Getting a timeshare can be a big commitment for someone. However, you may consider this if you want to secure a family vacation spot for the next few decades.
Well, you would not be alone. There are about 9.6 million households that currently own a timeshare.
One company that offers timeshares is Resorts Condominiums International (RCI).
Is an RCI timeshare a good investment? This guide goes over the pros and cons of investing in a timeshare.
Destinations Available
Because RCI is such a large company, they tend to be affiliated with a ton of destinations throughout the world.
What does this mean for you? It means that you are more likely to find the condo that you are looking for.
For example, let’s say that you are enjoying a stay in the Hawaii area. However, realistically, you know that you will not make it to that area too often and it may be too expensive for you to go back to every year.
What can you do here? You can look for a more affordable property or a property that is closer to your home.
An RCI sales rep may encourage you to look at properties that meet both of these requests instead. So, you may find something in Myrtle Beach that you can commit to more realistically.
If you want more options within a brand’s umbrella, RCI can be a good place to start to look.
Financial Commitment
The next thing you have to consider is what kind of time commitment you are willing to have with your timeshare.
Why is this important? Because you are likely going to own this place for one or two weeks every year. That means coming back to this destination every year and covering all of the expenses that go with it.
Do you have to fly here? Do you do expensive activities around this area? How many people do you have to provide meals for?
These are all things that you have to think about if you want to get further involved with this property. Not only that, we are missing the most obvious expense you will have.
How much does the timeshare cost?
This has to be a number that you are comfortable with because it will cost you more money to keep funding vacations to this destination down the road. Think of this part as locking down your lodging for the foreseeable future.
Not only do you have to pay money for your lodging, you have to pay money to maintain your lodging. This typically comes in the form of maintenance fees. A resort will usually charge you a monthly or yearly maintenance fee to keep up with routine maintenance they may have to do around the property.
On top of this, there may be another fee for certain utilities and amenities. An example can be charging a cleaning fee. This area may have maids that clean the property before and after you stay there. So, this fee could be what the company uses to pay them for their services.
Time Commitment
Another thing you need to think about is how much time you are willing to commit to this property. For most timeshares, you will likely have to commit to at least one week per year.
However, if you are an American, there is a good chance that you have limited vacation time. Some people may only get two weeks of vacation per year. If this is the case, do you want to commit half of your vacation time to the same destination every year?
Not only do you need to think about your vacation time, you need to think about the travel requirements to your destination.
Do you need to fly there? How long does it take to get there? This could determine if you need to dedicate two extra days of travel or not.
Then, you need to think about how much of a traveler you are. Do you want to see as many destinations as possible? Do you want to go to further destinations that may require more of your vacation time?
If you answered yes to those questions, you may have to think twice about investing in a timeshare.
Selling the Timeshare
If you decide that the time and money commitments are becoming too much of a burden for you, you may have the option to sell your timeshare. Well, the best way to sell timeshare property is to do some research on what your options are. If you are lucky, you may find a good exchange program or a could resource that can help you expedite this process.
There are many reasons why people may want to back out of a timeshare. They could be going through an unfortunate divorce or loss that results in them not going to the timeshare anymore. They could have run into unexpected financial problems.
Or, they simply want to use the money they put towards the timeshare to go to other destinations. If you think you may need to sell your timeshare one day, make sure you know what options you have to get out of your contract.
Is an RCI Timeshare a Good Investment?
So, is an RCI timeshare a good investment? The truth is that it depends on your circumstances.
If you want somewhere to feel like a second home to you and you can find the right destination for your needs, it can be a good investment. However, you will want to go over your finances and figure out how much time you have to commit to this. Then, see if the timeshare still sounds good to you.
For more relevant information, see our Hobbies section.