Although timeshares are not new to the vacation world, little is still understood about the industry due to its jumbled terminology, glitzy sales pitches, and confusing reputation. We have broken down all the twists and turns of timeshares into the simplest explanation possible so you know exactly what you are getting when you invest in a vacation ownership.
With a timeshare, you are buying shared rights to a vacation property, which you can use during a certain period of time every year. Traditional timeshare ownership is typically sold one week at a time. You can either vacation during one specific week, season, or whenever you choose throughout the year, depending on your type of ownership.
Because timeshare is a form of vacation ownership, you will find timeshare resorts located in the most popular vacation destinations throughout the world. Since most families have a favorite annual getaway spot, a timeshare could be the perfect option to help shed the stress of finding accommodations every year.
When referring to market value, timeshares are similar to traditional real estate. Much like a home, condo, or apartment, many factors affect the value of a timeshare, including the location, proximity to popular attractions, size of unit, and types of features and amenities.
A timeshare unit can also vary in price depending on the week or season you would like to own and its popularity. A week in Aspen in the winter is going to cost much more than that same unit in the summer season.
Keep in mind that on top of what you’ll be paying to obtain ownership at a specific property, you will also be responsible for maintenance fees on your unit. These costs are typically billed annually, and cover the maintenance, taxes, and utilities of your resort and personal unit. Price ranges for these fees also vary, so make sure to ask about maintenance fee costs when looking to purchase (if not already listed).
Are you worried that you will grow tired of visiting the same destination every year? Don’t fret; you can always spice things up with a timeshare exchange! With a membership to an exchange company like RCI or Interval International, you can swap your timeshare week at your Home Resort for a stay at any of the company’s affiliated resorts around the globe. So take advantage of your timeshare by using it to travel to all of your bucket list destinations.
If you’re more of an adventurous traveler and feel as though a timeshare will be too restricting, try a vacation club instead. Still a type of vacation ownership, these clubs give you greater flexibility in choosing where in the world you wish to travel, which resort you would like to stay at, and when in the year you are available to vacation.
With a vacation club membership, you are not tied to one Home Resort and will not need to go through the hoops and hurdles of exchange companies to book your retreat. Most vacation clubs work on a point system, where you purchase a set number of points to spend each year at any of the resorts in the network. Some vacation club packages can also include food, airfare, car rentals, amenities, and discounts on popular attractions.
These types of clubs are becoming increasingly popular among travelers, leading more and more resort brands to offer both traditional timeshare and club memberships. Examples of vacation clubs include:
We hope this gave you an informative breakdown of the timeshare ownership basics. If you want to learn more, contact us at 877-815-4227.