5 questions you should ask yourself:
Do I want to take an annual vacation?
Do I enjoy planning vacations a year ahead?
Am I flexible and adaptable?
Do I enjoy vacationing a week at the same resort?
Do I enjoy learning new information?
If your answer is yes to the five above questions, then yes owning a timeshare may be worth it for you. If you answered no to any of the questions, you probably will rather vacation utilizing other booking methods of vacation property.
Advantages of owning a timeshare if you answered yes to the above questions:
You will most likely stay in nicer accommodations with timeshare usage for the price than a hotel, VRBO or Airbnb. However, you will not have the flexibility with timeshare usage as you do with the other methods.
Usual way of booking the traditional vacation is there is a decision on where and when you want to go on a vacation. Consideration is taken about how long to stay and the budget for the accommodation. For example, you want to go to Hawaii, because you have found a great deal on airfare. You then look for accommodations on the island you wish to stay matching the number of people in your party and do you wish to be close to the beach or golf course. You make a decision how much you wish to spend on the accommodations. You look for availability, most likely using the Internet, and book it. Cancellation policies differ depending on the resort and the type of booking (Airbnb, VRBO, hotel directly, Booking.com, Hotels.com, etc.)
Timeshare ownership and vacationing with timeshares are simple if you want to go to the same resort, the same week every year and you purchase a fixed week at a resort.
A fixed week timeshare is you purchase for example week #3 of the 52 week year and you purchased a two-bedroom unit. That scenario, that unit is yours that week every year. You pay the maintenance fees each year after your purchase. Maintenance fees vary and if you are considering purchasing a timeshare you must find out the amount, when due, how payment is made and any other questions you have. However, when you book your week for vacation, it’s already paid for because ;you are an owner. Your maintenance fees should be less than a week staying at the resort booking as a nonowner. If this is not the case, don’t buy into this property.
For example I own week #51 at a resort in South Lake Tahoe. I own that week and it’s mine every year unless I decide to trade it through an exchange company. I pay the maintenance fees annually. South Lake Tahoe is a ski destination, so if I decide to trade this unit, which will be a desirable unit for a trading company to utilize, I “deposit” my week into either Diamond Xchange (because the resort is part of the Diamond brand timeshares, RCI, or Interval International. Most exchange companies will charge a fee for membership to be allowed to trade your unit. Some timeshares are part of a brand that trade for no charge within their internal trading system. And, I can find somewhere else to vacation. However, I always look to see what it would cost for me to book my unit as a nonowner and it’s more expensive. For example, my maintenance fees are $1500 per year, if I booked outside ownership, a week in my unit would cost $3,000. I paid $4,000 for the unit and have had it for 15 years. So, since I do vacation every year, I’m saving money. This purchase is an investment in vacationing, but I don’t expect to make money if I ever sold the unit resale. I probably would expect to almost give it away. But, I would have had many years of vacation memories from my ownership,
Before you purchase a timeshare, find out the trading system the resort uses. You may enjoy going to the same resort the same time each year, but you never know when that will change. Is your unit traded through weeks or points and which exchange company is used?
Another type of purchased week is a floating week. In this case, you own a particular size unit, in a particular season, but not a particular week. You must find out how you reserve your week each year. Sometimes, you must call on a particular date often many months in advance prior to the week you want (most likely one year). Other timeshares book timeshares by request by mail up to two years in advance. Most will be a year in advance. In any case, ask a lot of questions on how to reserve the week you want when you are considering the purchase and decide if this is a process that would work for you.
Other timeshares sell points and the points equal a value. The amount of points used to reserve a unit dictates the size of the unit, the time of year, and the length of time you stay. The point systems allow for more flexibility for shorter stays. Make sure you can utilize the timeshare when you want. For example, if you want winter months, do you have enough points? Do you want a summer month? How many points will that take?
Never buy a timeshare retail! If you want a timeshare, buy resale through a reputable real estate agent who specializes in timeshare resales. You can find these on the Internet and always read the reviews!
When buying resale, you still need to ask all the questions. If the realtor does not know, search on the Internet for your answers, or call the resort and ask to talk to a sales representative. You can just be an interested party, rather than a consumer of resale and you will experience more help.
You will pay for the timeshare and the recording fees as well as you need to know if the maintenance fees are current and if there is a vacation unit available for the year you are purchasing.
Why I love owning my timeshares.
Before I retired, I was an educator on a fixed vacation schedule (when school is not in session), but I had several weeks off per year and I love vacationing multiple times per year. Answer, yes to question #1.
I like scheduling my vacation a year ahead because when I was an educator, I already knew my time off a year in advance. I have time to investigate airfare prices, and research what it is we should do when on vacation. Looking forward to a planned vacation brings joy in the anticipation. Answer, yes to question #2.
I enjoy the unknown and the adventure of the unknown. Having the same time off for vacation (summer and holiday breaks) as most schools in the US, I learned to be flexible about where we should go on vacation. I rarely went to our home resort (the resort where we own), so, I traded our units through RCI or Interval International. On the websites, you are able to put in a search range of dates in an area of the world and see what comes up. That is how I choose where I vacation. I’m open and keep looking online until I see something I want. However, I start this process a year or two out. We always enjoy and have fun wherever we end up. Answer to question #3: I am adaptable and flexible.
I really enjoy staying in one resort for a week at a time. We rent a car (usually) and get to know the area. We take day trips, go to the grocery store, go to the local coffee shop, and talk to locals. Most timeshare units have kitchens, so we cook everyday and eat out only on occasion during the week, which is a real money saver. We go to farmer’s markets, the local bakery, and try to eat the local cuisine even though we are cooking.
Answer to question #4, yes, I like staying a week at the same resort.
Timeshare ownership is a learning curve you need to enjoy. I talk to people who own timeshares. Ask questions at the resort. Search the Internet for answers to my questions. Call the trading companies and ask questions. Answer to questions #5. Yes I love learning new information.
Another Advantage of owning a timeshare:
Bonus time, Extra Vacations, Last Call vacations, Guest Certificates:
Before you buy, or if you already own, find out about Bonus Time. Bonus Time is when your home resort has unbooked time and allows its owners to use the time at a highly discounted rate. There are different guidelines for each resort, so inquire. We stay for $60-$75 a night on Bonus Time rather than the $150-$200 the public pays.
Extra vacations and Last call vacations are surplus inventory units on the trading websites like RCI and Interval International. Discounted weeks are always available somewhere.
Guest certificates ($69) can be purchased so you can allow others to use your reserved timeshares. Many times, I have booked extra vacations at a discounted rate, ($299 per week), and purchased a guest certificate and my parents utilized these. There are no limits to how many you book or utilize and it does not have an impact on your owned units.
I love my timeshares. I vacation at discounted rates all over the US and internationally! I would not have been able to have had all my memories of the fabulous vacations we’ve had without timeshare ownership. But, as I said earlier, you must be willing to put in the time to make it work!
