Any info on RCI/timeshare

[loves2read]

what people say about buying from owners is price-wise the way to go--the question to ask is --if this is so great, why are they selling (and there could be some legitimate reasons for that) but often it is because the people feel that they got screwed in the deal
my complaints would be that often the maintenance of the rental property is not the quality that we really like and feel is value for money---we have vacationed at time-share properties in several states because they often have better prices on 2 bedroom/kitchen units for a week long stay--we often traveled with our kids when they were smaller and wanted someplace we could actually cook meals like breakfast and lunch and have more room to relsx in than a hotel room offers...

the bedding and quality of maintenance of pools and grounds were our biggest complaint--in complexes that do mainly rental of the units vs having owners themselves coming to stay--the materials are cheap and they are worn out quickly---

we did that about 4 times and the only time we really felt that the property lived up to its advertising was one in Panama City Beach---
have not done it for years now--so maybe things have improved--know that properties in Vegas can get pretty good reviews on tripadvisor...and some of the higher end properties like Hyatt's are lux to the max

Suggest for any property you would consider buying a timeshare that you check out trip advisor site---and see if it is listed there and any reviews...

[PEMartin]

Aloha Nicholasa,

Timeshare bought from developers typically depreciates a minimum of 40% in the first year. The obvious conclusion is; don't buy from developers. MSNBC lists timeshare as one of the ten worst things to buy new. Yet, Fortune Magazine in a recent article indicated that a family of four can save $80,000 using timeshare over a 30 year period.

Who's telling the truth? Both sides are. Hotel bills add up to nothing over time. A timeshare bought on the resale market doesn't depreciate 40%. Resale avoids an unpleasant pitfall in timeshare.

How does the math work? Well, the maintenance fees are typically compensated for by the presence of a full kitchen in timeshare. The kitchen saves the cost of restaurant meals breakfast lunch and dinner every day for the typical week long vacation. This doesn't mention the value added to your vacation experience by things like not having to share a bedtime with your children (manditory if the family is sharing a room).

Hotels average 350 square feet. Two bedroom timeshares average 1200 Square feet... nice difference.

The initial cost is recoverable upon sale with modest potential for appreciation provided the unit was not bought new from a developer.

If a mid priced hotel costs $1,400 for a week over ten years without inflation in the cost of rooms your cost is $14,000.00. Very nice resale timeshare can be bought for less than $14,000 with the potential to resell the unit later.

I live in Hawaii, and admit that I am biased. I sell resale timeshare, and do so content in the knowledge that I do a financial service for my clients.

[Trevor Norman]

I work as a Line Manager for the Dom Pedro Hotel Group in Vilamoura, Algarve, Portugal. We sell timeshare and are proud to do so.

Timeshare works for those people who use it correctly, like it and can afford it. It is not for everyone. There are some 'boiler room' operations who sell what doesn't exist, but this is no different to those who defraud you with investments, or a duff car, or anything else.

Of those people who buy timeshare and are dissatisfied, 98% of them do not understand how the exchange concept works. Of course this is never the fault of those who buy, but always the fault of those who sell! They didn't understand, they were pressurised, they were made to do it, they were abducted by aliens, etc. All abdication of responsibility.

Other people are right, buy at a reasonable resort and then this gives you the opportunity to travel to other exotic resorts where you would have paid more to become a member. Ensure the maintenance fee increases are capped by inflation.

But most importantly use it. RCI provide members bonus weeks that can be bought for very little, as well as ICE Gallery where you can swap weeks for cruising holidays, they also have bonus (unused) weeks. You can join these organisations yearly and come out of them whenever you want.

Value for money? You wouldn't buy a car, keep it in the garage and never drive it and then moan that it was a waste of money would you? And will you sell that car for the same of more than you bought it for? No, it is used, plus there are newer models around and people like new. Timeshare fits in to the same financial model as other luxury goods and services. It is no different.

Last point. Timeshare is not an investment in property and does not attract capital growth. You need to buy property if that is what you want.

Timeshare is just a different way to holiday and requires some forthought of what you are likely to spend on holidays in the next 10, 20 or 30 years. We only offer a 30 year membership because it is about the life of the people holidaying not their children or grandchildren.

We now receive recommendations from our members and that is the cheapest and best form of advertising ever.

Good luck and I hope you make the right choice that is best for you.

[Salgramm]

My sister and her husband bought a timeshare in MX over 10 years ago. Paid $30,000 for 2 weeks and now pay $1400 per year for maintenance which has progressively gotten higher each year. Every time she wants to use it, they expect her to pay $150 - $350 per night to upgrade to an all inclusive because her original time share wasn't all inclusive. She's had it for sale for years and can now only afford the maintenance and cannot afford to go on vacation. I went to MX and stayed at the finest RIU in Playa Del Carmen for $1500 and $600 of that was airfare. RCI won't buy the time share back but they are willing to take it back if she gives it to them to get out of the outrageous maintenance fees. She's thinking of selling it at whatever price hoping she can take a loss on her taxes. Her husband has since died after which she found out he had it on the market long before he died because it was such a financial burdon and realized they could go to the same places for the price of one equal to the maintenance. Keep in mind they had already spent $30,000. I found this site while searching for any recourse she may have relative to the RCI contract and how could it possibly be legal to buy something and then continue to be RIPPED OFF TOO THE MAX for years. I WILL find legal recourse for her and I would highly suggest you FORGET about wasting your money on a time share. Call your travel agent and get a Worry Free vacation, have a great time and save a TON of money for your next vacation. Good luck and DO NOT SIGN ANYTHING.

[Mustang Island Owner]

I was an owner of a timeshare at Mustang Island and I would NEVER buy at this place. Myself and alot of others ended up quit claiming our timeshare back to them. They never took care of the property. Then came back and wanted everyone to fork over about $4000.00 for their negligence. No help from anyone in the State of Texas government office either.

[GayleTX]

We've had ours for 20 years and have thoroughly enjoyed it. Good advice above.....don't buy an expensive one.....one just good enough to have good trading power. And buying a repo, etc. is a real bargain....buy from the resort, not RCI. Another expense you might want to think of....you have to pay RCI membership every year, too, to be able to spacebank and trade. We just recently bought a second week (a cheapo) so we could have 2 condos now that our family is growing. We also enjoy giving young couples honeymoon weeks. We made sure our son's name is one the deed so he can use it as easily as we can.