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Does this make sense to do?

**emmak**

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Hi! I think I posted this in the wrong section earlier- my apologies! I have been doing a lot of research on timeshares this past week and am so happy to come across this site. It's an incredible wealth of information! My husband and I are considering buying a time share for a very nominal fee from a friend and I want to make sure I have considered everything before we make the deal.

Background: Currently we vacation on the lake near where this time share in NH and have been for the past 9 years, so we know the area well. We have a small Hobie Cat getaway boat and like to take it up for the day to go sailing (we live about an hour away). However, we rarely do this mainly because we don't have somewhere to change etc after sailing and go to dinner. We have considered staying overnight at a local hotel but during the season most hotels want a 2-night minimum and our 2 dogs, cat, hamster and fish at home would get lonely :). We have 3 sons that are 12, 10 and 7. Every time we go to Disney we strongly consider buying into DVC but then back out due to cost and whether or not it's 'worth it.'

Current situation: time share in question is for 20,000 points and $450 yearly maintenance fee. They are selling it for $500 and we haven't disused the other costs- which from what I am reading are transfer fee from the resort and any closing costs. I am planning to ask them to split those costs since they haven't been brought up yet. Am I missing anything here?

Out intent is to use property for the ammenities we have access to 365/ year- mainly the pools and a place to change after sailing for the day. This is worth the $450 a year it will be costing us (maintenance fees). However, the added perk for us would be the actual points which I would hope to be able to apply towards use at different places throughout the country and abroad with RCI. We travel a lot as a family and I LOVE new adventures. My husband likes them too but is always nervous about the cost of my planned trips :). My thought is that with our annual points I can significantly cut the cost of fun winter/ spring vacations. We basically chase the sun and do still like doing Disney and cruises so I was thinking every other year we would use the point to travel. End of the day though, we originally wouldn't be considering this if it wasn't for the fact that it is 1 hour from our house with use of the amenities year round.

My questions are as follows:
1) Am I 'missing' any costs or things I should be considering?
2) Does it make sense to buy something at a resort we have no real intention of using to stay overnight?
3) Because we are buying points, does this mean we can book something for an equal amount of points without having to trade properties through a company like RCI (there is an annual fee here too right? is it a standard fee?) ?
4) Is 20,000 points a ridiculously low amount of points? 40,000- if we are thinking every other year? Can I book something partially with points and pay for the rest? I know someone who is looking to get rid of their property with 90,000+ points but maintenance is $600/yr and I don't know how much she wants to sell it for....

Thank you for reading all of the and for any advice, tips, feedback or resources I should read! I really appreciate it!

Emily
 

DaveNW

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Welcome to Tug. You're in the right place.

It's good you're taking your time. There are plenty of questions that need answering.

The day-use at the resort is great. If the maintenance fees are enough payback for that, then the price is fair - as long as you know maintenance fees are likely to increase every year. Are there any outstanding or planned special assessments for owners to improve/maintain the property? New roof, rebuild the swimming pool, rebuild docks, whatever - they can be expensive. Is this a right-to-use timeshare for a fixed number of years, or is it a deeded resort with a recorded deed you'd own in perpetuity? Points usually have an underlying deeded unit. Is it annual, biennial? You don't say what those 20K points are for - are they in a system of some kind? How much are they worth to an exchange company? How would that ownership get deposited to RCI (or another exchange company? There are several.) RCI gives TPU credits for deposits, but in addition to the membership fee, there are lots of other fees involved, like a $239 exchange fee. Will you receive enough in TPU credits, or value for the 20K points (if they somehow translate to RCI exchange value), to exchange to someplace you really want to go? RCI is notorious for giving less than they ask in return for making an exchange - it may cost you more than you'll receive for your deposit, so an exchange won't be possible. Exchanging, and especially in RCI, is not as good as it used to be. Check other sources for sales of this same resort you're considering - often times you can get a timeshare on eBay for $1 or less, with the seller paying all the fees. (I've done it many times.) Do NOT rush into anything - it's much easier to get into a timeshare than it is to get out of one.

Do your homework. You'll be glad you did.

Dave
 
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