Just bought a time share - TME

I just bought a points only time share with RCI. On paper it looks like a good deal, no blackout dates, 10K points per year and I get save up to 30K points total. I am curious about other OGer's experience with time shares and vacation clubs. Tell me everything you know.

My dad and stepmom did something like that.  They basically get to go on a really nice vacation a few times a year and have a very nice place to stay.  They're going to Spain in January.

I figured I go on a vacation every year anyway and in the long run this should save me a few bucks.

Yeah, I don't know much about it, but it seems cool.  Lots of options as to where you want to travel.

Man vs Net - 

Had RCI for awhile before Interval bought out our building. Get ready for maint. Fees and exchange fees. It's kind of nice to be forced to take a vacation each year but in reality you could book the same vacation for less on your own in the long run... Phone Post


I don't have a home resort and the maintenance fee is locked in at a fix rate so I do not believe it will go up. I am a little nervous about buying a time share as the contract has no end date and I can only cancel within the first 7 days.

We have a Wyndham time share that can exchange with RCI.

We regret getting it. In this day and age of Internet deals / last minute getaways. You don't need the restrictions and extra costs that come with a time share. Phone Post 3.0

G-S-D - 
Man vs Net - 

Had RCI for awhile before Interval bought out our building. Get ready for maint. Fees and exchange fees. It's kind of nice to be forced to take a vacation each year but in reality you could book the same vacation for less on your own in the long run... Phone Post


I don't have a home resort and the maintenance fee is locked in at a fix rate so I do not believe it will go up. I am a little nervous about buying a time share as the contract has no end date and I can only cancel within the first 7 days.

So you just signed a contract to rent somebody else's house for one week every year for the rest of your life?



That's quite a commitment. I'm sure your counter party to the agreement is very pleased.

Man vs Net - 
G-S-D - 
Man vs Net - 

Had RCI for awhile before Interval bought out our building. Get ready for maint. Fees and exchange fees. It's kind of nice to be forced to take a vacation each year but in reality you could book the same vacation for less on your own in the long run... Phone Post


I don't have a home resort and the maintenance fee is locked in at a fix rate so I do not believe it will go up. I am a little nervous about buying a time share as the contract has no end date and I can only cancel within the first 7 days.


So you bought into it without actually having a property, sounds kind of like the stuff SergeK is doing but I guess I dont understand because I mean who could you sell the package to if you wanted to get out. I realize we will probably never get full value/return on our investment but at least we have a physical piece of property albeit 1/52nd of it but still something...


The up side is my HOA is only 250 bucks a years and my buy in was only 7K. My 10K points gets me 8 day/7 nights at any RCI time share. I figure after my first 3 vacations, which I normally go on a vacation at least once a year, will pay for this. Has anyone ever had something like this?

You won't be able to give it away when you are trying to sell it.  My mother-in-law has RCI and she's tried to let us use it but it was really complicated and a pain in the ass that it wasn't worth my time trying to figure it out and make the dates work.

Generally not a good investment

How much you pay? Phone Post

I wasn't looking at it as an investment, that is why I own a home and dump money into my 401K. I paid 7K for the time share with RCI and pay $250 a year starting next year for maintenance/HOA. I figured after my first three vacations the time share would basically be paying for itself.

Has anyone had any good experiences with time shares?

The problem is that you can't get any thing from RCI.

You can get anything that's available, and who knows what that will be. Phone Post 3.0

G-S-D - Has anyone had any good experiences with time shares?

Yeah.

I knew these chicks that agreed to fly out to a high pressure time share seminar. The said "fuck your stupid seminar, we don't want your time share" and went on vacation for free.

I would have sold you mine for less. It a physical property though. Ours had a hurricane blow through a few years ago. They charged us a "special assessment". We can't go back until we pay for it. It's not against our credit or a negative balance. It works for some people not for others. Probably a lot better since its not a physical location. If you don't use it you can always rent it out to people. Good luck.

Ooh , good point.

The resale market is ridiculous.

Go to RedWeek.com and buy an RCI timeshare off someone for like $500... Phone Post 3.0

you bought it on the re-sale market I hope

I have looked at tons on sell my timeshare.com
cant find any that are worth buying
some folks cant give theirs away

for the maintenance fees you can usually rent the unit from an "owner" for the same money as the fees

Rickmeister - You're an idiot. Phone Post 3.0

Details please...

G-S-D - 
Rickmeister - You're an idiot. Phone Post 3.0

Details please...

Well, you keep saying this is NOT an investment, but then justify this as "basically be paying for itself" . . . which is investment logic.

Some of the problems with these (as has already been explained) are that:

1) they can be illiquid/unmarketable when you want to sell

2) You paid $7,000 cash for something that you could have gotten for 1/10th that price on the re-sale market.

3) You generally do NOT get the location you want at the time you want. Recall that it's your money, so if you forget about this deal and book places to stay you DO get the location and time you want.

4) at the end of the day (especially considering the time value of money) you will end up paying about the same and potentially more for your timeshare . . . . but with a huge multi-year (lifetime in your case) commitment.