Virginia Beach timeshare owners

We are considering purchasing our first time share and are looking at Virginia Beach. Banking weeks and doing exchanges sound confusing. I would appreciate hearing about VB timeshare owners experiences when trying to do an exchange and I have several qauestions. Is VB a high demand area? What are your experiences with 2 unit lock outs (1 bedroom, 1 bath in each)? If we purchase a unit in mid-July or in August (before children go back to school), is it likely that we could rent the units? Would we be likely to be able to exchange that week? What is the cost when exchanging? Is it cheaper to rent out a 2 unit lock out (summer week) and look for a rental in another area on our own or to use the exchange program? If we purchased a unit that is not during the summer, say week #10, what would our options be for exchanging? How does banking work? If I had a unit in VB, say for week #10, a 2 unit lock out, when I wanted to use my week (or weeks) would I only be able to use them at a similar time of the year? Could I use two non-peak weeks that have been banked for one peak week somewhere else? If we purchase a non-peak week, (again, say week #10) can I ever exchange it for a peak week? Could I exchange for a peak week and pay extra to sort of "upgrade"? Say I banked a week (or weeks). When I wanted to use them, if I wanted to use them at the resort where I own a timeshare, are there extra fees involved? What if I wanted to use the time I banked in a different area, what kind of fees would I encounter? Is there a fee to bank time? Is it easier to use banked time and to get the trade you want than trying to exchange a week that same year? One last question - is Labor Day week a difficult week to rent in VB, and is it considered a red week when banking?

No one has answered you, so this newbie will try to help you out. I've done a lot of research so I will tell you what I know. Virginia Beach is somewhat saturated with timeshares but with the gas prices going so high and air fares so high, it's becoming the place for people from the East and South to drive to. Two bedroom two baths are great traders and renters and if you have a different location you really want to go to but want a higher rated resort you have a better chance of trading down to a 1 bedroom with your 2 bedroom. Most people want to get out of the heat in July and August and snow birds are looking to get warm in the Winter months so you may have better luck renting it out in Oct. Nov. and Feb. March and April. Holidays are a good time to rent or exchange. Usually, if you bank a week with your resort, there is a small fee (I've paid $60 and $70) and should be good for two years, but that is usually better than depositing it with an exchange company and taking your chances on getting what you want later. If you use your banked week AT your resort, all you should have to worry about is your maintenance fee. Exchanging fees depends on the exchange company you use. Expect it to be around $100 to $164 to exchange. Look for people who are advertising their week/resort as a trade or rental and you may be able to bypass the exchange companies fees. Non-peak weeks vary from area to area. Week #10 is pretty valuable in Scottsdale, Arizona but not in Massachusetts!! If you deposit two non-peak weeks in Redweek, you will get points and those points may add up to enough for 1 peak week somewhere. If you want to bank weeks and use them in a different area, you would need to use an exchange company not your home resort. Some resorts allow you to upgrade your unit for a fee if there is an upgrade available. As for Labor Day being difficult to rent in VB, all I can say is it is a holiday, but don't forget that most college students and teachers/professors have already started school. Over all, beach front areas and beach view areas are a good bet as long as your resort is in good condition and your maintenance fees aren't too high. BUY RESALE DON'T BUY DIRECT FROM A DEVELOPER.

Winter months so you may have better luck renting it out in Oct. Nov. and Feb. March and April. Holidays are a good time to rent or exchange. Usually, if you bank a week with your resort, there is a small fee (I've paid $60 and $70) and should be good for two years, but that is usually better than depositing it with an exchange company and taking your chances on getting what you want later. If you use your banked week AT your resort, all you should have to worry about is your maintenance fee. Exchanging fees depends on the exchange company you use. Expect it to be around $100 to $164 to exchange. Look for people who are advertising their week/resort as a trade or rental and you may be able to bypass the exchange companies fees.

crispian