If you do not currently own a timeshare:
If you do not currently own a timeshare, and decide to purchase one, purchase a timeshare through resale from a reputable real estate firm which handles timeshare resale, You will pay only a fraction of the cost of what the original owner paid. I have purchased four timeshares through Paradise Timeshare Resale, timeshare-resale.com. There are many resale companies you can find online. Make sure you read reviews and ask lots of questions prior to doing business. The seller should pay the resale fees, other fees may be negotiable. There will be the sale price and recording fees for the property transfer. I did all my purchases by phone. I did my research, and knew what I wanted to purchase and waited for a good price. You can buy timeshares for as little as $1.00. Do Internet searches of resale timeshares so you know a good price when you see it.
Once you decide on the property, you then need to ask what are the closing and recording fees, Ask if the maintenance fees have been paid for the current use year and ask which year the ownership of the unit will begin. It’s okay to make an offer lower than the asking price. Always inquire about the maintenance fees and which exchange company is used by the timeshare. (There are many exchange companies and several
timeshare companies have their own internal exchanges.) The two largest external timeshare companies are RCI and Interval International. These will have a separate fee to join into their exchange program.
Ask what is the trading power of the timeshare unit with the major timeshare companies. Ask how many points, or if week traded, what is the trading power credit of this unit in the outside exchange companies. Is the unit you are considering in prime season or swing? There will be different names, but always buy the top season as this will give you the most flexibility.
Ask If the week is fixed or floating. The advantage to fixed week, is that you don’t have to compete with the other timeshare owners to get your week reserved and you will know exactly what you are getting. If you are trading your week, having a fixed week in prime season is a lot less stressful as you don’t have to reserve your unit, it will always be yours. However, if you love your home resort (the resort that you own) having the flexibility to be able to experience the resort in different seasons is an advantage of floating week. Most timeshare now are floating weeks or point based.
Some timeshares sell only points. Your points will then dictate the size of the vacation unit and which season, because of the amount of points you own will dictate what is available. These points allocated by the resort are not the same as outside exchange
company points. Before you purchase make sure you understand how many points are needed for your home resort to access the time of year and the unit you want.
Ask if there is an internal exchange fee if utilizing the internal exchange program.
Go to informational Timeshare sale pitches to learn, Do Not Buy!
I’ve been to over 30 timeshare presentations to learn about the product. I listen, ask questions, and learn. I decide what I like and what I want from a timeshare and then look in the resale market. The Internet is an amazing tool for timeshare information. Find and read lots of reviews about the property you are considering.
Do not under any circumstances purchase a timeshare during the sales informational meeting no matter what they tell you. You will always be able to purchase on the resale market. Also, never go to a timeshare sale pitch in Mexico.(The sales pitch will take too much time out of your vacation). Don’t purchase a timeshare in Mexico. There are so many timeshares in Mexico, you will always be able to trade to one of them utilizing your United States purchased timeshare. I love visiting Mexico and have been many, many, times trading my timeshare through RCI (exchange company).
The Pros of owning a timeshare:
For me the benefit of owning timeshares is that I take many vacations a year, going to a variety of destinations, most often staying in condo/apartment type accommodations with a kitchen. We cook as well as eat out in restaurants. We usually stay for seven days in one location, so by the end of the week, we become familiar with the community. Having a home base and exploring from one location to surrounding areas creates an adventure each day without the hassle of packing up and moving on.
Timeshare ownership can come in the form of points or weeks. I prefer points because I can more easily utilize my points to take multiple vacations with one week’s worth of deposited points. But, I do also own two timeshare with weeks as this was the format of ownership when I purchased.
I love traveling and traveling with timeshares allows me to travel within the United States as well as internationally for a fraction of the cost of a hotel room. Timeshare units usually have kitchens or at least partial kitchens. The only time I have had a timeshare without any type of kitchen is in New York City. But, still our unit was bigger than a hotel room at a fraction of the cost.
I always check the price of a destination stay in a hotel and compare it with the maintenance fees I’ve spent on the unit I will be trading to go to the destination. If the maintenance fees are more than the cost to book on my own, I would not trade. I may decide to book on my own through a hotel booking site, or go to a different destination or property with my trade. Therefore, if I’m vacationing, I’m always saving money with my timeshare trade versus booking without the timeshare trade. Also, timeshare properties have different ratings. I always read the reviews and choose highly rated timeshare properties.
Owning timeshares brings joy to my life because I love traveling and exploring. Our timeshares have allowed us to stay in beautiful locations and explore parts of the country and the world we would have otherwise not discovered.
Extra vacations and Bonus time are also a plus to owning a timeshare. (To be discussed in future posts.)
The Cons of owning a timeshare:
Do not buy a timeshare for an investment. The value will not go up. Owning a timeshare means usually a lifelong commitment to maintenance fees which can and do go up.
Owning a timeshare will be a waste of money if you don’t utilize your timeshare. If you are not a planner, do not buy a timeshare. Timeshare reservations require most often a year in advance reservation to obtain a destination you want. If you have the ability to travel at the last minute, there are often opportunities for very good locations when a cancelation occurs. However, last minute bookings for a timeshare are best within driving distance as airfare last minute is usually costly.
In timeshare presentations, the salesperson will ask you where you would like to go on vacation and then show you pictures of beautiful properties in that location. He/she is not lying, however, the scenario that you decide you want to go to that resort in that location on a particular week and are successful is very low probability. So, in that case you should not own a timeshare, but just book the property through any number of online booking sites.
Do not own a timeshare if you do not like staying in one location for a week. Points timeshare trades often have shorter stay options, however, I would not own a timeshare if a week vacation in one location seemed too long.
Do not own a timeshare if you don’t plan to vacation every year.
Do not own a timeshare if you do not like planning vacations. Timeshare owning requires more time in the planning stages and often patience in the process.
Do not own a timeshare if you are not flexible. We have often had some of our most memorable vacations going to locations which we went to because a timeshare was available. I used to work in a school, so I had fixed school vacations. We, therefore, vacationed based on the availability during my time off, rather than having to have a particular experience in a particular place. For example, we went to the Maine coast in April during my spring break. We had a glorious time during the off season. However, finding a Maine coast vacation in the summer months is very difficult.
Do not buy a timeshare on your first visit to a timeshare presentation. Take in the information. Do not be pressured that the deal they are offering is only good on that date. You will regret that purchase. We have received many great perks for listening to timeshare presentations. However, if you don’t think you can say no to the pressure of purchasing, do not go.
Timeshare purchasing is a big financial decision and one that should be thought through and discussed in the privacy of your home, not in the presentation sales room.
There are ways to rent timeshares from owners. If you’re not sure, try out this option. If you think you can say no, say yes to the free stay at a resort, listen to the presentation and learn about the resort and the parent company and trading opportunities to inform future decisions.
Talk to people with timeshares and listen to their pros or cons. Be informed,
