Regarding point based timeshares

[godspeed1208]

Hi there everyone, i'm new here and also to timeshares and was reading around the net and happened to find this forum(which i'm glad i did ) and wanted to ask a few newbie questions if you don't mind...

I'm looking at a timeshare that is for resale and it says :

Price: $1500
Point Allotment: 100,000
Banked Points: 0
Anniversary: January
Maintenance Fee: $858.5
Ownership Type: Deeded
Use: Annual

so what i don't understand here is what is banked points?

And I'm from Singapore so will i be eligible to buy this timeshare?

And what really bothers me is how come each time-share's have different points for allotment.. i see some from 5-800,000 points.

Is it safe to buy from resale timeshares and what are the things that i will need to check or make sure before getting my leg into this?

Please take note the above stated info is just an example. I'm looking for those with low cost in Maintenance Fee and those that will provide the highest points available.

Thank you so much
siva

 

[DeniseM]

Here is the TUG Advice page to get you up to speed on buying resale:

http://tug2.net/timeshare_advice/tug_timeshare_advice.shtml

It is safe to buy resale, if you understand what you are buying, and use a reputable closing company.

Assuming that you are talking about RCI Points, the reason every resort has different RCI points, is because resorts have different trading values. For instance, you wouldn't expect the top resort in Hawaii to have the same trading value as a dump in Orlando.

However, there are many resorts systems with their own points systems, that are not RCI points, so you really have to know what you are looking at - that takes some time and research.

Banked points are points that have already been deposited with an exchange company.

 

[godspeed1208]

Here is the TUG Advice page to get you up to speed on buying resale:

http://tug2.net/timeshare_advice/tug_timeshare_advice.shtml

It is safe to buy resale, if you understand what you are buying, and use a reputable closing company.

Assuming that you are talking about RCI Points, the reason every resort has different RCI points, is because resorts have different trading values. For instance, you wouldn't expect the top resort in Hawaii to have the same trading value as a dump in Orlando.

However, there are many resorts systems with their own points systems, that are not RCI points, so you really have to know what you are looking at - that takes some time and research.

Banked points are points that have already been deposited with an exchange company.

hi thank you for the quick reply, my main thoughts for getting the timeshare is for the rci points, so when the seller mentioned ,100,000 points per year allotment , i could use this points to book hotels around the would for example using rci.com right and pay the exchange fees? Please correct me if i'm wrong. I don't want to get a timeshare with points which i could only use with the developer of the timeshare

 

[Passepartout]

The 'banked points' thing refers to unused points that carry over to the next 'use year'. Say you get an annual allotment of 100,000 (RCI) Points. and you use them as 'currency' to reserve a week or 2 costing a total of 80,000 Points. You'd carry over the remaining 20,000 to the next year which would then give you 120,000. You can also 'borrow' from the upcoming 'use year (assuming your dues are paid) Say you have 30,000 points left in your account, and you see a week at a resort that costs 60,000 points. You can borrow the needed points from the next upcoming year.

As to a person from Singapore buying a resale timeshare. There should be no reason why not. It might take a bit longer due to international shipping of documents, but It's legal.

Jim

PS. Using RCI Points for airfare, cruises, and hotel stays is a poor use of your MF. Use them for resort stays.

 

[Bill4728]

Hi Welcome to TUG

Almost never is it a good idea to use TS points for hotel stays. IMHO, TS points should be used for TS stays. Many people use their TS points within their TS system. (like using wyndham points within the huge wyndham system) Or they use their pts to book exchanges with the two major TS exchange companies (RCI & II)

Before doing anything ask a lot more questions

 

[godspeed1208]

Banked points are points that have already been deposited with an exchange company.

And does this means the points have already been used for that particular year?

 

[godspeed1208]

The 'banked points' thing refers to unused points that carry over to the next 'use year'. Say you get an annual allotment of 100,000 (RCI) Points. and you use them as 'currency' to reserve a week or 2 costing a total of 80,000 Points. You'd carry over the remaining 20,000 to the next year which would then give you 120,000. You can also 'borrow' from the upcoming 'use year (assuming your dues are paid) Say you have 30,000 points left in your account, and you see a week at a resort that costs 60,000 points. You can borrow the needed points from the next upcoming year.

As to a person from Singapore buying a resale timeshare. There should be no reason why not. It might take a bit longer due to international shipping of documents, but It's legal.

Jim

PS. Using RCI Points for airfare, cruises, and hotel stays is a poor use of your MF. Use them for resort stays.

hi so what you are saying is i should get a TS that have not banked any points too right? And why is it poor use of points for airfare? i was thinking of doing that. i travel to thailand a few times a year and was thinking maybe i could cut so cost

 

[godspeed1208]

Hi Welcome to TUG

Almost never is it a good idea to use TS points for hotel stays. IMHO, TS points should be used for TS stays. Many people use their TS points within their TS system. (like using wyndham points within the huge wyndham system) Or they use their pts to book exchanges with the two major TS exchange companies (RCI & II)

Before doing anything ask a lot more questions

HI thank you for your advice, can i know what is this company you mentioned II? i know of the other which is RCI. And what does MF stands for? sorry for this dumb questions

 

[Bill4728]

II = Interval international ( the other big exchange compay which Marriott, Hyatt Westin all use)

MF = maintenance fees - the yearly charge to own and use your TS. It is an ongoing expense which you are required to pay as long as you own a TS even if you do not use your TS.


Banking points can be done by giving them to the TS system that issues your points. So for Hilton, you bank your pts with Hilton. For RCI pts, you bank your pts with RCI. If there are no banked points it means the person selling their TS is not selling any of this years points. They are only selling pts from the upcoming years.

Please be aware there is no such thing as "buying RCI points". You must buy a TS that is in RCI and is currently enrolled in RCI points. You then can give your TS week to RCI in exchange for RCI pts.

Many TS systems have a "Point system" but only a handful of TS systems sell "points" . Most sell a week at a resort and by giving the use of that week up, you get TS points for use in that system.

 

[DeniseM]

RCI is a timeshare exchange company. You get the best value out of your points by making timeshare exchanges.

Exchanging for hotel rooms, or airfare is usually not a good value, because the points required are really high.

You need to look at points as currency - because they cost you money every year when you pay your maintenance fee. If the cost of the points is equal to, or higher than, just paying for the hotel room, or the airline ticket, it's not a good usage of your RCI points.

In general, it's not a good value to buy a timeshare (with RCI points), unless you want to use it for timesharing.

 

[godspeed1208]

II = Interval international ( the other big exchange compay which Marriott, Hyatt Westin all use)

MF = maintenance fees - the yearly charge to own and use your TS. It is an ongoing expense which you are required to pay as long as you own a TS even if you do not use your TS.


Banking points can be done by giving them to the TS system that issues your points. So for Hilton, you bank your pts with Hilton. For RCI pts, you bank your pts with RCI. If there are no banked points it means the person selling their TS is not selling any of this years points. They are only selling pts from the upcoming years.

Please be aware there is no such thing as "buying RCI points". You must buy a TS that is in RCI and is currently enrolled in RCI points. You then can give your TS week to RCI in exchange for RCI pts.

Many TS systems have a "Point system" but only a handful of TS systems sell "points" . Most sell a week at a resort and by giving the use of that week up, you get TS points for use in that system.

i think i'm getting things more clearly now thanks for taking your time to explain to me. so banking means something like where i want to use it. so let's say if RCI than i'll bank my weeks stay for exchange of 100,000 points right? so please correct me if i'm wrong with what i need to make sure before getting a TS:

1. If it's for annually and deeded
2. make sure it's banked with RCI or II for example to use for this year to use the points
3. Check the cost of MF and if it's being paid already
4. cost of transfer fees and closing cost
5. if it's already registered with RCI or II for example

Please let me know if there is any other things i need to make sure?

 

[Sandy VDH]

The reason you see such a variety in points, is that there are a variety of point systems. Wyndham, Hilton, DRI, etc. which are internal exchange systems that All of those system also participate in the RCI side of things.

Think of all of these systems are different currency. 100 in one system might be work about 154,000 or more in another system.

My guess is with a 100,000 points I might guess that is not in RCI points but it is something else. For a single unit unit with a sub 1000 MF, I think it is not RCI POINTs.

It is too high for Hilton or a few others, But it might be enough for a Wyndham week.

So rule #1, MAKE SURE YOU KNOW WHAT IT IS YOU ARE BUYING. Even long time tuggers have inadvertently purchased something that wasn't exactly what they thought it was. Why does this happen. You would be surprised at the number of people who have NO IDEA what they have purchased. Now try to sell or give away something you don't know what exactly it is.

 

[DeniseM]

godspeed1208 - You are asking the right questions, but you have a long way to go - please look at the Advice Articles on the Advice page - there are several about buying resale:

http://tug2.net/timeshare_advice/tug...e_advice.shtml

 

[godspeed1208]

RCI is a timeshare exchange company. You get the best value out of your points by making timeshare exchanges.

Exchanging for hotel rooms, or airfare is usually not a good value, because the points required are really high.

You need to look at points as currency - because they cost you money every year when you pay your maintenance fee. If the cost of the points is equal to, or higher than, just paying for the hotel room, or the airline ticket, it's not a good usage of your RCI points.

In general, it's not a good value to buy a timeshare (with RCI points), unless you want to use it for timesharing.

Thank you i get what you mean. it's best used for timesharing and not for other expenses like airfare as points will cost more and i'll just be wasting my points. i still need to alot of reading i guess

 

[godspeed1208]

The reason you see such a variety in points, is that there are a variety of point systems. Wyndham, Hilton, DRI, etc. which are internal exchange systems that All of those system also participate in the RCI side of things.

Think of all of these systems are different currency. 100 in one system might be work about 154,000 or more in another system.

My guess is with a 100,000 points I might guess that is not in RCI points but it is something else. For a single unit unit with a sub 1000 MF, I think it is not RCI POINTs.

It is too high for Hilton or a few others, But it might be enough for a Wyndham week.

So rule #1, MAKE SURE YOU KNOW WHAT IT IS YOU ARE BUYING. Even long time tuggers have inadvertently purchased something that wasn't exactly what they thought it was. Why does this happen. You would be surprised at the number of people who have NO IDEA what they have purchased. Now try to sell or give away something you don't know what exactly it is.

Oh thank you for the advice, i think it's best i read up more regarding this and gain more knowledge before doing something stupid and regret it. so i need to make sure what i'm getting is rci points and not something else, too much to learn i guess just found out i need to make sure the trading company is RCI

 

[godspeed1208]

godspeed1208 - You are asking the right questions, but you have a long way to go - please look at the Advice Articles on the Advice page - there are several about buying resale:

http://tug2.net/timeshare_advice/tug...e_advice.shtml

thanks i will start going thru the threads and learn more before i do anything.

p.s: the link is not working for some reason.

 

[godspeed1208]

guys does anyone knows what is gold crown? is it worth to get it?

 

[Passepartout]

guys does anyone knows what is gold crown? is it worth to get it?

It's just a ranking that RCI uses to identify it's 'better' resorts. I can't say how meaningful it is. Some of my resorts include a letter when I check in telling me how important it is (to them) to keep their Gold Crown rating and would I PLEASE submit a positive review to RCI.

There's Gold Crown, Silver Crown, and then unrated resorts.

A far better judgement of a resort's quality is the TUG rating. You get to see those ratings and the reviews by TUGgers by paying the $15/yr to actually join TUG. Each reviewer gives their timeshare resort stay a 'grade' between 0- and 10. I don't bother exchanging into them if they are below a 7.

 

[Sandy VDH]

guys does anyone knows what is gold crown? is it worth to get it?

These pertains to a rating system created by RCI. Gold Crown is the highest, Silver crown is less, and Hospitality is even less. There are tons of RCI resorts that do not even have ratings.

I think that the rating is a bit of marketing and negotiation when resorts first open up, then after a period of time rating are determined by ratings that exchangers provide back to RCI.

I still think there is a bit of politics at play, because Not all gold crowns are created equally. No resort is ever guarantee to keep there gold crown rating.

So paying a premium for gold crown is fleeting at best.

Some chains to good jobs at keeping their Gold Crown ratings, like Hilton. Some chain of resorts are a bit of hit and miss, like Wyndham. So it is like a good review average on tripadvisor at best.

II has the same sort of ratings, with just different names.

 

[godspeed1208]

It's just a ranking that RCI uses to identify it's 'better' resorts. I can't say how meaningful it is. Some of my resorts include a letter when I check in telling me how important it is (to them) to keep their Gold Crown rating and would I PLEASE submit a positive review to RCI.

There's Gold Crown, Silver Crown, and then unrated resorts.

A far better judgement of a resort's quality is the TUG rating. You get to see those ratings and the reviews by TUGgers by paying the $15/yr to actually join TUG. Each reviewer gives their timeshare resort stay a 'grade' between 0- and 10. I don't bother exchanging into them if they are below a 7.

oh ok why i asked is because i saw a posting that said "RCI (code: 4940/ Gold Crown)" and thought it meant like a higher timeshare membership where i would have to pay higher premium fees for membership. now i understand it's just a rating of that particular timeshare and had nothing to do with RCI membership thank you

 

[godspeed1208]

These pertains to a rating system created by RCI. Gold Crown is the highest, Silver crown is less, and Hospitality is even less. There are tons of RCI resorts that do not even have ratings.

I think that the rating is a bit of marketing and negotiation when resorts first open up, then after a period of time rating are determined by ratings that exchangers provide back to RCI.

I still think there is a bit of politics at play, because Not all gold crowns are created equally. No resort is ever guarantee to keep there gold crown rating.

So paying a premium for gold crown is fleeting at best.

Some chains to good jobs at keeping their Gold Crown ratings, like Hilton. Some chain of resorts are a bit of hit and miss, like Wyndham. So it is like a good review average on tripadvisor at best.

II has the same sort of ratings, with just different names.

Ok thank you for explaining this to me. there is just too much things to absorb but i'm glad i ask this questions rather than blindly getting myself into trouble and have issues in the future. I'm just looking to get more rci points so that i could travel/book more

 

[Passepartout]

Siva, it's always good to have the answers first so that you can be an informed consumer.

A question I have is, how much are you expecting to use this/these timeshares? There are not a lot of timeshares in the Asia/Pacific part of the world, and those that DO exist are not in the vicinity of cities. They are generally in resorty/beachy sorts of places.

It would not do to buy- even at resale prices- a bundle of points that could equate to 3-4 weeks of resort vacations, and find that getting you and your family to and from those places simply costs too much to be able to use the TSs. Then you are in the situation of being on the selling end of an international real estate sale.

It's none of my business, but you should honestly assess for yourself the usefulness of too many vacation resources.

Proceed cautiously. Timeshares are very easy (maybe too easy) to buy, but their costs are ongoing forever, and they go up every year, and they are hard to sell. This is a bitter pill that all timeshare owners have had to swallow.

Jim

 

[godspeed1208]

Siva, it's always good to have the answers first so that you can be an informed consumer.

A question I have is, how much are you expecting to use this/these timeshares? There are not a lot of timeshares in the Asia/Pacific part of the world, and those that DO exist are not in the vicinity of cities. They are generally in resorty/beachy sorts of places.

It would not do to buy- even at resale prices- a bundle of points that could equate to 3-4 weeks of resort vacations, and find that getting you and your family to and from those places simply costs too much to be able to use the TSs. Then you are in the situation of being on the selling end of an international real estate sale.

It's none of my business, but you should honestly assess for yourself the usefulness of too many vacation resources.

Proceed cautiously. Timeshares are very easy (maybe too easy) to buy, but their costs are ongoing forever, and they go up every year, and they are hard to sell. This is a bitter pill that all timeshare owners have had to swallow.

Jim

hi jim, i normally travel to india, malaysia, thailand,indonesia and china and sometimes check-in into local hotels , so i'm thinking of getting a timeshare(only requirement for me would be the RCI points) that would help reduce cost for me and please correct me if i'm wrong, RCI would charge me around $168sgd as exchange fees right?

so i would not need to fork out any cash for the hotel stays while i am there. And i get to stay in much quality hotels rather than staying in normal standard hotels.

But you are right to say that there is not much hotels/resorts in Asia which i am sad but there are a few which is fine with me. And another thing is i would also be able to travel to other countries too and not worry about hotel costs.

so this is why i'm more concern with how much RCI points i could get for a timeshare. The more the merrier for me and more opportunity to travel. Those above mentioned countries flight cost $2++ to 5++ unless i want to travel internationally. so please advice if i'm doing or planning things wrongly.

p.s: And the reason i have not traveled out of Asia is because i hate long hour flights.

 

[Passepartout]

I just don't think timeshares are going to accomplish what you hope it will. RCI's exchange fees recently were increased to $209 USD. Those increase pretty much yearly. I am not aware of timeshares in India, Malaysia, Indonesia and China, though some may exist. There are rural TSs in Australia. Booking timeshares at the best of times, require getting a reservation close to a year before you want to use it. Unlike hotels that you can book and move into next week- or even sooner.

I really don't want to rain on your parade, but from your description of what you want to do, I don't see owning a timeshare working for you at this time. I'd look at renting one (if you can find one to rent) and see how it works.

The basic TUG wisdom is to buy where you want to go, and that will be difficult in your situation.

Best wishes, and I hope you can find a solution that works for you.

Jim

 

[sue1947]

hi jim, i normally travel to india, malaysia, thailand,indonesia and china and sometimes check-in into local hotels , so i'm thinking of getting a timeshare(only requirement for me would be the RCI points) that would help reduce cost for me and please correct me if i'm wrong, RCI would charge me around $168sgd as exchange fees right?

so i would not need to fork out any cash for the hotel stays while i am there. And i get to stay in much quality hotels rather than staying in normal standard hotels.

But you are right to say that there is not much hotels/resorts in Asia which i am sad but there are a few which is fine with me. And another thing is i would also be able to travel to other countries too and not worry about hotel costs.

so this is why i'm more concern with how much RCI points i could get for a timeshare. The more the merrier for me and more opportunity to travel. Those above mentioned countries flight cost $2++ to 5++ unless i want to travel internationally. so please advice if i'm doing or planning things wrongly.

p.s: And the reason i have not traveled out of Asia is because i hate long hour flights.

You use the term hotels so make sure you understand the difference between hotels and timeshares.
Check the rci directory to see if there are TIMESHARES in locations you will use; not HOTELS. Timeshares are different than hotels. Hilton (as an example) has both hotels and timeshares, but they are separate from each other. You might be able to use RCI Points to get into some hotels, but it would be more expensive than just purchasing those stays with cash.
The current RCI exchange fee is $209 US for online exchanges. In addition, you pay a yearly membership fee. In addition, you pay the maintenance fees each year for whatever timeshare you buy (remember, you buy a timeshare and then use it as a basis to get your points in RCI). Those maintenance fees and RCI dues recur each year and the exchange fee is per exhange. Timeshares can be a very inexpensive way to travel, but you need to understand what you are getting. In addition, they work best for people who can plan a year or more in advance. The inventory is not like that of hotels; the inventory depends on another person depositing the week you want. If it's a popular spot in a popular time, you may never see the week (or nights) that you want. Exchanging is a bit of a gamble; sometimes you get exactly what you want, and sometimes not. In the latter case, you then adjust to another location or time and keep trying. No guarantees.

Sue