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Timeshare advice
Posted on 9/22/11 at 3:28 pm
Posted on 9/22/11 at 3:28 pm
Has anyone bought into time shares through RCI? Is there anything to worry about?
My wife has been wanting to get a Disney timeshare (partnered through RCI) since our honeymoon in January. She got her first full time job this summer, and I have two years left in my doctoral program. Thus we currently have enough to afford a basic package. However, I'm trying to figure out how worth it having a timeshare really is.
I talked with a booking agent today, and I seem pretty convinced that it will be worthwhile. If we open a deed for 50pts we get 4-5 nights off peak season, and 3 nights during peak. The other nice feature is that unused points roll over for one year, and you can steal points from the next year. Also, you are able to travel anywhere with the RCI system.
So for 5K split over 10 years for a 45 year lease, I feel that this is a very good deal. However, I was wondering if anyone was aware of any hidden issues to look out for?
My wife has been wanting to get a Disney timeshare (partnered through RCI) since our honeymoon in January. She got her first full time job this summer, and I have two years left in my doctoral program. Thus we currently have enough to afford a basic package. However, I'm trying to figure out how worth it having a timeshare really is.
I talked with a booking agent today, and I seem pretty convinced that it will be worthwhile. If we open a deed for 50pts we get 4-5 nights off peak season, and 3 nights during peak. The other nice feature is that unused points roll over for one year, and you can steal points from the next year. Also, you are able to travel anywhere with the RCI system.
So for 5K split over 10 years for a 45 year lease, I feel that this is a very good deal. However, I was wondering if anyone was aware of any hidden issues to look out for?
10
Posted on 9/22/11 at 3:51 pm to Bmath
Timeshares are generally horrible things to buy because their value drops as soon as you sign the dotted line. But, I've heard that the Disney timeshare program is the least awful of them all. That being said. I think if you take into account the fees associated with most plans make it as cheap to just book a room whenever you get ready to go to Disney.
Posted on 9/22/11 at 3:54 pm to Bmath
Absolutely no resale value, regardless of what they are telling you.
Posted on 9/22/11 at 4:05 pm to tigeryat
I'm not really looking at it as something to sell. My wife is obsessed with Disney, so I am looking at it as a way to essentially say ok now we can afford a week in Disney every other year. I also like that it can be used all of over the country and world whenever I want. Obviously, I am limited as to how far out I can book, but the fact that it is flexible is a nice feature. The real issue I see is that by the time you are finished financing it for ten years with a 11.5% APR, you end up basically doubling the initial cost.
This post was edited on 9/22/11 at 4:08 pm
Posted on 9/22/11 at 4:08 pm to Bmath
quote:
If we open a deed for 50pts we get 4-5 nights off peak season, and 3 nights during peak.
BARELY.
We have a DVC timeshare at 100 points. We love it. I'm an above average financial dude and it made perfect sense for us. Well worth it.
Posted on 9/22/11 at 4:09 pm to Broke
And if you do buy in and have a referral from a member the member gets like $200. Split it with you.
Posted on 9/22/11 at 4:11 pm to Bmath
11.5% jesus.
Posted on 9/22/11 at 4:22 pm to Bmath
I'd wait 3 years until you get your advanced degree and start working. Then pay for the timeshare in cash without financing.
This post was edited on 9/22/11 at 4:24 pm
Posted on 9/22/11 at 4:28 pm to Broke
How much are the fees per year (after you buy into the timeshare) with Disney? I've been to Orlando yearly the past two years, and stay at an Omni for around 120 a night(nice place with a lazy river, pool, waterslide, golf course). With my kids getting to the Disney age (and inlaws in South Florida that meet us there), I'll probably go yearly for the next 15 or so years.
Posted on 9/22/11 at 4:44 pm to Ric Flair
quote:
How much are the fees per year
It depends on how many points you own. I think I pay around $300 or so.
Posted on 9/22/11 at 4:47 pm to Broke
So around $100 a point to buy in (assuming 5K gets you 50 points as per original poster)?
Any resort fees/taxes/parking fee on top of the $300 a year?
Any resort fees/taxes/parking fee on top of the $300 a year?
Posted on 9/22/11 at 4:47 pm to Ric Flair
The maintenance fees are dependent on your points. For example if you buy 100 pts you pay $451.23 annually.
Also, the other poster is right about the 50pts barely making those few days. However, I think we might be able to say use the points every other year to double up.
The other thought about buying in after I am done has crossed my mind too. Buying in full would be better. However, once I could always pay it off once I am done. Another feature is to just buy more points down the road.
Also, the other poster is right about the 50pts barely making those few days. However, I think we might be able to say use the points every other year to double up.
The other thought about buying in after I am done has crossed my mind too. Buying in full would be better. However, once I could always pay it off once I am done. Another feature is to just buy more points down the road.
Posted on 9/22/11 at 4:52 pm to Ric Flair
quote:
Any resort fees/taxes/parking fee on top of the $300 a year?
None.
Posted on 9/22/11 at 9:32 pm to Broke
Man I'd split with you for sure.
Posted on 9/22/11 at 9:52 pm to Broke
Is no one else seeing the humor of a guy named "broke" discussing what he sees as the positives of time shares.
Posted on 9/23/11 at 12:36 am to Costanza
would it not just be cheaper and easier to pay for a hotel room for 3-4 days a year?
Posted on 9/23/11 at 6:52 am to Bmath
DVC is great. been discussed here before ad nauseum. please use the search function, it was well documented and would answer all of your questions. thanks.
Posted on 9/23/11 at 7:31 am to Bmath
quote:
I'm not really looking at it as something to sell
In 5 years it will be
Posted on 9/23/11 at 7:36 am to Bmath
quote:
She got her first full time job this summer
What do you want to do honey? Save up for a nicer car? A bigger house? Drop it into savings?
No, lets get a timeshare, at 11.5%
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