Timeshare Services and How they Work

Have you considered purchasing a timeshare as a vacation destination? Read ahead for crucial information about timeshare services and how they work today.



COVID-19 restrictions affected the way people took or could not take vacations in 2020. With restrictions lifting, vaccines rolling out and case numbers dropping, residents in the U.S. are looking to finally start travelling if even in moderation again. A long vacation might not be an option depending on the state of your finances and the state in which you wish to travel. Have you considered purchasing a timeshare service instead? 

Before paying for a timeshare service it is important to fully understand how they work. What is a timeshare? A timeshare service, also referred to as a vacation ownership, is a vacation destination you purchase with multiple other buyers but only have access to for one period of time each year. What are the advantages and disadvantages of buying a timeshare? Read ahead for crucial information about timeshare services and how they work today. 

                         

Tips and Tricks to Make the Most Out of Your Timeshare

Timeshares are valuable investments for people in the U.S. who know how to make the most out of them. Tips and tricks to experience your timeshare to the fullest are available today. What are some valuable tips and tricks to get the most from your timeshare? 

Pick a location you and your entire family (if applicable) truly cherish. Most timeshares allow you to spend one week a year at your purchased location spot. Buying a timeshare just for the sake of it makes almost no sense. Choose a spot you love to maximize the ability to enjoy your timeshare. Location is crucial as stated. Do you know some timeshares allow you to change locations each year? Some timeshares are privately owned or owned by smaller organizations with minimal location choices. Other timeshares are owned by mega corporations such as Disney, Marriot and Wyndham. Timeshares owned by large companies like these might offer flexible vacation destinations in premier locations around the country and even overseas.

Purchase a timeshare on a secondary market to avoid puffed-up pricing sales tricks. Buy a lockout unit boasting a higher trade value. Timeshares with low maintenance fees help save you money. Planning your vacation years in advance also helps save money. Are you unable to take a vacation this year? Sublet or rent your timeshare to another person or family instead of losing your money. Is your timeshare slot during a peak period? Consider the cost of inflation when renting out your timeshare during years you cannot travel. Your timeshare might be worth a lot more to someone in the present than it was to you when you initially purchased it.

Finally, consider the sentimental value of owning your timeshare. Invite family and friends to come along with you. Make precious memories while visiting your timeshare to increase its emotional equity.

How to Make the Right Decision

Plenty of information to help you make the right decision about buying a timeshare is available. Do thorough research prior to making any commitments. Comparison-shop to find the best deals for you. What is your budget? Do not buy a timeshare outside your budget just because of its location. Are you uncertain you are able to use your timeshare every year? Resources such as Go-Koala are available to help you rent it out when you cannot get there. 

Things to Consider

Timeshares sold on secondary markets are just as enjoyable as those sold on primary markets. Purchasing a secondary market timeshare is capable of saving you a significant amount of money. What is the state of your age and health? If you are only going to be able to enjoy your timeshare for one or two years at most is it worth the price to buy it? The resale value of your timeshare purchase is important to consider, especially in the latter example. How much will your timeshare sell for when you are ready to unload it? Will it make or cost you money in the end?

Exploring Alternative Options

Exploring alternative options to buying a timeshare is advisable before making any commitments. When making your considerations about purchasing a timeshare service it is crucial to recognize how the decision makes you feel. Do you feel good about buying the timeshare? Do you have doubts? If you have doubts you might need to explore other options.

What are some alternative options to buying a timeshare? Airbnb locations are solid alternatives to timeshare vacations. The right Airbnb location in the right city might yield you the same experience you would get in your timeshare but for less money. More alternative options to purchasing as timeshare include:

  • Resort rentals

  • Travel deals/discounts through travel clubs

  • Vacation property rentals

  • Renting an RV

Disadvantages of Timeshares and How to Get Out of Them

Timeshares offer less flexibility for vacation times and locations and require you to plan far ahead to get the most for your money. Unexpected maintenance costs or hidden fees might bring unpleasant surprises your way. Your timeshare is valuable to you but will it have similar value to anybody else? Timeshares are sometime difficult to resell. Compared to the cost of alternate vacation options, timeshares are often considerably more expensive to purchase. Is there a way to legally get out of your timeshare? 

Selling your timeshare is one option. Returning it the to sales company is another, when possible. Joining a timeshare user’s group might lead you to discover numerous ways to opt-out as well. When all else fails hire an attorney or timeshare exit group to help you get out of your timeshare contract legally and affordably.