Gifted Timeshare...Worth It?

[Egret1986]

Lee, If your eyes haven't glazed completely over, ....

Jim

Indeed!

Ask and you shall receive!

 

[LeeF7788]

Thank you all again!!!

My eyes are definitely glazing over, but this is all very good information.

A little more information that we received:

The timeshare is a 2 bedroom with a loft that sleeps 8 people at French Lick Villas. Her aunt has never paid a special assessment fee and she's owned since 1987. She says her maintenance fee has gone up to cover any renovations or things to the property, but it hasn't gone up much over the years. She also said that she's a Platinum member with RCI and has never had a problem trading for something else. She said if she couldn't get her first choice, she would get her second for sure. Not sure if that helps with our decision, because we don't know where's she's gone. She also said she's never paid anything but the maintenance fees, the RCI yearly fee, and the fee to trade. Again, not sure how much that helps us.

You have all been so very helpful, and we thank you so much for your time!

-Lee

 

[qwerty]

Hi Lee, We've owned at Olympic village Inn (site of 1960 Olympics) for 24 years and in the process of deeding away our winter ski weeks for free. We paid $6600.00 for the first in 1994 and $1.00 for the others. We were very willing to give our T/S away but only could find a few who wanted to take on the burden. Also, I see a new listing for French Lick Spring Villas here on TUG that you should look at. Most T/S are deeded property that bind you to the annual maintenance fee and taxes basically forever. As many have already pointed out, there are many T/S that have much better trading power that you can get for free. (on TUG, eBay, etc.)

 

[Barblich]

You have gotten so much good information here but I just want to add my two cents. Everyone is discussing what to own, where to own, etc, etc. but in your first entry you mentioned that you didn't really know much about timesharing. Getting educated is the most important thing before you buy or receive your gift but many responders have implied, but no one has really mentioned why we all like timesharing so much. There is nothing better than having an apartment instead of a room when you are on vacation. You have a choice of whether to dine in or out. with the exception of a studio exchange, you have the luxury of more than one room, sometimes more than one bedroom and/or bathroom. Owning a timeshare invites opportunities to explore our country and our world that we might not have always considered. I know there is much debate between the "own where you want to go and own so you can go anywhere" camps. I personally have purchased all of my timeshares on Ebay. Never paid any more than $50 for one. Never paid closing costs, transfer fees or the first year's maintenance and, with one exception, have never stayed at any place I actually own. I purchased all for exchanging purposes and, it does takes work, but 95% of the time I bet what I want. Two exchanges I have coming up are 2bed/2bath Hyatt Beach Resort, Key west and another 2b/2ba New Year's week in Naples, Fl. One through RCI and the other through Interval and, yes, both were ongoing searches. Planning in advance does pay off. However, I have also gotten great last minute exchanges and not used any of my points or weeks. My suggestion, look on the rental exchange here. Find someplace you want to go. The rental cost shouldn't be anymore than you will pay for your Aunts week.$850. (498 +250 exchange+ $100 annual membership) Also, if you can, choose a timeshare from one of the bigger TS companies and when you get there go to the Sales presentation. JUST DON't BUY ANYTHING FROM THEM. You will learn alot about timesharing from staying in one. Then come back here and we can answer all of the questions you will have since you will be able to put a lot of what everyone has said into perspective.

 

[theo]

Thank you all again!!!

My eyes are definitely glazing over, but this is all very good information.

A little more information that we received:

The timeshare is a 2 bedroom with a loft that sleeps 8 people at French Lick Villas. Her aunt has never paid a special assessment fee and she's owned since 1987. She says her maintenance fee has gone up to cover any renovations or things to the property, but it hasn't gone up much over the years. She also said that she's a Platinum member with RCI and has never had a problem trading for something else. She said if she couldn't get her first choice, she would get her second for sure. Not sure if that helps with our decision, because we don't know where's she's gone. She also said she's never paid anything but the maintenance fees, the RCI yearly fee, and the fee to trade. Again, not sure how much that helps us.

You have all been so very helpful, and we thank you so much for your time!

-Lee

I will offer that the “exchange game” has changed quite a bit in recent years; not just in higher costs and definitely not for the better if the week at issue doesn’t fare well in today’s RCI TPU valuation process.

More specifically, I would be willing to bet that many (maybe even most) of the RCI “exchanges” your aunt successfully obtained in yesteryear simply could not be duplicated today at all. RCI ‘s TPU valuation system has existed only in relatively recent years and it is important to understand and acknowledge that it has changed the nature and rules of the RCI exchange game considerably. There is no more “luck of the draw” in depositing for exchange; it is now, in essence, a “currency based” system with the “currency” being TPU’s. If what you have to deposit yields low TPU’s, you will have “exchange” access only to other weeks of the same (or lower) number of TPU’s, which obviously and seriously limits your choices and options.

In short summary, I am merely recommending that you don’t compare “apples to oranges” when considering the “trade value” of this week in “then vs. now”. Simply stated, yesteryear just ain’t the same as today.

 

[dandjane1]

I've only been in TUG a short time, but 19 years in timeshare. You have DEFINITELY come to the right place!
I can't add much to what others have said - only a few observations:
1. My experience with RCI and II exchanges is that those exchanging into a resort ALWAYS get the less-desireable units, e.g. NEVER oceanfront - as an exchanger, be prepared to have a parking lot view, and find that your unit just hasn't QUITE been on the renovation list yet.
2. With an exchange, you will NEVER get any Special Event, because that resort's owners will always beat you out, especially those with enough points to make reservations 13 months ahead. (Based on points owned). Exchangers are usually limited to 10 months in advance.
3. I concur with those advocating that you do a lot of "due diligence" before taking on an endless expense, with limited potentialfor reward. Adding up the RCI membership, the MF of $498, and exch. fee will bring you to at LEAST a $120 per night vacation - bottom line, it's your call. Good Luck!
P.S.: Make certain that the property TAXES are included in the MF. A nasty surprise could be waiting!

 

[Arusso]

As I read all the responses to LeeF7788's questions, I come to conclusion that our fellow TUGGERS are an invaluable asset - to assist anyone. Bravo!

I would only add that there might be another reason to accept this deeded property. But only if there is a rental opportunity during the time interval of the deeded week where the rental income not only pays for the maintenance fees (MFs) but also would pay for a subscription to a vacation club. This membership gives the subscriber the ability to book vacations of one's own choice to places not heretofore available through an exchange using the "exchange value" the week represents to and exchange company e.g. RCI.

This might be a long shot, but is worth investigating if for nothing more, to learn the true value. I learned long ago that value is best defined not by what someone tells you it is, it's what someone else believes it is. Other responders to your post gave relevant information as to how to calculate this.

Lastly, there is the issue of ownership. As the writer has learned by now, this is a double edged sword. Many of the posts talk about the possible pros but, there are cons that unwittingly, will present themselves. So, even if you pay nothing, you will have the responsibility of ownership once the deed is transferred. So, one must ask: How long do I believe I will want to use the property? If I leave it to my heirs, will they want it? If need be, can I dispose of it quickly?

Any doubts, run, don't walk..........

You are getting

Morning all!

I'm new here and just wanted to understand how timeshares work.

My wife's aunt is wanting to give us her timeshare, located in French Lick, IN. As I understand it, she has a week in May sometime each year. The maintenance fees are around $498 and she's had the timeshare for around 30 years. My wife and I know nothing about timeshares, but understand that you can exchange them through RCI for different weeks during the year at different resorts. Our question is, are timeshares worth it?

We've read conflicting information online about being able to trade the timeshare for other times throughout the year. Does anyone have any advice they would be willing to share? We greatly appreciate it!

We also understand that she would be transferring her RCI membership to use, which is another $99/year.

Thanks for your time,
Lee

I definitely understand that. We all have different vacation preferences that should be considered when determining if a timeshare (and what timeshare) will meet our vacation wants and needs.

Like you, I have a couple of resorts that feel like second homes to me. They are located in areas I have been going to most of my life and greatly enjoy. They are drive-to locations (within 45 minutes to two hours from home). I may only get there every other year, but try to at least go once a year if I can fit them in between exploring other destinations. I never tire of returning, being familiar with what to expect, having the opportunity to be welcomed and visit with the familiar staff, visiting favorite area sites and restaurants, and just feeling relaxed in familiar surroundings. Fortunately, I have been able to have a mix of timeshares that both allow me to exchange to other destinations and to also revisit my favorites without having to exchange.

When owning one timeshare (especially a first timeshare), then it would be more practical to choose what has the best potential to meet current and upcoming vacation needs.