Feb 23 2008
Share Vacation Space - Heaven or Hell?
Seventeen years ago I bought a one week time-share in a small hotel on Cape Cod for $3,000, which was a lot of money for me at the time. Some have told me it was a bad idea. And for some people—especially if you are a teacher or have kids—it is a bad idea. You are always competing for vacation weeks that everyone else wants. For those people, a time share only works if you use it yourself.
I bought my time-share to use only as a trade-in. I never stay at it myself, but I bank my one week a year with RCI, a time-share exchange company. Yes, I have to pay RCI a membership fee each year, and an exchange fee when I actually confirm a trade, and there is the yearly maintenance fee on the one week time-share itself… But even with all that, I have done very well. All those yearly fees adding up together are still under $500. — a lot less than I would pay out of pocket for a week’s vacation at some of the fabulous locations I have visited, i.e., Sedona, AZ, Hawaii, Orlando, FL, Glacier National Park, MN, and the Berkshires of Massachusetts.
It takes long term planning for some locations and the competition for the most popular weeks is fierce. I have the lowest level of time-share: blue time/floating, which means I have very little leverage, unless I do plan far ahead. For me, this is not a problem, in fact, it gives me something to look forward to.
Bottom line: If you have flexibility as to when you can take a vacation, and you don’t mind planning far ahead, a time-share can bring heaven to your door. Otherwise, it can be a nightmare.
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