What is Vacation Ownership?
You just got back from vacation, and you're already thinking about planning your next trip. You are not alone. Some of life's best moments are born on vacation, and with all the work you do the rest of the year, a little fun and rest is always deserved. But how can you build vacations into your lifestyle without depleting your bank account? Try vacation ownership.
What is Vacation Ownership?
Vacation ownership is a way to prepay for your annual vacation accommodations. For those who can't afford or don't want to deal with a vacation home, becoming a vacation owner is a cost-effective alternative. What's more, with vacation ownership you will enjoy access to resort accommodations that are much larger than hotel rooms.
Both deeded vacation ownership and points-based vacation ownership are available. Deeded ownership commonly guarantees the same week each year allowing for easy planning, whereas points-based programs often provide more options in terms of resorts, suite sizes, and length of stay, but require advanced planning in order to book your chosen week.
Types of Vacation Ownership
Vacation ownership is known by many names; it comes in green, in blue, with spots and with stripes. No matter your taste, you can find something that's right for you. Here are some examples of what's out there:
- Vacation/Holiday Clubs
- Points and Multi-Destination Plans
- Campground Memberships
Additionally, you can customize your vacation ownership by choosing from a number of options like:
- Annual, biennial or biannual usage
- Memberships affiliated with an exchange company like RCI or Interval International
- Plans through which you can exchange for cruises or airfare
Some of the most popular vacation ownership companies are:
- Hilton Grand Vacations Club
- Hyatt Vacation Club
- Marriott Vacation Club
- Ritz-Carlton Club
- Starwood Vacation Ownership
- Wyndham Vacation Ownership
Make Vacationing a Priority
In essence, vacation ownership is about making vacations a priority. But what that really means is making time—fun, pleasurable time—for yourself or with your loved ones a priority
Cost is often the determining factor that leads to many individuals skipping annual vacations. But when you own a timeshare, or are a member of a vacation club, you've locked future vacations in at today's prices.
Vacation ownership will:
- Save you money in your effort to take regular vacations.
- Introduce you to new places, people, and experiences.
- Improve the quality of your life.
Choose Vacation Ownership Resales
Unlike traditional real estate, most vacation ownerships become more affordable when they are resold. The product hasn't changed, but the price drops significantly when you purchase vacation ownership resale (for sale by owner or broker on the secondary market).
There are some fantastic deals to be had if you know where to look for them. With resale (or any major purchase), research is the key. You'll want to know what fair prices are, and what kinds of benefits will transfer on the resale market. We recommend reading up on whichever resort or program you're interested in before making an offer. You might try renting someone else's timeshare, too, to get a taste for a vacation ownership resort or spot before you buy. And speaking of renting, once you own, you'll have the option to rent out the weeks or points you don't want to use. It's an elegant system.
Like anything, you can spend as little or as much as you want when it comes to vacation ownership. Make sure you look into any resort or club fully before you buy, and that you take your time considering your options—you have many!