New to this - which is better to buy resale - weeks or points?

[nsstampqueen]

We have a timeshare that my dad has given us (after over 25 years of mom and dad using it) for Islander Beach in New Smyrna FL. We will never use this property so I need to sign up with either RCI or II to "bank" it and go elsewhere - correct?

That being said, we love Mexico - San Jose del Cabo to be exact. We could go twice a year for a week (or more depending on the year). I want to buy a timeshare to do this. I have no idea of the value of the timeshare we've been given, I think it's ok - when they couldn't use it the resort rented their week out and dad made money on the deal. I haven't gotten the paperwork yet so I'm not sure what week it is for, but it is a set week.

Would I be better to buy a cheap or free timeshare at a set resort for a set week and then bank that for use where we want to go OR should I pick up a points timeshare and use that instead? Trying to wrap my head around all this is difficult when you don't know much to begin with.

Anyone know if you can get Los Cabos places through RCI Last Call? We can do short notice - we'd just book the time off and then figure out where we're staying at the last minute.

I probably have tons more questions - but we'll start here - feel free to add any advice you might think I need to do what I need to do! and thanks!!

 

[rickandcindy23]

Exchanging into Mexico works pretty well. I think others will come along and give additional advice for Mexico, since I have never been. I love Hawaii, and exchanging works well.

Welcome to TUG.

Your week # is important for us to figure out how many Points Lite you will get for the deposit.

 

[Tia]

Go slow and read more on this topic here. Timeshare values in resale are at an all time low.

 

[djs]

My advice would be to see if the timeshare you currently have will work for you. You will have to join an exchange company in order to exchange with it. Your resort can tell you if you are RCI or II affiliated, I would only join for a year or two at first so you're not investing a lot of money into this.

If you find you are able to exchange into resorts you are happy with then there would be no need to buy another timeshare; in fact I wouldn't buy another timeshare until you are comfortable with timesharing and understand how it works. A lot of people get annoyed by the "nickle and diming" part of a timeshare where you pay an annual fee to your resort, then pay an annual fee to an exchange company and then pay another fee when you actually exchange, however it is important to look at the total expenses vs. what it would cost to book the resort you exchange into. Often (but not always) it ends up being a significant savings.

If staying in a resort with kitchen facilities, multiple bedrooms, a living room etc is not important to you and you are perfectly happy in a basic hotel room then timesharing may not be for you. This is a decision that only you can make.

If at some point you do decide to purchase an additional week, some of the most common advice here is to buy where you want to go.

Lastly, and most importantly, keep in mind that these days people are even having difficulty giving away timeshares. You have a financial obligation to continue paying fees on the one you currently have (I'm assuming you now own it) and if you purchase another timeshare you will have an additional one where you will be obligated to pay annual fees.

 

[DeniseM]

I wouldn't buy anything else right now.

FIRST - do your homework on the property you are acquiring from you parents, and try using it or trading it. Whether you deposit with RCI or II depends on which exchange company the resort is affiliated with. The deed transfer must be complete before you can open an exchange acct.

Mexico is easy to trade for and rentals are abundant and cheap - I wouldn't buy there.

If you post more details about what you own, we can help with that - deeded week or season and unit size.

 

[nsstampqueen]

More Info

Here's what I know about the timeshare my dad is transferring to us - it is deeded and I believe the week is in September (around the middle I think). The maintenance fee is less than $600. I unfortunately never paid attention to what size the unit is, but knowing my dad it has to be at least a 1 bedroom unit (not a studio for sure). It is also perpetual (is that the correct term)and like I said in the previous post on the years he doesn't use it the management company rents it out for him and he gets more than his MF back from them.

We are not into Florida - especially that area - and we want to use the time for Mexico.

I know I have to sign up with either RCI or II to exchange it - I think it's RCI for this one, but can't be sure - I'm sure one of you can tell me! I just wonder about giving up a deeded week for points - I like the idea of the Last Call and Exchanges but have to know more about the rules for this.

My hubby and I are at the point of wanting to take more vacations per year - now that we're empty nesters and financially can. We've previously gone the AI route - and can't wait to go back to a few places we've been and look after ourselves. AI has never been a good value for us, I'm a picky eater and neither of us are big drinkers. I would be interested in a 1 bdrm unit with a full kitchen (or the ability to book something larger if I wanted to bring family along).

That's about all I know - ask away and thanks for the answers!

 

[ampaholic]

I know I have to sign up with either RCI or II to exchange it - I think it's RCI for this one, but can't be sure - I'm sure one of you can tell me! I just wonder about giving up a deeded week for points - I like the idea of the Last Call and Exchanges but have to know more about the rules for this.

No, No you don't - you can also:

1. Exchange through Platinum Interchange - no cost to join and you can usually get 2 weeks (sometimes 3) for your deposit!

2. Exchange Direct through TUG - $15 to join.

go here; https://www.platinuminterchange.com/website/exchanges.asp to see what PI currently has to offer - it's free to join.

 

[djs]

You mention giving up your deeded week for points. There is a entire forum on TUG dedicated to Point Systems, if you are getting a week vs. points, make sure you understand the difference. Resorts will allow you to convert from weeks to points (and some will try to push you into points), but as you likely have guessed there are fees for that. As others have said, you should do plenty of research to understand what you are getting into.

 

[aliikai2]

I don't see the name of the Resort?

Without knowing which resort and which week, Hurricane season in FLA is not in high demand.
I would question whether you should even accept this Gift, as it may be a money pit.

You can pick up many affordable units that will trade into Mexico, that Belaire resort doesn't seem to have any weeks available in RCI.,
but that are many great resorts that depending upon when you wish to travel are excellent values.

I would research more before I took this Gift or bought anything.

fwiw,

Greg

Here's what I know about the timeshare my dad is transferring to us - it is deeded and I believe the week is in September (around the middle I think). The maintenance fee is less than $600. I unfortunately never paid attention to what size the unit is, but knowing my dad it has to be at least a 1 bedroom unit (not a studio for sure). It is also perpetual (is that the correct term)and like I said in the previous post on the years he doesn't use it the management company rents it out for him and he gets more than his MF back from them.

We are not into Florida - especially that area - and we want to use the time for Mexico.

I know I have to sign up with either RCI or II to exchange it - I think it's RCI for this one, but can't be sure - I'm sure one of you can tell me! I just wonder about giving up a deeded week for points - I like the idea of the Last Call and Exchanges but have to know more about the rules for this.

My hubby and I are at the point of wanting to take more vacations per year - now that we're empty nesters and financially can. We've previously gone the AI route - and can't wait to go back to a few places we've been and look after ourselves. AI has never been a good value for us, I'm a picky eater and neither of us are big drinkers. I would be interested in a 1 bdrm unit with a full kitchen (or the ability to book something larger if I wanted to bring family along).

That's about all I know - ask away and thanks for the answers!

 

[nsstampqueen]

Without knowing which resort and which week, Hurricane season in FLA is not in high demand.
I would question whether you should even accept this Gift, as it may be a money pit.

You can pick up many affordable units that will trade into Mexico, that Belaire resort doesn't seem to have any weeks available in RCI.,
but that are many great resorts that depending upon when you wish to travel are excellent values.

I would research more before I took this Gift or bought anything.

fwiw,

Greg

The resort is Islander Beach in New Smyrna, FL - and it is definitely not a money pit - he gets more than his MF back every year he doesn't use it - the resorts rents it out for him, keeps 30% or so and sends him the balance - and he ALWAYS gets more than his MF. So to me it's worth it to take the gift, even if I eventually give it away or trade it for somewhere else. For all I know I've gotten the week wrong and it could be a better one, he bought it during a vacation to Florida in 1987 - could have been winter or spring (not sure why I think September - he showed me the booking papers last year and had his choice of three weeks to decide between).

I just know that this is something we want to get into - having vacation time to go somewhere (and although I specifically want San Jose del Cabo I'm flexible). This year we went to Punta Cana - not sure we want to go back there, but we like other places too - Jamaica, Aruba, Bahamas, Barbados, etc. And it would be nice to have something that we can either just take the points and apply them for a stay in a location we choose, or trade a week with someone, and also to have the option to buy additional time someplace short notice! We want to vacation in April 2012 - I would like to go to Mexico - I like the idea of booking a flight as soon as it goes on sale for cheap - and then decide on the place to stay later. That's what I think a timeshare is about to us - the ability to stay somewhere whether it's booked a year in advance or last minute, and for the most part the financial end of things are taken care of. If we can't use it, believe me we have enough family between the two of us that someone will use it!

 

[ampaholic]

PI has lots and lots of weeks available at San Jose Del Cabo .....

Just sayin ...

 

[aliikai2]

Then I bet it isn't September

It must be a higher demand week than September for the resort to collect over $900 in rent every year.
RCI currently has 139 available weeks for trade, with a trade value of 5-22 tpu averaging 11 for $600 which is a little high per trade power unit.

Islander Beach Resort (#5175) 139 check-in nights available
New Smyrna Beach, FL 32169
Available Unit Size
Studio
1 Bedroom
2 Bedroom
Check-In Date Range
11-Nov-2011 -
29-Dec-2012
Exchange Trading Power Range
5 - 22


The more I read the less I think you understand how timeshares work, points, weeks, etc.

For Mexico Easter and Holy week( Big National Holidays) are in April 2012 along with Spring Break, so just grabbing a last minute high quality week self catering isn't going to be a piece of cake.

You really need to research what system you want to use, Wyndham, Worldmark, Bluegreen,Hilton, RCI, VI, etc then you make a plan to find what fits your needs.

It is really easy to buy a timeshare, it is much harder to get rid of , some are almost impossible to give away.
It is like getting married, quick and easy, divorce on the other hand is expensive and messy.

fwiw,
Greg

The resort is Islander Beach in New Smyrna, FL - and it is definitely not a money pit - he gets more than his MF back every year he doesn't use it - the resorts rents it out for him, keeps 30% or so and sends him the balance - and he ALWAYS gets more than his MF. So to me it's worth it to take the gift, even if I eventually give it away or trade it for somewhere else. For all I know I've gotten the week wrong and it could be a better one, he bought it during a vacation to Florida in 1987 - could have been winter or spring (not sure why I think September - he showed me the booking papers last year and had his choice of three weeks to decide between).

I just know that this is something we want to get into - having vacation time to go somewhere (and although I specifically want San Jose del Cabo I'm flexible). This year we went to Punta Cana - not sure we want to go back there, but we like other places too - Jamaica, Aruba, Bahamas, Barbados, etc. And it would be nice to have something that we can either just take the points and apply them for a stay in a location we choose, or trade a week with someone, and also to have the option to buy additional time someplace short notice! We want to vacation in April 2012 - I would like to go to Mexico - I like the idea of booking a flight as soon as it goes on sale for cheap - and then decide on the place to stay later. That's what I think a timeshare is about to us - the ability to stay somewhere whether it's booked a year in advance or last minute, and for the most part the financial end of things are taken care of. If we can't use it, believe me we have enough family between the two of us that someone will use it!

 

[ampaholic]

-snip-

It is really easy to buy a timeshare, it is much harder to get rid of , some are almost impossible to give away.
It is like getting married, quick and easy, divorce on the other hand is expensive and messy.

fwiw,
Greg

This quote should be a sticky above every forum.

 

[funtime]

RCI has a ton of great resorts in Cabo and they should be relatively easy to trade into as there is low demand right now for Mexican resorts - both for purchase and trade. (exceptions are the weeks mentioned above which are important Mexican travel holidays). The Pueblo Bonito Sunset Beach and Pueblo Bonito Rose are two great Cabo resorts in RCI. My sister and I own at PB Sunset Beach and it is an awesome resort. While I generally prefer Interval International to RCI, when it comes to Mexico, RCI has II beat hands down. I would take the timeshare and use that and RCI getaways - but hold off on buying anything else yet and certainly do not buy from a developer. And if you join TUG you can access all the great reviews - including scores and scores for Mexican resorts. Funtime

 

[nsstampqueen]

May have found what I'm looking for!

Well, thanks to TUG I may have found exactly what I'm looking for - a week at the exact resort that I want! I found it under the resort name in the Marketplace (I think it's posted in the Bargain Bin) - and am in contact with the owner getting more information!!

The owner has paid the MF for 2011 but not used the week, and is paying the transfer fees, and best of all he is not charging for the timeshare (gotta luv TUGGERS)!!! I would just have to pay next year's maintenance fees. I am trying to find out if - it's a set week or a floating week, if it's deeded and perpetual (it should be), and whether I have to pay the maintenance fee when the title is transferred or when it's due next year (owner thinks end of February but is looking it up to be sure).

Are there other fees I should be aware of and need to make sure who is paying them? Are there other questions I need to ask them, that I'm missing? I know the property well, it's exactly the resort we want to go to (and would use every year because of the location etc.). I've been there prior to renovations that have taken place - so pretty sure it can only get better!

 

[theo]

A few thoughts...

Well, thanks to TUG I may have found exactly what I'm looking for - a week at the exact resort that I want! I found it under the resort name in the Marketplace (I think it's posted in the Bargain Bin) - and am in contact with the owner getting more information!!

The owner has paid the MF for 2011 but not used the week, and is paying the transfer fees, and best of all he is not charging for the timeshare (gotta luv TUGGERS)!!! I would just have to pay next year's maintenance fees. I am trying to find out if - it's a set week or a floating week, if it's deeded and perpetual (it should be), and whether I have to pay the maintenance fee when the title is transferred or when it's due next year (owner thinks end of February but is looking it up to be sure).

Are there other fees I should be aware of and need to make sure who is paying them? Are there other questions I need to ask them, that I'm missing? I know the property well, it's exactly the resort we want to go to (and would use every year because of the location etc.). I've been there prior to renovations that have taken place - so pretty sure it can only get better!

I don't want to interfere in any way with anyone's transaction, but I would just advise you to learn, clearly and conclusively, about the allowed usage in this ownership, whatever and wherever it may be.

If it's a fixed week in February and you want to go in July, that obviously doesn't (...and won't ever) work.

If it's a "floating" week ownership with associated seasons / restrictions / limitations for reserving a week, you should clearly and conclusively learn and understand those limitations first, to determine whether you can make it work for you within the available and allowed reservation dates / seasons.

I hope it all works out for you, but I advise you to put your obvious enthusiasm aside for a momenrt to clearly know and fully understand exactly what you are acquiring before you become a permanent owner.

Good luck.

 

[nsstampqueen]

I don't want to interfere in any way with anyone's transaction, but I would just advise you to learn, clearly and conclusively, about the allowed usage in this ownership, whatever and wherever it may be.

If it's a fixed week in February and you want to go in July, that obviously doesn't (...and won't ever) work.

If it's a "floating" week ownership with associated seasons / restrictions / limitations for reserving a week, you should clearly and conclusively learn and understand those limitations first, to determine whether you can make it work for you within the available and allowed reservation dates / seasons.

I hope it all works out for you, but I advise you to put your obvious enthusiasm aside for a momenrt to clearly know and fully understand exactly what you are acquiring before you become a permanent owner.

Good luck.

Absolutely! That's why I am asking - although our vacation weeks are static - we can pretty much take them when we choose to. That being said - I've been to Jamaica in August and don't care to do that again - I'd rather go when it's cold here.

Although I'm excited to find exactly what we are looking for - I'm too cautious to just jump into this. Are there other things I need to know? I have asked whether it's perpetual or not - I don't want one that ends in a few years (or ever for that matter). I've asked if it's a set week or floating. I've been told that they will cover the transfer fees and that the 2011 MF's are already covered - but it is my understanding they didn't use their week this year. If you want to check out the ad it can be found if you search for Playa del Sol Los Cabos. The seller has said that I would be responsible for 2012 maintenance fees and I've asked whether they would be due immediately (or at the time of transfer) or if they'd be due sometime in 2012 and we'd just pay them then. They are not charging any money for the timeshare itself (or maybe $1 kind of thing).

Here is a quote from the seller's email:

Hello Donna,
Thank you for your interest in our suite. Yes, at this point, our suite is still available, but with holiday season coming up, along with winter in the North, we don't expect it to be around for very long. As mentioned in the ad, the cost of the title transfer fee's and the MF for 2011 would be paid for. I am away from my home for about another week, but when I return home, I can check on the exact date that the MF comes due each year. I believe it's February 28th each year.

I am concerned about unexpected fees - closing costs or whatever they could possibly be - I am unfamiliar with this type of transaction - so am leary. I know if you do it with a closing service there are costs - this has not been specified in the ad. I have read on the forums here quite a bit about the different agencies that do this, and am comfortable with using the recommended one, but not sure what the seller has in mind - remember it's still early in this process.

Basically for me, if it's not a deeded perpetual week - I'm not interested. If it's a set week at a bad time of year I'm not interested. If it's a private transaction - I'm probably not interested - by that I mean the seller looks after the paperwork himself - I'm sure I'm not competent enough to do that why would they be and what would cover me if they still owed money on their share, etc. Have I even come close to covering everything to be worried about, I'm not sure.

Thanks again for the help and advice!

 

[aliikai2]

Then you won't be interested

Mexico weeks are all Right to Use for a set period, some are 25 years some are 30-50, etc.

Timeshares in Mexico are memberships, whether is is Pueblo Bonito, Royal Holiday, El Cid, Vida, it makes no difference, that are all expiring right to use units..

The closing you refer to is a transfer of the name from them to you as this is a membership, not an ownership.
As a non-Mexican, you can't own any property within 50 miles of the ocean, so the entire Baja is in that restriction.

fwiw,

Greg

Absolutely! That's why I am asking - although our vacation weeks are static - we can pretty much take them when we choose to. That being said - I've been to Jamaica in August and don't care to do that again - I'd rather go when it's cold here.

Although I'm excited to find exactly what we are looking for - I'm too cautious to just jump into this. Are there other things I need to know? I have asked whether it's perpetual or not - I don't want one that ends in a few years (or ever for that matter). I've asked if it's a set week or floating. I've been told that they will cover the transfer fees and that the 2011 MF's are already covered - but it is my understanding they didn't use their week this year. If you want to check out the ad it can be found if you search for Playa del Sol Los Cabos. The seller has said that I would be responsible for 2012 maintenance fees and I've asked whether they would be due immediately (or at the time of transfer) or if they'd be due sometime in 2012 and we'd just pay them then. They are not charging any money for the timeshare itself (or maybe $1 kind of thing).

Here is a quote from the seller's email:

Hello Donna,
Thank you for your interest in our suite. Yes, at this point, our suite is still available, but with holiday season coming up, along with winter in the North, we don't expect it to be around for very long. As mentioned in the ad, the cost of the title transfer fee's and the MF for 2011 would be paid for. I am away from my home for about another week, but when I return home, I can check on the exact date that the MF comes due each year. I believe it's February 28th each year.

I am concerned about unexpected fees - closing costs or whatever they could possibly be - I am unfamiliar with this type of transaction - so am leary. I know if you do it with a closing service there are costs - this has not been specified in the ad. I have read on the forums here quite a bit about the different agencies that do this, and am comfortable with using the recommended one, but not sure what the seller has in mind - remember it's still early in this process.

Basically for me, if it's not a deeded perpetual week - I'm not interested. If it's a set week at a bad time of year I'm not interested. If it's a private transaction - I'm probably not interested - by that I mean the seller looks after the paperwork himself - I'm sure I'm not competent enough to do that why would they be and what would cover me if they still owed money on their share, etc. Have I even come close to covering everything to be worried about, I'm not sure.

Thanks again for the help and advice!

 

[nsstampqueen]

Actually, in the last few years there have been a number of changes to real estate rules in Mexico and you can buy property there as a foreigner. You can even get mortgages on property you buy there. There is no longer that rule about a certain distance from water. We've looked at purchasing property and aren't ready to go there yet, we want to do the timeshare thing until we are closer to retirement (or the prices really go down) before actually making a purchase of a home.

If you want to do some reading check out www.loscabosguide.com and click on the real estate tab part way down the page. Lots of great info there on everything to do with buying.

 

[aliikai2]

You can hire a bank as a trust holder which you pay annually for their service

In Los Cabos, foreigners (US and Canadian citizens as well as all others) can buy property as long as they own it in a trust known as a Fideicomiso.
This trust, similar to a living trust, exists to hold title to one piece of property. If your property is located within 50 Km from a sea coast or 100 Km from an international border this is the only way in which you can take title.
In Los Cabos that pretty much defines all of our real estate. But we're not complaining because not only is the Fideicomiso system safe it offers tax and estate planning advantages. What you need to know are the terms of the trust.

All this refers to Deeded land, Timeshares in Mexico are not deeded.
We own about 85 assorted Mexican Timeshare weeks memberships, none of them are deeded.

Greg

Actually, in the last few years there have been a number of changes to real estate rules in Mexico and you can buy property there as a foreigner. You can even get mortgages on property you buy there. There is no longer that rule about a certain distance from water. We've looked at purchasing property and aren't ready to go there yet, we want to do the timeshare thing until we are closer to retirement (or the prices really go down) before actually making a purchase of a home.

If you want to do some reading check out www.loscabosguide.com and click on the real estate tab part way down the page. Lots of great info there on everything to do with buying.

 

[nsstampqueen]

I have a girlfriend who owns a fractional unit at Playa del Sol so I think I was assuming they all would be fractional units - we'll see what the seller says. I can't decide if the timeshare would be of benefit to us - we'll see if it's worth anything in combination with our Florida one and maybe we can use it to trade into other places we might want to go through RCI or II.

Sounds like from what I've been reading we would want to go with the points system and not the weeks system. We can purchase other timeshares and add the points together and go someplace better for less time one year and many places that are less costly other years. Not sure if I made sense there, but that's just me today!