Story originally appeared on Timeshares Only.
There’s a lot of negative stigma around timeshare. What is a timeshare? How does it even work? Why do people buy timeshares? What could the benefit possibly be? Forbes even has an article on the Pros and Cons of Buying a Timeshare. Surprisingly, timeshare has drastically shifted to a new model that might surprise you. Well tell you exactly why people buy timeshares and if a timeshare might be worth it for you.
In Forbes Buying a Timeshare: The Pros and Cons, it’s the writer’s opinion that a timeshare purchase is often an emotional and impulsive decision. However, with all of the reasons why people buy their timeshares, that’s not entirely true. In fact, 85% of timeshare owners love their overall experience with their timeshare. It can’t be all bad if the timeshare industry has seen nine years of consecutive growth.
Timeshares are no longer about staying in the same resort, same unit, during the same week every year. In fact, the vacation ownership model has largely strayed away from this. The best vacation clubs today offer owners a points-based system that is much more flexible and exciting.
So, Why Do People Buy Timeshares?
- A timeshare is less expensive than a lifetime of vacations.
- Owners are guaranteed outstanding vacation time every year.
- The industry has shifted to a vacation club model that is more flexible.
- Timeshare resorts offer units with more space and privacy.
- You can rent out your unit to on years you don’t use it.
- Owners can trade their points or weeks on vacation exchange networks like RCI or Interval International.
- Top vacation brands have resorts in all corners of the world.
- Exciting travel opportunities also come with timeshare ownership.
- You can finance a timeshare purchase.
- Timeshares are not just for older generations.
How Much Do Timeshares Cost?
If you’re stuck on the sticker shock of how much a timeshare costs up-front, you’re not alone. Timeshares can cost upwards of thousands of dollars when you buy them straight from the developer. The reason this costs so much, however, is because you’re basically buying a lifetime of vacations in bulk. So why do people buy timeshares if they cost so much up-front? When you break down the price of your timeshare versus the cost of your vacations over your entire life, a timeshare is much more cost-efficient. Owners will say that because the savings are so great, buying a timeshare is absolutely worth it.
Don’t believe us? Our Savings Comparison Calculator can tell you exact savings with a timeshare. Head over to a timeshare for sale and use the Comparison Calculator to see for yourself.
While timeshare maintenance fees do exist and can draw some people away, these are important for updating the resort, taking care of the important amenities like pools, fitness centers, restaurants, etc. and even paying the resort employees. If there’s ever a year that you decide not to use your timeshare, you can rent it out to cover your annual dues. People will buy timeshare over a second vacation home because essentially all of the upkeep is done for them. In the long haul, timeshare maintenance fees are much less expensive than a vacation home!
Average Timeshare Cost
On average, according to ARDA, timeshares cost around $20,000 when you purchase directly from one of the best vacation clubs. While it is still more cost-effective to own a timeshare rather than pay for vacations every year, you can save even more by buying a timeshare resale. The timeshare resale market has timeshares available from owners that just don’t have the same vacation lifestyles anymore. You can browse our timeshares for sale and sort by top brands, destinations, and resorts. It’s as simple as making an offer online!
Timeshare Points Vs Fixed Week
A Fixed Week in timeshare means you own a specific week at a specific resort every single year. The industry has largely moved towards points-based membership for owners. With points, you are still guaranteed to vacation at your home resort every year or use your annual allotment for other resorts within your brands portfolio. Hospitality companies like Hilton Grand Vacations Club give owners a deeded interest at one of their resorts that can be used like Fixed Week ownership or converted for Hilton Points to use at other HGVC resorts.
Diamond Resorts has more of a pure points membership option, for the travelers that prefer long weekend getaways instead of an entire week stay. Use points all in one trip, or space them out over the year. They’re yours to use! With the flexibility and freedom of points, timeshares can be worth buying.
Timeshare Vs Hotel Room
Ever try to vacation with your grown-up kids or extended family members? Most of the time when you take a large family vacation in a hotel, you have to book multiple, cramped rooms and make sure you know which floor everyone is on. This makes for a pretty hectic event when everyone is trying to get together for dinner or an outing. And isn’t it kind of a bummer when the family has to split up at the end of the day?
Timeshare resorts are known for providing one, two and three-bedroom units that can accommodate large families or travel parties. With a timeshare, you don’t have to worry about coordinating everyone’s hotel rooms or being stuck in a cramped space.
Timeshare units even have fully-equipped kitchens and living room areas, so you feel like you’re right at home. Spend a night in with the entire family and cook a nice meal or get together on the couch for a movie night. Why do people buy timeshares? Guests have plenty of space to actually relax and recharge while on vacation.
Vacation Clubs Vs Timeshares
You may hear vacation club and timeshare interchanged in advertising or conversation. They pretty much mean the same thing; however, we can break down some minor differences. Vacation clubs are normally from top brands, like Marriott Vacation Club or Holiday Inn Club Vacations. These brands offer timeshare points, which can be used to exchange for locations other than your home resort. When you own with a vacation club like Marriott or Holiday Inn, you’re given access to other resorts within the clubs’ portfolio, not just one. It’s still like owning a timeshare but comes with more flexibility and freedom.
Rent Out Your Timeshare
Some years we don’t have the time or budget to take a vacation. This is completely normal and it’s something your resort understands. If there’s ever a year that you simply aren’t making use of your ownership, you can rent it out to help cover the annual dues. Check with your resort if they have an in-house program to rent out your unit or a referral program that helps owners do this.
Vacation Exchange
If you own a fixed week or have rotated through enough of your developers’ resort portfolio, you might be wondering if there’s any possible way to see the world with what you already own. This is exactly how the concept of vacation exchange was born!
Started by Resort Condominiums International (RCI), timeshare owners can become members of their resorts affiliated exchange network. After signing up, you can deposit your timeshare points or weeks and exchange them for a resort across the world! Check with your resort to see if they are affiliates of either RCI or Interval International. There are other trading platforms besides those two, but they are definitely the largest and best vacation exchange companies. With all of the additional benefits outside of ownership, timeshares are worth it for the discounts and opportunities.
International Timeshare Resorts
Popular brands like Wyndham, Marriott or Hilton offer their vacation club owners the opportunity to see the world. Rather than use an exchange network to cure their travel bug, these owners can stay right within their beloved brands portfolio of resorts worldwide. Wyndham has over 220 resorts in the most sought-after destinations like Hawaii, the British Virgin Islands, Mexico, Australia, and more. Marriott Vacation Club also has international resort properties that owners can visit, such as locations like Thailand or Costa Rica.
Vacation Inspo with the Best Clubs:
- Best Wyndham Luxury Resorts to Buy Resale
- Best Marriott Vacation Club Resorts You Should Visit
- Hilton Grand Vacations Locations You Can’t Miss
If you’re interested in traveling the world with new opportunities every year, join a vacation club that has resort properties in all the destinations on your bucket list. At the very least, you can always trade your points or weeks on RCI or Interval International!
Exclusive Travel Opportunities
According to the AARP 2018 Travel Trend report, 27% of the Millennial generation and 21% of the Baby Boomer generation travel because of their desire to adventure. Further, 24% of Millennials and 15% of Baby Boomers want to try something new.
Top timeshare brands don’t ignore these facts. Thats why many of them include one-of-a-kind, exclusive vacation opportunities for their owners. Disney Vacation Club offers Adventures by Disney, taking DVC owners to Asia, Africa, Europe, and more. Even Hilton Grand Vacations Club’s ClubPartner Perks provide opportunities like cruises, houseboat rentals, RVs or yacht charters.
What’s more, vacation exchange programs like RCI or II also offer members discounts on travel packages and excursions.
Timeshare Financing
From Forbes article on Buying a Timeshare: The Pros and Cons, the writer declares that banks will not lend you money to buy a timeshare and the resort will arrange financing higher interest rates. What they don’t mention, however, is that third-party timeshare financing companies are a valid option. Our partners at Vacation Club Loans offer low-interest rates, no hidden fees and flexible payments.
You don’t have to pay all at once. And, if you buy timeshare resale, you’ll already be savings thousands of dollars on this incredible vacation product. Imagine spending five thousand dollars for vacations for the rest of your life. It’s do-able! And you can still finance it to ease the cost of the purchase.
Who Buys Timeshares?
It’s not always who you think, that’s for sure! Today’s timeshare owners are younger, more diverse and better educated than ever before. In fact, the average owner’s age is 47 years old. Typically, parents of all ages will buy timeshare to guarantee quality vacation time every year. If you think about it, people don’t just buy timeshares as a product. People buy timeshares because they provide lifelong memories, ones that families remember forever. As the millennial generation is beginning their families, more and more purchase timeshares than ever.
Are Timeshares Worth It?
After you’ve heard about why people still buy timeshares, it’s easy to see that timeshares are worth it for families that want to travel every year with awesome perks. Ultimately, it comes down to your travel preferences and what you deem important. Keep in mind, timeshares are not a financial investment. Think about this product as an investment in your family and health. They’re a big commitment, but only if you don’t plan on using your timeshare every year.
Besides incredible vacation clubs that you can join for additional flexibility and freedom, you can do so much more with a timeshare outside of your brands portfolio. Exchange it for cruise discounts, airfare, car rentals, hotel stays, and more. If guaranteed vacations in exceptional resorts is what you’re really looking for, timeshares are absolutely worth it.