And from the other side...
I have been trying to convince my spouse to join HCC.
Her primary complaints have been: 1) we can not pass it on our children 2)we can not sell in like those of our timshares.
Although I know that HCC return 100% of the deposit in the first year and 80% after the first year. How do one transfer ownership in HCC or other Destination club to other? Is it possible to have any capital gain from selling such membership after many years of ownership??
triet
To make this a “Fair and Balanced” discussion I’ll throw in my 2 cents worth.
I don’t own a DC and unless one comes along for $30k I doubt I’ll ever own one. Why?
DCs are theoretically a “step up” to timeshares. They represent a less hassle, more affluent, set of residences to use like a timeshare. Sadly the DC industry is just too immature and has no safety nets like timeshares do. To some folks this is no problem and if you have no problems considering the DC membership fee a “Throw away” item then taking the DC plunge is perfectly ok.
DC’s have not, in 10 years of existence ,addressed the problem of protecting your membership fee from willy-nilly impulses of the owners of the DC – they can decide to liquidate the DC tonight and I’d bet the clever lawyers who drew up the paperwork will shield the owners from any lawsuits. Additionally, NO state laws exist, to my knowledge, to protect one single DC member from anything – there is NO regulations like the hundreds that exist for timeshares; and for good reason
a DC has nothing to do with real estate. (There are a few exceptions but 90% don't)
I could go on and on but I’ve presented my reasons for not buying – everyone needs to do their due diligence and decide if the DC membership is within their tolerance of risk as the DC industry exists today. Someday I believe I will be a DC member, just not today.
Just remember what a DC really is:
“8 folks get together and buy some rich guy a condo and then pay him rent to use it”
I just don’t like the way the deck is stacked against the members right now.