plan to pickup any additional weeks at this point.

 

[ilene13]

I hate this type of thread! We bought our first timeshare in 1980. At one point we owned a high of 10 weeks. We are down to 7 weeks and 2000 Destination points. We bought with the thought of permanent vacations, not with the idea of going into the rental business. We have rented out our units when we were unable to use them. As the Marriott booking issues arise every year I get aggravated with the idea that people use their timeshares as a business. This year we made a decision with the help of a fabulous Marriott salesperson named Joni Pippa to start using our weeks differently. So I avoided my annual aggregation with booking my weeks 51 & 52 for Aruba next year, turned them into DP, and we’re doing a 19 day trip to China. So between my Marriott and my 3 weeks that we own with the Royal Resorts in Mexico our fees are around $10,000.

 

[rapmarks]

Eye opener for me
All the threads on owning timeshares instead of vacation homes
We own a vacation home and a home in a no income tax state.
Our expenses for both homes are less than some of you pay for maintenance fees and the money we save on state income tax offsets the costs of the home. And that includes cost of cleaning lady and outside yard maintenance.
Plus we would have the option of renting out our home in the alternate season.
Still has the negative of the responsibility of owning two homes.

 

[jme]

Eye opener for me
All the threads on owning timeshares instead of vacation homes
We own a vacation home and a home in a no income tax state.
Our expenses for both homes are less than some of you pay for maintenance fees and the money we save on state income tax offsets the costs of the home. And that includes cost of cleaning lady and outside yard maintenance.
Plus we would have the option of renting out our home in the alternate season.
Still has the negative of the responsibility of owning two homes.

I'm not convinced yet, so help me.
Did you include all utilities and insurance?
Seems to me those two alone would make your annual expenses more than a maintenance fee.

 

[rapmarks]

I'm not convinced yet, so help me.
Did you include all utilities and insurance?
Seems to me those two alone would make your annual expenses more than a maintenance fee.

I am not talking about one maintenance fee, there are people here saying 25,000 and 30,000 maintenance fees.
I can rent my homes out too, and my summer home is in in a ski area, and my southern home is near the gulf beaches.
But let’s compare correctly, I am not comparing to one week maintenance fee.

 

[CalGalTraveler]

On the positive side, your investment in a vacation home will likely appreciate. Location, location, location.

On the negative side, renovating a vacation home or dealing with a disaster could cost tens of thousands.

 

[Luvtoride]

On the positive side, your investment in a vacation home will likely appreciate. Location, location, location.

On the negative side, renovating a vacation home or dealing with a disaster could cost tens of thousands.

Very true CalGal. I just had to replace the HVAC in my beach condo after owning for less than 1 year. No other “owners” to split the cost with. Yes I realize I have access to it 52 weeks a year but it sure feels a lot worse than replacing things in our Timeshares thru Maint fees.


Sent from my iPhone using Tapatalk

 

[CalGalTraveler]

Duplicate

 

[Sunbum]

I am just over $31,000 all in. (For better or for worse).

 

[jme]

I am not talking about one maintenance fee, there are people here saying 25,000 and 30,000 maintenance fees.
I can rent my homes out too, and my summer home is in in a ski area, and my southern home is near the gulf beaches.
But let’s compare correctly, I am not comparing to one week maintenance fee.

OK, got it......I read the post too quickly and totally missed your point. To be honest, I agree with you....
I've always thought owning a beach house or mountain home
would be a far better investment than timeshares. Don't think there's any argument about that.
Sudden unforeseen expenses can be a real bummer for sure, but in the long run, you will (should) reap a much better return.

Rather than doing that, I chose convenience and variety of vacations----all for the smaller upfront buy-in,
and accepting the inherent reality of negligible return.
At the time, I didn't want to be "tied down", and I would also avoid some measure of risk that accompanies
full ownership and commitment to a single vacation property. Plus, with timeshares I could get in incrementally and not overextend so much.


Not as wise, but it's worked out to be fun anyway. Luckily we chose quality timeshares in great locations, and it's been an enjoyable experience, and our children have been very happy. We'll continue to enjoy it.
Definitely two different approaches.

Our maintenance fees are high, but if managed wisely, it all turns into a net gain, as we rent a few weeks and use a few weeks, getting maintenance fees covered by the rentals and free stays too. Some years we don't rent enough to have a gain, but that's by choice and it's OK, but the option always exists to rent more and have a nice positive cash flow. I'm OK with the freedom to go either way while knowing I'll never feel pressured to "get out".

 

[talkamotta]

You also have to consider what your original cost of the timeshare/ years of ownership. I have 7.5 weeks i pay 8k in mfs. I originally spent 17k on the timeshares over 15 years ago. Granted only 5 of my timeshares are gold crown and the rest are nice but not gc. 3 are Hawaii, so that's why the higher mfs. None are Marriott and 2 are wyndam. You also have to consider rci, II, etc fees. That's your true cost of your week. I'm happy to pay $220 a night for a 2 bedroom 1600 square foot ocean front timeshare, my original cost was 4k but I think I can sell it for that but let's just add another 300 for the week so that makes it $260 per night. I always estimate high. I can't find a rental for that amount. This way I can plan a year ahead so I have time to do the frequent flyer game and rental car deals. We also eat most of our meals in the condo. Yeah costco. I never thought I would be able to visit Hawaii or the other places I've been to, not to mention inviting my family. It's been a true blessing.

 

[talkamotta]

Great insight on those, Joe, and of course you nailed them all. I'd say Hawaii resorts (especially Maui Ocean Club) and Park City Ski weeks are tops (Mountainside especially). I know those ski weeks garner astronomical rental fees. I'd venture to say the ski weeks might even win out more consistently, but I'd have to check the numbers, and frankly I have no idea how to properly research it quickly other than to check Redweek prices asked, and then extrapolate what I thought happened in real life. After all, the ski weeks were popular enough to cause Marriott to sell them as Platinum Plus weeks at $50,000 per week. I have a good friend who bought one and I thought him insane.

You can bet those are rented as much as they are occupied, perhaps more(?). A ski week in Utah to many families is the ultimate vacation, and they are highly prized and tough to get, as Utah reputedly has the finest powder in the world, and having stayed there 6 years in a row for skiing with my family when our kids were teens, I'd vouch for that. We never visited during those Platinum Plus weeks, but we did stay during ski season, and it was Nirvana. Aruba weeks during winter & especially New Years also are top rental cash producers. Our Grande Ocean weeks are positive cash flow rentals, but NOTHING like Park City, Hawaii, and Aruba.
In the words of that great and renowned Holiday philosopher, "Good grief".

 

[Dean]

I might be in the wrong topic as it relates to rentals so I apologize if this is the case.

My question relates to liability of the owner when renting his/her week. Do you need insurance to cover damages in the event the renter causes damage to the unit?

The owner is liable technically so there is risk but it's minimal and not enough to justify insurance. There are a handful of examples I've seen over the years, mostly related to non payment rather than damages. I have talked to a few GM's over the years that gave stories of damages and charges. IIRC they went after the CC on the stay first but back to the owners if that didn't cover it for some reason.

 

[M3HNPC]

Question for all those who made a business out of this: when you rent out your week you will have to report the rental income, correct? Then can you report the maintenance fee as expenses?

 

[Steve Fatula]

Eye opener for me
All the threads on owning timeshares instead of vacation homes
We own a vacation home and a home in a no income tax state.
Our expenses for both homes are less than some of you pay for maintenance fees and the money we save on state income tax offsets the costs of the home. And that includes cost of cleaning lady and outside yard maintenance.
Plus we would have the option of renting out our home in the alternate season.
Still has the negative of the responsibility of owning two homes.

It also assumes you always want to vacation at the exact same place. It wouldn’t help me fo Fiji and Thailand next year, Spain and Australia this year, etc. If you do want same location, sure, you can be right.

 

[Dean]

Question for all those who made a business out of this: when you rent out your week you will have to report the rental income, correct? Then can you report the maintenance fee as expenses?

That's correct. There are extremely few people that make a true business out of owning and renting timeshares and to be honest, it's likely not a great plan to do so. Technically you'd report the income in the year you received it as regular income and deduct any DIRECT expenses mostly maintenance fees, add costs, escrow and similar. But effectively one cannot depreciate or deduct any purchase or long term costs. It's technically possible to meet those requirements but it's effectively impossible if you use it at all for personal use. The truth is many don't but they are in violation of the tax code even if they don't get a 1099. And the free 15 days of rental for a condo doesn't apply either.

 

[rapmarks]

It also assumes you always want to vacation at the exact same place. It wouldn’t help me fo Fiji and Thailand next year, Spainand Australia this year, etc. If you do want same location, sure, you can be right.

Up until this past year or so, we took about five timeshare vacations a year. Owning two homes does not preclude traveling. I have many friends with a third home, and friends with two go on big trips and cruises too. Our neighbor just got back from a two month cruise/trip and own two homes.
I fully understand the problems of home ownership. I am having a lot of problems this year, everything falls on me, and it is really getting me down.

 

[talkamotta]

Lived in Salt Lake all my life. Ski rentals are extremely high Christmas to New Years day and President week. They go down a touch 2 weeks in January. If your main reason for going is the skiing and you are good.Snowboard and Iron Blossom are the best. Alta and Snowbird has the best and most snow. It's a secret. Just buy your food before you go up the mountain, not a lot of restaurant choices.

 

[M3HNPC]

That's correct. There are extremely few people that make a true business out of owning and renting timeshares and to be honest, it's likely not a great plan to do so. Technically you'd report the income in the year you received it as regular income and deduct any DIRECT expenses mostly maintenance fees, add costs, escrow and similar. But effectively one cannot depreciate or deduct any purchase or long term costs. It's technically possible to meet those requirements but it's effectively impossible if you use it at all for personal use. The truth is many don't but they are in violation of the tax code even if they don't get a 1099. And the free 15 days of rental for a condo doesn't apply either.

Thanks Dean. Like someone else commented, it is quite an eye opener to me. Very interesting but it would be too stressful for me

 

[Steve Fatula]

Up until this past year or so, we took about five timeshare vacations a year. Owning two homes does not preclude traveling. I have many friends with a third home, and friends with two go on big trips and cruises too. Our neighbor just got back from a two month cruise/trip and own two homes.
I fully understand the problems of home ownership. I am having a lot of problems this year, everything falls on me, and it is really getting me down.

That's great as far as doing both. I was more speaking of those doing an either or, they each can have their place. Sorry to hear of the troubles though. As I get older, I find I don't deal with problems as easily as I used to. I know what you mean.

 

[Dean]

Thanks Dean. Like someone else commented, it is quite an eye opener to me. Very interesting but it would be too stressful for me

Stress of renting? It shouldn't be if you make good choices. Rent early in the UY, be clear on terms including it's non refundable, have reasonable terms for both sides and only/mostly rent current UY points. Or else rent through a broker. I had a max of 885 points at one time, I'm down to 433 by selling off all OKW points. Almost all stays the last 18 years (owned since 94) have been on exchanges. I'd estimate that 95% of the unit nights we've had during that time have been on exchange. So by default I've rented. We have used it more the last 2-3 years as the newer resorts have come on board with higher points and less exchange options.